Destroyed car right after auction

[drilling]

I was looking at some auction sites and came across this gt

2005 Ford GT

Join classic car enthusiasts from all around the country at GAA's Classic Car Auction in Greensboro, NC. There's something for everyone, with 750 vehicles offered each auction! Bid live in person, by phone or online!

www.gaaclassiccars.com

Less than 15 miles later, the car is totaled.

VIN: 1FAFP90SX5Y401646 | FORD GT 2005 car history - Stat.vin

Car history FORD GT 2005 BLACK ➡️ VIN code: 1FAFP90SX5Y401646 Auction COPART USA ✔️ Sale status: Sold ➡️ Lot number: 43466981 - Stat.vin

stat.vin

Anyone knows what happened?

 

[B.M.F.]

I own that car and it has a clean title. Guy ate the claim on it so there was no total loss with insurance company. I have a brand new chassis and all new parts for it. Just sitting in line to be built with the other 3 I’m doing and all 3 are bare chassis builds.

Owner stated he smashed the throttle in second gear with another guy in the car and car went sideways and that’s all she wrote.

When I sell this car I will be actively looking for a yellow no stripe car as I am after all 7 of them and have 3 already. Would love to take a shot at the Barrett Jackson car coming up but done think I can do it in next two months.

This car was super clean, I’ll build it out in any color also for someone.

Dan

 

[mmlcobra]

Ooch!
Should buff right out!
M

 

[extrap]

GAA listing says "This Car Has Approximately 4900 Miles and Still Sports its Original Tires"

@B.M.F. Did the car come in with its 15 year old tires still on?

 

[drilling]

I own that car and it has a clean title. Guy ate the claim on it so there was no total loss with insurance company. I have a brand new chassis and all new parts for it. Just sitting in line to be built with the other 3 I’m doing and all 3 are bare chassis builds.

Owner stated he smashed the throttle in second gear with another guy in the car and car went sideways and that’s all she wrote.

When I sell this car I will be actively looking for a yellow no stripe car as I am after all 7 of them and have 3 already. Would love to take a shot at the Barrett Jackson car coming up but done think I can do it in next two months.

This car was super clean, I’ll build it out in any color also for someone.

Dan

I am new here. Do you professionally rebuild cars? Amazed that it can be done.

 

[B.M.F.]

GAA listing says "This Car Has Approximately 4900 Miles and Still Sports its Original Tires"

@B.M.F. Did the car come in with its 15 year old tires still on?

It did have good years: did not check date codes yet

 

[B.M.F.]

I am new here. Do you professionally rebuild cars? Amazed that it can be done.

I do. I’m building 3 cars right now that are bare chassis builds. 2 are my own and 1 is a forum members car. You can take a pretty wrecked car and fix it with a chassis and new parts. This black car looked way worse than it does apart.

 

[extrap]

I own that car and it has a clean title. Guy ate the claim on it so there was no total loss with insurance company. I have a brand new chassis and all new parts for it. Just sitting in line to be built with the other 3 I’m doing and all 3 are bare chassis builds.

Owner stated he smashed the throttle in second gear with another guy in the car and car went sideways and that’s all she wrote.

When I sell this car I will be actively looking for a yellow no stripe car as I am after all 7 of them and have 3 already. Would love to take a shot at the Barrett Jackson car coming up but done think I can do it in next two months.

This car was super clean, I’ll build it out in any color also for someone.

Dan

Do you mind stating his insurance company? Sounds like their payout was less than you paid him.

 

[B.M.F.]

Do you mind stating his insurance company? Sounds like their payout was less than you paid him.

No he ate 275k IMO... He was worried about his insurance going up, so he didn’t file a claim. Maybe wrote the loss off on his taxes? Idk

 

[2112]

He must have a hell of an insurance bill if $275,000 was lower than the increase of premiums would be.
.

 

[B.M.F.]

He must have a hell of an insurance bill if $275,000 was lower than the increase of premiums would be.
.

Not really but it was his decision, so can’t fault him for it.

 

[PeteK]

The loss wouldn’t have been 275K because the salvage value of the car probably was 150K+

 

[B.M.F.]

The loss wouldn’t have been 275K because the salvage value of the car probably was 150K+

I paid 76k for the car.. it was at the high end of values as it was mint.

 

[extrap]

Boy I must be misunderstanding something. Are you saying the owner crashed the car and then accepted $76k for it rather than presumably around $300k+/- from his insurance company? ... to avoid the car being declared totaled, and save on future insurance premiums?

 

[B.M.F.]

Boy I must be misunderstanding something. Are you saying the owner crashed the car and then accepted $76k for it rather than presumably around $300k+/- from his insurance company? ... to avoid the car being declared totaled, and save on future insurance premiums?

Yes.. he listed the car with copart and I met him afterwards when his name was on the title, it was clear and he explained it all to me.

Car has a car fax with a accident and states rear. Win win for me. Then new chassis, new parts and will make a like new car for someone.

 

[B.M.F.]

Boy I must be misunderstanding something. Are you saying the owner crashed the car and then accepted $76k for it rather than presumably around $300k+/- from his insurance company? ... to avoid the car being declared totaled, and save on future insurance premiums?

I wasn’t kidding when I said he took a 275k hit on the car.

 

[2112]

Strange, why have the insurance?
.

 

[ultrasportracing]

I smell a rat

 

[twobjshelbys]

Strange, why have the insurance?
.

I'm in the same situation (but certainly not on the same scale). On a road trip we hit a section of a road that had just been chip sealed. Our daily driver Honda took a litle beating - windshield, some chips down to metal in the paint, a light. Comprehensive claim. Agent told me that even with a $500 deductible unless the damage is about $5000 it's not worth it. Any claim, even on comprehensive, will mark us for a rate increase that will exceed $500/year and take 5 years (used to be 3) to erase. So I'll get the glass fixed (maybe, it'll eventually break in the Vegas heat), probably get the paint chips "fixed" and replace the light lens myself. I'm going to raise my deductible. People are saying the same now about homeowners claims.

My daddy told me that if you want to get rich be a bank or an insurance company. They never ever lose money (unless badly mismanaged).

I'm sure if I totaled my GT that I would have been scarred for life.

 

[B.M.F.]

I'm in the same situation (but certainly not on the same scale). On a road trip we hit a section of a road that had just been chip sealed. Our daily driver Honda took a litle beating - windshield, some chips down to metal in the paint, a light. Comprehensive claim. Agent told me that even with a $500 deductible unless the damage is about $5000 it's not worth it. Any claim, even on comprehensive, will mark us for a rate increase that will exceed $500/year and take 5 years (used to be 3) to erase. So I'll get the glass fixed (maybe, it'll eventually break in the Vegas heat), probably get the paint chips "fixed" and replace the light lens myself. I'm going to raise my deductible. People are saying the same now about homeowners claims.

My daddy told me that if you want to get rich be a bank or an insurance company. They never ever lose money (unless badly mismanaged).

I'm sure if I totaled my GT that I would have been scarred for life.

It can go up 25% for up to 5 years. I’ve always been the person that saves the claims for large claims. Eat the small ones, but they can pay on a large one..