*Staggers*

Dr.Jass

Dr.Jass

Pastor of Muppets
Just talked to a buddy of mine that owns a '71 Demon Sizzler. It's a neat little car: houndstooth bench gut, Lemon Twist paint, black vinyl top, dual chrome racing mirrors, Rallye wheels, Tuff wheel, side stripes, etc. He's had it for a while, and I know a couple of the previous owners.

It needs a lot: quarters, trunk extensions and spare pan, new front seat cover, outer rockers, etc. I was interested in the car because even though it's a 318/904, it's still a neat ride he picked up fairly cheaply and has owned for several years. He now tells me it looks like both subframes are weak, though, so I'm a little hesitant.

Turns out he's going through a divorce, and getting ready to declare bankruptcy... I hate to be a vulture, but why let the bank take it, right? If nothing else, there are some valuable parts there! So I tell him that within reason, I'd pay the bank note to keep the car. This is what came next:
  • JT: "I don't think you'd want to do that, really... it's rough."

    DJ: "Well, spit me a number and let's see."

    JT: "I owe about eleven on it."

    DJ: "Still?! You've had that car for like 8 years!"

    JT: "I refinanced it a couple of times."

    DJ: "I guess... well, I can probably scrape together $1100 in short order. Is there a lien on the car?"

    JT: "$1100?! *laughs strangely* Try $11,000!"

    DJ: *falls off bar stool*
Apparently, the loan officer at his bank watches just enough Barrett-Jackson to be a danger to himself and his job. I cannot fathom anyone loaning $11,000 against a nice 318 Demon, much less a fairly-rotten U.P. car the guy picked up for about $2K several years back.

Honestly, $1100 is a lot for the car... by his description, it's only suitable for tubbing and racing at this point, or a Pro Street project. The mirrors are flawless, the Tuff wheel is nice, and the wheels are good... that's about the entirety of valuable parts on the car, really, since A-body exterior panels don't seem to bring much and it's a drum-brake 318 car.

It's gonna go back to the bank, and odds are once they see the rails, it'll be crushed. I gave him my number again and offered him some money for the valuable stuff, but he didn't seem very interested. Damned shame.
 
That's scary.
Good on the guy to get that muched leveraged out of a $2K investment. Too bad it didn't work out better for him, though.

Unfortunately, there's more out there like that...

I know of a 68 Charger that's been turned into a $15,000 advertising sign.
 
[smilie=2: You gotta love bankers! They only loan you money when you don't need it the most. Damn shame too because a car that should be saved, won't [smilie=s:
 
Morons like that bank officer are screwing everybody - that loss just gets spread out over all the clients of the bank.

What was the other moron thinking about, borrowing that much money against the car? Is he stupid enough to think that all he has to do is give them the call and they'll call the loan off?
 
Bankruptcy... he owes nothing.
pissed.gif


I don't know what he used the money for, to be honest. He drives an '81 Ford truck 300-I6/4-speed, and his ex-to-be doesn't have anything particularly nice, either. He talked about trying to keep the car, but God knows, it ain't worth paying off what he owes. IF I get lucky, the bank will put it up for bids and I'll snatch it for less than a grand, but I'm not holding my breath over it.
 
too bad. once the bank realizes there mistake they'll quietly take bids & end up selling it to one of their young mid manager with a dream, who intern will borrow & spend 25K having someone else restore it doing a half ass job


greg
 
Dr.Jass said:
Bankruptcy... he owes nothing.
pissed.gif
Click to expand...

I hear you - people like him is why the bankruptcy laws are changing - which in turn hurts people who really need protection like those who are in over their heads due to medical emergencies.
 
Here's that high dollar ad sign...

Apparently, the shop did some work and never got paid. The lein is 15K.
 
DCF, I have seen that sign! What town was it in? If yah keep going past that, you run into farmland, and town is facing your back...now where in the hell was I? School bus depot up and to the left. I have pictures of that "sign" too...couldn't believe it.
 
That's in Stratford/Sebringville right along Highway 8.

My brother in law told me about the car before it met this fate and I checked it out. Seemed a fairly solid specimen but not what I needed.

I told a friend in Peterborough about it and he talked to the shop owner.
It belonged to a guy who passed away and the wife would never sell it or pay off the work done to it. It sat out, uncovered, for at least 8 years - maybe more. All the works is basically undone by the elements.
At least the frame will need work - so I was told.

But I have some pics of the underside and it doesn't look that bad...

Is it worth 15K and the cost of craning it down to the ground?
Not yet anyway.
 
dodgechargerfan said:
That's in Stratford/Sebringville right along Highway 8.

I often wondered if any of you guys had ever seen that car! It's right around the corner from my place! Dang shame isn't it?
Click to expand...
 
It's not far from my brother-in-law's in Sebringville.

He's out in the country. Hang a right at the OPP shop and he's on the right just after the creek.

I only post this because it always amazes me how many people my brother-in-law knows up there. I figure it's not long odds that he knows you. [smilie=a:


(That's the the end of my MGF-style hi-jack. [smilie=e: )
 
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