What a Joke

[jibbby]

This was one of the first threads on this forum just to show the value of the 1993 SC400 back in 2003...Today Lex would have offered $10 bucks for this car, and back then thousands....

Oh how times have changed....

 

[cjsupra90]

I wonder how much the salvage title on that car is worth cause its illegal to sell a car for more then the salvage title value....

I almost got in trouble for that a few years ago with an RX-7 I had (The motor in the car was worth more then the salvage title value and was the whole reason for me asking what I was for the car.....

 

[jibbby]

Who values the salvage titles? Kelly blue book? I've sold some salvage title cars years ago here in LA, I just basically had to state the title was salvaged and in doing so I could ask for what ever price I wanted...

Wondering if Florida laws differ from California laws?

 

[cjsupra90]

Who values the salvage titles? Kelly blue book? I've sold some salvage title cars years ago here in LA, I just basically had to state the title was salvaged and in doing so I could ask for what ever price I wanted...

Wondering if Florida laws differ from California laws?

It very well could be different.... I know here in FL, atleast at that time the salvage value was what the insurance company paid to me as the totaled value plus the 20% reduction for keeping the car....

Basically here was the breakdown....
Car totaled value was $2500
Salvage title value was $2500
Insurance company paid me $2000 ($2500 - 20%)

I had sold the car for $3500 and the buyer was fully aware that it had a salvage title it was even noted in the bill of sale. He was buying that car for a tubeframe race car project... About a month after I sold the car, I got a letter from a lawyer that the guy was sueing me for a $1000 in small claims civil court. I got a lawyer and we went to court... Once it was all said and done, I got the upper hand (sorta). The court orderd me to ruturn the $3500 and he had to return the entire car and anything that was missing had to be noted and would be assest a penalty agains the $3500 if it could be proven that something was missing..... What it boiled down to was that I got the car back in pieces and gave the lawyer the court order $3500.... How I got the upper hand was all the strip down work was done and after selling off all the parts, I ended up with $5200 on top of the $2000 that the insurance company paid me....

So total money recieved after the car was totalled was $7200.... still not the $12,000 + that I had in buying that car and building it..... but still not bad, especially being that the insurance company only valued the car at $2500 (cheap bastards and bullshit ways of valuing a car)

 

[jibbby]

WOW, sounds like a nightmare...Lucky you came out the way you did..Congrats...

Yeah, laws are different I believe.. It sounds like Florida laws favors the consumers when concerned with auto sales..

 

[cjsupra90]

WOW, sounds like a nightmare...Lucky you came out the way you did..Congrats...

Yeah, laws are different I believe.. It sounds like Florida laws favors the consumers when concerned with auto sales..

Yeah, Florida is a very consumer friendly state.... Like an example of this is Forida is nicknamed the debtor state cause Florida law protects consumers pretty substanually when it comes to debt situations and most creditors hate dealing with outstanding debts when the debtor resides in florida because of the laws and most of the time it end up being a waste of the creditors time to try to collect...

I do know of a few other states that have similar or the same basic laws when it comes to motor vehicle salvage sales, but I guess not all do....

 

[jibbby]

Yep, Florida is rated as having one of the lowest state taxes in the country.. Infact, lot's like to set up LLC's in the states of Florida and Nevada in perticularly to offset taxes, and income reporting if I am not mistaken... The Corperate sheild State...