Selling an entire, 100% functional 350Z PIECE BY PIECE?
07-27-2011, 04:26 PM
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Selling an entire, 100% functional 350Z PIECE BY PIECE?
Alright, well I've found myself in a pretty unique and amusing situation. Some years ago, I purchased a 350Z: I put down a deposit and spent years paying it off. Back at the time, I had a had a few speeding tickets, so I made a deal with a then-friend of mine that I'll pay him a bit of cash in exchange for him registering the car under his insurance. It's actually 100% legal - as long as his name is on the ownership, he can insure it and I'm automatically covered as a driver as long as I have a valid license.
So everything went well up until I decided to sell the car. As you can already guess, my friend turned out to be no friend at all - his name is on the ownership and he won't let me sell the car! Honestly, I was speechless... but that's another story. So even though both our names are on the Bill of Sale, because after the fact we decided to put his name on the ownership, I can't sell the car until he signs off on it, and he flat out won't. Anyway, like I said my name is on the Bill of Sale and I have receipts for the downpayment and all the monthly payments, so basically the car is mine.
Normally I'd take this to court, but I'm leaving the country in about 5 weeks and courts around here take at least 1.5 years to get anything done, and if he stalls it (which he will), it can easily take 3-4 years. By then the car will be worth diddly squat, and even if I sue him for the difference he'll never pay because he has no money or assets. So the way I see it, my only option is to drop the car off at my mechanic's and sell it off piece by piece. It's 100% legal because I have all my paperwork for payments, so if he makes a claim that I don't have the right to do that, it's now him who has to sue me and wait 3-4 years, and good luck to him winning that when I show that I paid for it 100%! So anyway, I just wanted to ask if anyone's ever attempted something like that, and my main questions are:
- what % of the car's value will I get if I sell it piece by piece by listing each piece online and having people call me with offers?
- how much should I pay my mechanic - perhaps I can offer him say 15-20% of the cost of each part, do you guys think that's fair?
- any suggestions to help me sell it off sooner - after all that's a ton of parts
It's really sad that it's come to this - my car is a real beauty and I love it, but I've been at it for over a YEAR with this guy and I've honestly had enough: we've made absolutely zero progress, he's utterly insane, and I have no choice but to leave the country in 5 weeks for work, so I'm out of time. Wish me luck guys!
P.S. Please don't suggest that I pay the blackmailer. I won't. I'd rather pay more to the mechanic - at least I won't be paying a crook who will go on to screw more people over after he succeeds!
So everything went well up until I decided to sell the car. As you can already guess, my friend turned out to be no friend at all - his name is on the ownership and he won't let me sell the car! Honestly, I was speechless... but that's another story. So even though both our names are on the Bill of Sale, because after the fact we decided to put his name on the ownership, I can't sell the car until he signs off on it, and he flat out won't. Anyway, like I said my name is on the Bill of Sale and I have receipts for the downpayment and all the monthly payments, so basically the car is mine.
Normally I'd take this to court, but I'm leaving the country in about 5 weeks and courts around here take at least 1.5 years to get anything done, and if he stalls it (which he will), it can easily take 3-4 years. By then the car will be worth diddly squat, and even if I sue him for the difference he'll never pay because he has no money or assets. So the way I see it, my only option is to drop the car off at my mechanic's and sell it off piece by piece. It's 100% legal because I have all my paperwork for payments, so if he makes a claim that I don't have the right to do that, it's now him who has to sue me and wait 3-4 years, and good luck to him winning that when I show that I paid for it 100%! So anyway, I just wanted to ask if anyone's ever attempted something like that, and my main questions are:
- what % of the car's value will I get if I sell it piece by piece by listing each piece online and having people call me with offers?
- how much should I pay my mechanic - perhaps I can offer him say 15-20% of the cost of each part, do you guys think that's fair?
- any suggestions to help me sell it off sooner - after all that's a ton of parts
It's really sad that it's come to this - my car is a real beauty and I love it, but I've been at it for over a YEAR with this guy and I've honestly had enough: we've made absolutely zero progress, he's utterly insane, and I have no choice but to leave the country in 5 weeks for work, so I'm out of time. Wish me luck guys!
P.S. Please don't suggest that I pay the blackmailer. I won't. I'd rather pay more to the mechanic - at least I won't be paying a crook who will go on to screw more people over after he succeeds!
Last edited by SuperCommie; 07-27-2011 at 04:59 PM.
07-27-2011, 04:36 PM
#3
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if you have the proof of the contract i dont see how it would be a problem, taking it to court and getting it settled in less then an hour you would of course need to hire someone
you could probably make more by parting it out if you found the right buyers for everything and got a good price for parts, i bet it would take longer then 5 weeks
you could probably make more by parting it out if you found the right buyers for everything and got a good price for parts, i bet it would take longer then 5 weeks
07-27-2011, 04:42 PM
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if you have the proof of the contract i dont see how it would be a problem, taking it to court and getting it settled in less then an hour you would of course need to hire someone
you could probably make more by parting it out if you found the right buyers for everything and got a good price for parts, i bet it would take longer then 5 weeks
you could probably make more by parting it out if you found the right buyers for everything and got a good price for parts, i bet it would take longer then 5 weeks
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07-27-2011, 05:24 PM
#9
You in Toronto?What year is the car?Come down to my place I will hide it for you 
only one province away lol.I will take brembos if you got some and your engine if its a DE or HR perhaps and tranny if its a cd009.Think about it have a nice day and good luck.
funny one for accidental firearm discharge :P
only one province away lol.I will take brembos if you got some and your engine if its a DE or HR perhaps and tranny if its a cd009.Think about it have a nice day and good luck.funny one for accidental firearm discharge :P
07-27-2011, 05:26 PM
#11
When I hear stories like this I cannot believe the dumb **** people do.... how did it even seem like a good idea to put a 'friend' on the title of your car?
if you can't afford the insurance, you should have sold the car, some yrs ago....
I say you got what you had coming for being so stupid
if you can't afford the insurance, you should have sold the car, some yrs ago....
I say you got what you had coming for being so stupid
07-27-2011, 06:13 PM
#14
I think if you destroy the car, and he is the owner/ insured party you may have some problems with the police.
I say it was a stupid business decision to swing this insurance set up. It's going to take a stupid business move to get out of it. Sell it. Split it 50/ 50. And lick your wounds.
Those parts are only worth what someone will pay for them. It will take time to sell them all. You will lose a cut to the mechanic.
You are pooched either way.
The way I see it, it's not worth your time and energy to salvage this.
I say it was a stupid business decision to swing this insurance set up. It's going to take a stupid business move to get out of it. Sell it. Split it 50/ 50. And lick your wounds.
Those parts are only worth what someone will pay for them. It will take time to sell them all. You will lose a cut to the mechanic.
You are pooched either way.
The way I see it, it's not worth your time and energy to salvage this.
07-27-2011, 06:20 PM
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Sounds like you would have an easier time finding a way to get your "friend" to sign off on it, rather than part it.
Make his life as ****ed up as you can until he signs off.
Make his life as ****ed up as you can until he signs off.
07-27-2011, 06:37 PM
#17
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