RUMCars Forum

General Category => Sales & Auctions => Topic started by: Rusty Chrome (Malcolm Parker) on June 28, 2015, 12:35:51 AM

Title: Water damaged Bond in American Salvage auction
Post by: Rusty Chrome (Malcolm Parker) on June 28, 2015, 12:35:51 AM

I guess it somehow washed up on Long Island?

https://www.iaai.com/Vehicles/VehicleDetails.aspx?auctionID=0&itemID=13781930&RowNumber=36&loadRecent=True (https://www.iaai.com/Vehicles/VehicleDetails.aspx?auctionID=0&itemID=13781930&RowNumber=36&loadRecent=True)

Title: Re: Water damaged Bond in American Salvage auction
Post by: richard on June 29, 2015, 05:21:21 AM

Can't find any explanation , is there one ?

Title: Re: Water damaged Bond in American Salvage auction
Post by: Big Al on June 29, 2015, 11:36:16 AM

I read it as an insurer selling off affects retained, after a successful claim for damages from their client, to regain on their losses. Might be a bargain. Might be a problem, if the title has been cancelled.

Title: Re: Water damaged Bond in American Salvage auction
Post by: Jim Janecek on June 29, 2015, 02:41:32 PM

Quote from: richard on June 29, 2015, 05:21:21 AM

Can't find any explanation , is there one ?

Based on the date of the photo, it would appear to be one of MANY vehicles damaged by Hurricane Sandy (https://en.wikipedia.org/wiki/Hurricane_Sandy) in 2012.
It was most likely part of a private collection (at a home?) that was victim to heavy flooding due to tidal surges from the storm.  Lots of stuff got destroyed in that storm that ravaged the East Coast of the USA.
This would have been considered a "total loss" by insurance, so now they own it and are selling it as salvage.

Title: Re: Water damaged Bond in American Salvage auction
Post by: super-se7en (Malc Dudley) on June 29, 2015, 04:17:57 PM

That will go for more than a drop in the ocean.

Title: Re: Water damaged Bond in American Salvage auction
Post by: richard on June 29, 2015, 05:51:48 PM

That's probably it Jim - real shame about the car but a great prospective project isn't it

Title: Re: Water damaged Bond in American Salvage auction
Post by: Jim Janecek on June 29, 2015, 07:39:11 PM

In the USA, this could be purchased with a bill of sale only and then registered in one of several States that do not issue Titles to vehicles of this vintage.  At that point it could be resold to another person in another State, using the active Registration to generate a new clean Title.

This might only be a problem if a future owner was in New York state, but I would wager that the Long Island owner of this never titled it in the first place.  I know many many microcars that are owned but not driven, and they all have "titles" from whoever sold the car at some point in the past. That Title is just passed on from one person to the next, many vintage microcars just change hand with cash and a handshake.

Title: Re: Water damaged Bond in American Salvage auction
Post by: richard on June 29, 2015, 07:54:57 PM

Dave mcneice has the best approach , he just nicks them from lock ups  :)