Your opinions on selling an incomplete project '69....

[Cooter]

I hate to see this type thing. I hope it works out...Rarely does though. I simply cannot understand why some feel the need to gewt rid of "Projects" when they know they will be taken to the cleaners when time to sell. I mean, the damn thing ain't eating nothin' sittin' in the garage right? If your lookin' for that "Project" to pull you out of stated "Self inflicted Financial hardships", I'd be surprized if you saw 1/3 of what you have invested. While YOU may see the potential in YOUR project, we live in an Instant Gratification world now and the people looking for these cars aren't willing to put in the time it takes to put that thing back together. Simply will pay more for a car they can tell their 'ol lady is running rather than hear her b*tch about it just sitting there.

I had a friend that bought what looked to be a pretty solid '69 RR and right away tore the damn thing down to NOTHING. Not a bolt left in it. I told him he was stupid for doing it as it will never get put back together. It kills me how some will tear a car limb from limb, only to leave it that way. I wonder where the enthusiasm went? I mean, you tore it down to nothing with no problem...Now, you wish for someone to buy it for a finished car price and it just won't happen.

[PocketThunder]

Would selling really bail you out that much? Once sold, you lose the asset and once the money dries up, then what?

I'm not proclaiming I know your situation, but selling something like a car to bail you out may not be the best option. Do you have other stuff you can sell off? Yard sale?

I wouldn't be selling to live off the money, but to pay off some bills, and get right side up on my monthly bills.  Long story short, part of the problem is we bought a new car last year, and in trading our old one in, our payent more than doubled.  There were some questionable ethical issues with the sale and I should not have signed the paperwork, but I let my pride and my right foot talk my hand into signing the forms, and now I'm kinda stuck with the payment.  I'm just looking to eliminate some of my monthly payments.

I think i would sell the new car first, then buy a cheaper car like the one you traded in and get back to that stage first.   

[Troy]

Would selling really bail you out that much? Once sold, you lose the asset and once the money dries up, then what?

I'm not proclaiming I know your situation, but selling something like a car to bail you out may not be the best option. Do you have other stuff you can sell off? Yard sale?

I wouldn't be selling to live off the money, but to pay off some bills, and get right side up on my monthly bills.  Long story short, part of the problem is we bought a new car last year, and in trading our old one in, our payent more than doubled.  There were some questionable ethical issues with the sale and I should not have signed the paperwork, but I let my pride and my right foot talk my hand into signing the forms, and now I'm kinda stuck with the payment.  I'm just looking to eliminate some of my monthly payments.

I think i would sell the new car first, then buy a cheaper car like the one you traded in and get back to that stage first.   

I'm guessing they are too far upside down to just walk away from it. Sounds like they also rolled over the upside down part of the trade-in into the new car.

Honestly, working a 2nd job would be a better plan than dumping the Charger - which currently is costing you nothing. OR, sell off some parts that you don't currently have on the car. I know it sounds like cannibalizing and you'll have to repurchase them to finish the car but it will buy time and help you right away. It may take months (or years) to sell your car in its current state.

Troy

[C928BRAN]

I Would keep the charger, because later on after it is gone you would wish you had her back. if i had to get rid of my charger i couldnt sleep at night. i go to bed with her on my mind, and lay there thinking about her, till i drift off to sleep, and wake up thinking about her, and how i cant wait to see her. sounds like i`m in love, i do love this car, if that is possible, to do so, and  i`m not ashamed to admit it either. my 69 is my dream car, and took me years to find one. hard to find them anymore. went through alot of old nice cars, but none of them have ever been like my charger, and she`s alot easier to love, than the x wife. on a serious note though, i went through bankruptcy, and i thought they were going to take my cars too, but they werent even concerned with them, because i had unfinished projects too, just like you, but what you have to relize, is that an unfinished project, is not worth near what you have in it, i dont care what kind of car it is. the bankruptcy court, is looking for some big ticket items, for quick money, to pay your creditors with, and the charger is of no concern to them, they dont come and look at it, to see what it is worth, there not going to finish it to get more money, you tell your lawyer what you think it is worth, and thats what they go off of. i had 2 that i was working on put them in my bankruptcy, and they told me i had no assets, and didnt even mention the cars. worse thing you can do is start selling off stuff before your bankruptcy, because to them it looks like your trying to hide something, and that makes them suspicious. they made me list everything i had bought and sold in the past year, like a car or a house,ect. when i went to court they asked me a few standard questions, about 10 seconds worth, and i was out of there. i didnt want to go bankrupt either, but i had no choice. divorce forced me to do it, but it was the best thing i ever did, and i still have my cars and my house. its not as bad as you might think, and to make a long story short, DONT SELL THE CHARGER. you will regret it in the end. i hope this helps, you to decide not to sell the charger. if you have any questions about the bankruptcy, maybe i can help answer them, just let me know.

GOD BLESS, CRAIG.

[HeavyFuel]

I Would keep the charger, because later on after it is gone you would wish you had her back. if i had to get rid of my charger i couldnt sleep at night. i go to bed with her on my mind, and lay there thinking about her, till i drift off to sleep, and wake up thinking about her, and how i cant wait to see her. sounds like i`m in love, i do love this car, if that is possible, to do so, and  i`m not ashamed to admit it either. my 69 is my dream car, and took me years to find one. hard to find them anymore. went through alot of old nice cars, but none of them have ever been like my charger, and she`s alot easier to love, than the x wife. on a serious note though, i went through bankruptcy, and i thought they were going to take my cars too, but they werent even concerned with them, because i had unfinished projects too, just like you, but what you have to relize, is that an unfinished project, is not worth near what you have in it, i dont care what kind of car it is. the bankruptcy court, is looking for some big ticket items, for quick money, to pay your creditors with, and the charger is of no concern to them, they dont come and look at it, to see what it is worth, there not going to finish it to get more money, you tell your lawyer what you think it is worth, and thats what they go off of. i had 2 that i was working on put them in my bankruptcy, and they told me i had no assets, and didnt even mention the cars. worse thing you can do is start selling off stuff before your bankruptcy, because to them it looks like your trying to hide something, and that makes them suspicious. they made me list everything i had bought and sold in the past year, like a car or a house,ect. when i went to court they asked me a few standard questions, about 10 seconds worth, and i was out of there. i didnt want to go bankrupt either, but i had no choice. divorce forced me to do it, but it was the best thing i ever did, and i still have my cars and my house. its not as bad as you might think, and to make a long story short, DONT SELL THE CHARGER. you will regret it in the end. i hope this helps, you to decide not to sell the charger. if you have any questions about the bankruptcy, maybe i can help answer them, just let me know.

GOD BLESS, CRAIG.

Good stuff..

[bill440rt]

 

Good stuff.
This is a topic we could all probably relate to at one point or another. Reading about this is saddening for sure.
If you really like the car & don't want to sell it or lose money, then there are ways around it. If there's anything you could do to raise some extra money to pay off those debts without selling the car, then do it.
Have a garage/yard sale, get a part time second job working nights (stocking shelves, Home Depot, pumping gas, etc). Any menial job just to take in some extra bucks is worth it. Look around, there are ways. Sell off some parts that you know you're not going to need any more.

Best of luck to you. I hope everything works out.

[71charger]

Do you have any other "toys" to sell like dirt bikes motorcycles boats guns. sell off other things and buy yourself some time.

[71green go]

Ya know part of being a grownup is to do tough things....I maybe of the Minority here but Its only a car.....it holds no emotional attachment to you and It would be just as happy in the hands of someone that can Finish it
I know its a tough thing on your part, but If it needs to be sold to get back on your feet then sell it....or at least try to, there are Plenty of people looking to buy incomplete projects, probably way more then looking for expensive finished ones.....
You can only offer it for sale at what you think you must get out of it...but not so much it scares off people...
Do a complete list of things done to the car with values.....include value of parts that are being sold with the car...
sometime...not always but theres more money to be made selling the car off in pieces....which I am against

I am not sure how old you are, but I am assuming there are plenty of years again to get another car when the time is right

For every old car sitting in a field that the owner says not for sale...there is probably somebody saying hold onto it and restore it when you can...then it rots away
Only you know what the money from the car will do for you...will it rid you of all your debt?.......will it only postpone things for a short time?...
work it out on paper and see whats left if you sold it
Good luck my friend..
Steve

[Darkman]

If his car was sitting in a yard somewhere in need of a restoration, then yeah, sell it and move on. However, he has already done the hard/expensive stuff and to do it all over again will be a waste of money and time, not to mention motivation.

I do agree, only he knows what the money will do for him. If it bails him out completely then it is worth it, if it only delays it, then he is worse off in the long run selling it.

[Wicked72]

This kills me... I had to sell my first charger to start my life since I was so young. I kicked my self for 7 years after that looking for another one. I wish I never had sold it helped but then again it got me to where I am today. If you absolutely have to get back on your feet youll find another......just totally sucks tho   Good luck

[mauve66]

You'll lose a LOT. A non-driving project might return 25-40% of what you have in it (I know, I've sold several). In this market, a finished, drivable car will hardly return what you have in it. Not to mention, when you get into the higher priced cars (pretty much not a basket case), it is nice if the buyer can get a loan for the car. Unfortunately, classic car loan companies won't loan money on a "project". It must be assembled and "run" at the very least. Some require it to be drivable but I haven't seen an inspector yet who checked. I have a couple "easy" projects that I pulled off the market because I wasn't prepared to lose that much. If people know you are in financial trouble (or even sense you are desperate) they'll never offer you more than pennies on the dollar. Be prepared for offers of 15% or less from people who are hoping they catch you on the right day. I guess if you truly are desperate then maybe $5-6k would be the answer to your prayers - but it would be a hard pill to swallow.

Troy

Yeah, that's what I was afraid of.  $5-6k would probably keep us afloat too, but I definitely would never forgive myself for selling it that low.....

I guess, on that note, though this goes a bit off topic, anyone know how the bankruptcy laws work now?  I heard they changed the law concerning bankruptcy a few years back.  (IE can you exempt certain items like a house or a vehicle if you file chapter 7?)  I'm trying to look at all my options.

see my post on the appraiser the lawyer will send to your house

[mauve66]

usually the lawyer will give you a free consultation in the first place, this will tell you some of the things you can and can't do
whatever you do, keep a bare minimum amount of cash in the bank, by a safe for the rest, what ever is in your account when you file will be monitored until your court date and whatever is in your account on the court date will be taken, after filing pay all bills with money orders so you have proof where the money went from the day you filed.  the farther in advance you plan for this the better it will work for you

[jb666]

I, too , am sorry to see something like this. I would have killed to have something like this come along when I was starting in with mine...

Good luck with what ever you decide 

[1974dodgecharger]

maybe one of us DC.com guys can hold his charger for him while we loan him the money and when he gets his money back he can come back and get the charger back from DC.com member just a thought 

[PocketThunder]

maybe one of us DC.com guys can hold his charger for him while we loan him the money and when he gets his money back he can come back and get the charger back from DC.com member just a thought 

Good idea.  I nominate you!   

[UH60L]

usually the lawyer will give you a free consultation in the first place, this will tell you some of the things you can and can't do
whatever you do, keep a bare minimum amount of cash in the bank, by a safe for the rest, what ever is in your account when you file will be monitored until your court date and whatever is in your account on the court date will be taken, after filing pay all bills with money orders so you have proof where the money went from the day you filed.  the farther in advance you plan for this the better it will work for you

Great posts and I appreciate the insight everyone.  Yeah, we are thinking about talking to a lawyer and getting a free estimate on the bankruptcy thing.  I think the hosue is exemtable and probably the charger too, as a couple people have said. 

As someone said, we can't really sell the new car and pay off the loan because unless it's a rich mopar fan that really wants our car, we would still owe the bank money.  The thing we are concerned about is that the new car is our only "daily driver" vehicle right now, so we would go through a period of time without a way to get to work.  Both of us work and we have two kids in high school, so that would be a tuff situation until we could get another car.

We don't have too many toys that we can sell to get buy, but have a couple things if it gets really bad (.357/.45 long colt). 

I appreciate the thought on someone here "holding" the charger for a while, but I wouldn't want to put that onto anyone.  It's my mess, I need to clean it up.  I just figured I might get some insightful advice on here, and I was right.

Thanks, guys. I'll let you know how things go.

[Darkman]

Best wishes go to you and good luck with it all!

[Fred]

Sorry to hear about your situation..
Good luck...............I hope it all works out for you in the end.

[UH60L]

Just wanted to let you guys know what happenned.  We are going the bankruptcy route.  The lawyer has assured us the charger will be exempted, and we won't lose it.  (I will be without my motorcycle though...)

I really hate to file, but it's the best option.

In the end, it will mean getting the charger back on the road faster, so that's a good thing (plus we get to not starve   :-)   ).

Thanks for all the advice. 

[Rolling_Thunder]

Glad to hear it getting sorted out - I would sell the charger to a trustworthy friend and then buy it back after the bankrupsy - that way there is NO way the Charger can be touched...      Sorry for being negative - but I don't trust anything bankers / lawyers say.   

[Vainglory, Esq.]

Glad to hear it getting sorted out - I would sell the charger to a trustworthy friend and then buy it back after the bankrupsy - that way there is NO way the Charger can be touched...      Sorry for being negative - but I don't trust anything bankers / lawyers say.   

If they think you're trying to protect your assets or hide things, courts can and will reverse sales like that. They can order that the sale be reversed and the asset be used to pay creditors.

The fact is, there are things in this life that are more important than the car you now own. I wish you well going through bankruptcy. May it never have to happen again.