Soon to be on Copart.... F50 | Page 9 | FerrariChat

Soon to be on Copart.... F50

Discussion in '288GTO/F40/F50/Enzo/LaFerrari' started by gtwhaley, Feb 12, 2012.

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  1. Turbo360

    Turbo360 Formula Junior
    BANNED

    Oct 21, 2011
    533
    My god man 340,000 + 12% wow I think was off at 10% but man. Hope who ever bought it is not late on payment otherwise that is some crazy late fees at copart !


    Still a deal for anyone who is in the know about these cars
     
  2. dmaxx3500

    dmaxx3500 Formula 3

    Jul 19, 2008
    1,027
    car had a reserve ,so we won't know if it sold till it comes back up on a night sale or relisted next weeks sale list,a buyer from cali and arizona were bidding on it,fee's are

    1.buyer fee
    2.gate fee
    3.internet fee

    car needs to be paid for in 2 days
     
  3. Turbo360

    Turbo360 Formula Junior
    BANNED

    Oct 21, 2011
    533
    and unless you have $ in a account ready to pay for that on the spot copart doesnt understand that moving that sort of cash in a short time just sets off red-flags all over the place.
     
  4. gtwhaley

    gtwhaley Karting

    Jan 10, 2011
    93
    Kentucky & Texas
    Full Name:
    Greg
    #204 gtwhaley, Mar 24, 2012
    Last edited: Mar 24, 2012
    As long as there isn't anything illegal going on, it's not that big of a deal. Criminals & Tax evaders are the only ones who need to be concerned about red flags.

    Besides, although you may read on Copart's website that you have only 3 days to pay for the item (including the day of sale), if you actually buy from Copart, you are already aware that you actually have up to a week to pay, but you must pay a $50 late fee after that 3rd day. Not really that big of a deal on a $340k purchase, is it? That, plus the 2% (NOT 12%) comission for items $17,500 & up as well as the "Secured funds discount", are not secret to those who buy from Copart. Don't believe me? Call them.

    I found my VERY first post, from 2002... http://www.ferrarichat.com/discus/messages/256120/93675.html?1027721524

    Guess that account was deleted due to inactivity and switching to new forum software...
     
  5. 4re Nut

    4re Nut F1 World Champ

    Mar 27, 2004
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    Steve
    #205 4re Nut, Mar 27, 2012
    Last edited by a moderator: Sep 7, 2017
  6. Peloton25

    Peloton25 F1 Veteran

    Jan 24, 2004
    7,645
    California, USA
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    Erik
    Earlier it was mentioned that the seller had to agree to sell the car at the figure the auction ended at - meaning it was never really a binding auction, more like a fishing expedition for buyers it seems. Typically in an auction setting you'd have a reserve price that has to be satisfied when the seller has a desired minimum price, but it doesn't seem like that is the way this one was played through Copart?

    Again, I know nothing... ;)

    >8^)
    ER
     
  7. gtwhaley

    gtwhaley Karting

    Jan 10, 2011
    93
    Kentucky & Texas
    Full Name:
    Greg
    Steve, I was surprised to see your post that it was relisted so I'm not sure what happened.

    A similar event happened 2 weeks ago on the white Gallardo in Lexington. It was relisted and sells today. It had a minimum bid, which was met during the sale.

    As for this F50, it says selling on approval. So whatever it brings, the insurance company will review the sale price and either accept it or turn it down. If they accept it, the high bidders bid stands. Seems to me, the insurance company should have been happy with the 340k price.... Am I wrong?

    I do know the following, from personal experience recently. I listed to sell a truck of mine through Copart on minimum bid. It was 95% repaired. It did not bring my minimum bid. Copart called me to tell me what it brought and asked me if I wanted to let it go for that. I said no, but I did lower my minimum price. Copart went back to the high bidder with my new reserve and got them to come up more, called me to tell me their new offer and the cycle repeated a couple of times. This happened over a couple of days.

    I guess the moral of the story is: Just because it sells, doesn't mean its sold. Who really knows? I'm sure that any of the top 3 bidders could call the yard manager and find out what really happened.
     
  8. Turbo360

    Turbo360 Formula Junior
    BANNED

    Oct 21, 2011
    533
    #208 Turbo360, Mar 30, 2012
    Last edited: Mar 30, 2012

    I think I have a better chance carrying on a sensible conversation with a rattling washing machine, then carrying on with your posts ;).


    Owner wants $$$$$$$$$$$$$$$$$$$$$$$ for it. probably this is why it was and will be re-listed and will be re-listed over and over and over. lets face it all the owner of that car is watching this thread. ;).


    so the closing bid was at 340,000 on the next page the buyer as 2 options 1) accept the sellers price of say $400,000 / 2)counter offer / 3)decline it.

    if its a private sale 99% it will get rejected if its a counter offer if the seller does not get what they want. ligit insurance sale will take what they can get and run.
     
  9. Peloton25

    Peloton25 F1 Veteran

    Jan 24, 2004
    7,645
    California, USA
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    Erik
    Quit with the snipes - it isn't doing you any favors.

    You criticize his posts and yet yours is hardly mistake free. The word 'as' instead of 'has', "legit" is spelled with an 'e', and then that train wreck of a run on sentence towards the end. You even edited it and its still a mess.

    Considering we're communicating via the written word here I'd suggest at the very least using capitalization where appropriate and proper punctuation if you hope to get your points across.

    >8^)
    ER
     
  10. Prancing 12

    Prancing 12 F1 Rookie
    Silver Subscribed

    May 11, 2004
    2,649
    The long way home
    It's ;)

    Sorry, couldn't resist.

    Spot-on otherwise. It's as if he hasn't even followed the thread and instead just wants to complain.

    Turbo360 - It's well documented throughout this thread that the F50 is owned by the insurance company. It's not a "private owner" as you had to ask.
     
  11. Peloton25

    Peloton25 F1 Veteran

    Jan 24, 2004
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    Erik
    Fair play. :)

    I should have typed that response on my iPhone because it always wants to auto-correct its to it's, even when its is the correct usage.

    So anyway - if $340,000 isn't enough to buy this F50 what price does the seller think it is worth? Sounds like all the money was in to me.

    >8^)
    ER
     
  12. JWeiss

    JWeiss F1 Veteran
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    Nov 18, 2010
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    I find it extremely odd that an insurance company would be stuck waiting all this time, get screwed by The Man, then finally get to list the car, only to turn down $340k. There has to be more to the story of this particular chapter.
     
  13. 4re Nut

    4re Nut F1 World Champ

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  14. JWeiss

    JWeiss F1 Veteran
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    Maybe the Ins. Co. just read my post and had a "day-amn, what were we thinking" moment?
     
  15. 4re Nut

    4re Nut F1 World Champ

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    Yep, I'm sure that was it...good job! :D
     
  16. Mr. Francesco

    Mr. Francesco F1 Rookie

    Oct 10, 2010
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    Mr. Francesco
  17. dmaxx3500

    dmaxx3500 Formula 3

    Jul 19, 2008
    1,027
    its very rare for a car to bring more the 2nd or 3rd time it gets sold,,good luck
     
  18. ross

    ross Three Time F1 World Champ
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    where does this stand now?
     
  19. 134282

    134282 Four Time F1 World Champ
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    Aug 3, 2002
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    Carbon McCoy
    Does a private party currently own this car, or is it still owned by the insurance company? The insurance company (or companies) will never be made whole on this car, no matter what. Back when it was stolen, someone (Algar? The consignor's insurance company? Algar's insurance company) had to stroke a check for the full value of the car at the time ($700K?). And then the FBI had a little mishap and a judge ruled they didn't have to pay for it. So if the insurance company has a controlling stake in this car's sale, I imagine they want to get as much money as they can.

    Meanwhile, I bet Classiche is watching the auction and awaiting a phone call.

    If you were a chick, I would totally date you.
     
  20. Peloton25

    Peloton25 F1 Veteran

    Jan 24, 2004
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    Erik
    Wow - That's the sweetest thing anyone has said to me in the past 15 minutes. :D

    >8^)
    ER
     
  21. JWeiss

    JWeiss F1 Veteran
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    Nov 18, 2010
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    I imagine they want to get paid and get the asset off their books as quickly as possible, as long as the price isn't ridiculous. I think they do a "best efforts" to get a decent price - which they did - grab the money, and cut their losses.

    Earlier in the thread, there was a dude who said he'd teched out the car for a client. I figure he'd know if the car sold or not, but sadly, he hasn't responded.
     
  22. gtwhaley

    gtwhaley Karting

    Jan 10, 2011
    93
    Kentucky & Texas
    Full Name:
    Greg
    From what I've heard and this has not been confirmed, the car was bought by a F dealer in SoCal. If true, it seems strange that nobody would be talking about it. Must all be sworn to secrecy. Please consider this only a rumor until proven correct, lord knows I don't want to wake up Turbo360 again...
     

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