Another -another mustang.

MobileAudio219 · Post by **MobileAudio219** » Tue Oct 21, 2008 4:42 pm

So I posted about this one a while back, but I didnt have all the fact straights so heres what I found out.

Machine shop owner use to own a garage/wrecker service as well.

Back in 1990 a kid bought a new mustang. He drove it for about a year or two, then decided to do a v8 swap. He took the car down to a roller in his parents garage and then got into a bunch of trouble and spent a long time in prison.

Well a couple years later (1994ish) the parents moved out of the house and left the car in the garage. Well the owner of the house called the wrecker service and told him that the previous owner abandoned the car in the garage and wanted it gone...

So he picked up the car and took it to his shop where it's been sitting ever since. He said when he first got the car (back in 94ish) he found bank papers in it and called and tried to get a title, but they wanted full pay off before they would release it...

He said he'd give me the banks info and they might turn the title over for a small fee now that the loan is now over 15 years old, or I might be able to go through a title service to get one.

He said he'd write me a bill of sale, give me the banks info, and let me have the car for $250.00, but he's not sure if I can get a title or not...

I looked at the car and the body is PERRRFECT, with a good wax job it would look like new.. No rust anywhere. The floor panels and torque boxes are perfect. Check all the common places for rust, NOTHING.

The car has 35,000 orginal miles on it, not 5,000 like I posted before...

The orginal owner painted the interior black, but it's falling off in huge flakes. A garden house and some cleaner would take it back to the orginal red with no problems I'm sure...

My question is, whats the likely of me strolling in the bank and walking out with a title for a small % of money.

My uncle bought an 88 chevy truck back in the mid/late 90's that had a loan on it, the guy still owed like 2,500 on it from like 5-6 prior, and the gave him the title for like 500 bucks...

Any chance of something like that happening???

cargodz · Post by **cargodz** » Wed Oct 22, 2008 4:19 am

Sure it is possible just for the bank to write it off, but I think I'd want to find out all that info from the bank first. See if this guy is willing to make an arrangement where you can speak with the bank first before the actual purchase.

MobileAudio219 · Post by **MobileAudio219** » Wed Oct 22, 2008 9:11 am

cargodz wrote:Sure it is possible just for the bank to write it off, but I think I'd want to find out all that info from the bank first. See if this guy is willing to make an arrangement where you can speak with the bank first before the actual purchase.

What would happen if I went into the bank and said "Hey, I bought this parts car. The car had no motor or transmission and messing some parts, but I decided it might be fun trying to put it back together. After a bit of research I found that you guys might have an old lien on the title.... If so, what would it take to get you guys to release the title?"

Think they'd be like "thanks for reminding us about the car a-hole, now turn it over to us?"

cargodz · Post by **cargodz** » Wed Oct 22, 2008 11:46 am

Well I can tell you right now that they don't want the car, and especially won't want it in the condition it's currently in... But different banks differ in policy as to how much they'll accept (you do have to remember that they are in business to get, keep, loan out, and make back money)... This is why I said if you can find out the info from the bank ahead of time you'd be better off... I mean the guy can get $250 out of just the parts alone so it really shouldn't be any skin off his teeth to give you the info so he can have a chance of selling it off all at once.

Tim · Post by **Tim** » Wed Oct 22, 2008 12:11 pm

I say go for it all they can do is say no. Well I guess they can say other stuff too, but...ahh you get the idea.

Give it a shot it might pay off for ya.

Tim

cargodz · Post by **cargodz** » Wed Oct 22, 2008 12:15 pm

I think my biggest fear would be that there may still be a $5000 loan amount on it (or more) and while they may be willing to deal for a smaller amount, it may still be more than what you're willing to pay on top of the $250 you already paid for the vehicle.

MobileAudio219 · Post by **MobileAudio219** » Wed Oct 22, 2008 12:30 pm

cargodz wrote:I think my biggest fear would be that there may still be a $5000 loan amount on it (or more) and while they may be willing to deal for a smaller amount, it may still be more than what you're willing to pay on top of the $250 you already paid for the vehicle.

When I was at the license office getting the title fixed on my truck, the lady told me I could sell it with a bill of sale until I got the title... So could I buy the car with a bill of sale from the guy (for parts) and be ok?

I think I'll call the license office and see if a title is nessacry for a parts car.

cargodz · Post by **cargodz** » Wed Oct 22, 2008 12:49 pm

I know it's not needed for a parts only car in Ohio

Ryan from Ohio · Post by **Ryan from Ohio** » Wed Oct 22, 2008 2:46 pm

Well heres what needs to happen.

The guy who towed and has been storing it needs to file a Mechanics Lien against the car. After all he provided a service (towing) and the owner never came back so theres storage.

Since this amount is worth more than the car is, they should just sign the title over to him as he can claim the car.

At which point he has a fresh title to sell you the car.

You can try that old bank, but if they are owed money on it they might tell you to eff off. Technically that car should of been repo'ed long long long ago. If they know where the ca ris they may just repo it now.

The car really isnt this guys to sell, so you could get into trouble for stolen property.

I would have him go for the Mechanics Lien first. Shouldnt be hard to do.

MobileAudio219 · Post by **MobileAudio219** » Wed Oct 22, 2008 2:48 pm

I was on my way to the license office when I seen my buddy who bought my 86 t-top car... When he bought it I told him to let me know if he ever decided to sell it, well he said he's thinking about it so I might end up getting that one back if the 88 gt dont pan out...

If I get the 90 lx, it'll probably just be used for parts.