Hi djk & Minny,
Don't you guys work, how can you post all day long. I get so jammed up with work in the middle of the day, I don't know how you do it. Thanks for the compliments on the new wheels.
You know this is the second Porsche I have, the other if you remember is in the garage from a little accident.
I declared that one on my bk schedule, and I am pretty sure trustee abandoned that one, since he didn't object to the exemption of value I threw on it.
The new Twin Turbo was the result of a little negotiation between myself and the trustee. I keep getting blamed for doing all these things that people are quick to call fraud, but in reality are negotiations that the trustee can reject at any time. I think I am starting to get sick of posting again, seems like a circle for me. Post what I do, get called a fraud, defend my actions, teach people concepts. For what?? My health....I am going to share how this new car deal went down for me.
If you remember I had wrecked a Mercedes a while back, and this is how this thing grew.
The car was worth $44,000 low retail
Wholesale $40,000
damage incurred $6,500
Debt to bank $30,000
these #'s rounded off, keep it easy
I deleted the post, when I was in the mood of why help anyone else, what have they done for me attitude. The Insurance Company wanted to give me $6,500 cash for the damage to the car, I choose to cash out and accept this sum as payment for damages incurred. I get the car fixed for $2,600, this is accomplished through cheaper labor from a friend, and revitalizing parts instead of replacing. I pocket $3,900 for my ability to repair the car for a lessor sum. In a letter documenting to the trustee through my attorney the car has a diminished value from the accident, a long legal battle if the trustee wants to pursue a suit against insurance Company. I tell the trustee that I have plans to trade the vehicle in. He agrees to accept a fair market wholesale value of this car of $33,000. I agree to give him $3,500, $3000 above the loan balance, the equity and also an additional $500 I throw in for being allowed to keep the additional $2,100 in sales tax savings toward the next car.
The car gets traded at a dealership and I strike a deal to buy their car, if instead of them keeping or selling the Mercedes, the car goes to a highline luxury sale for dealers in Chicago. I commit to a no risk sale on there part which means if this car goes for less than $33,500 I am losing. The car brings $37,600 and I get a credit toward the used Porsche of $7,600 on their lot, plus I put down the $3,900 for a grand total of $11,500. Remember this whole deal only had $10,000 equity at most in the beginning, and it was the trustee's. He ended up with $3,500 and I got $8,000.
Like my Hero Donald says, it is all about the art of the deal.
I took a risk several places here, but through managing the rebuild process or putting the deal together with the dealership, you have to know what is going on. I knew that the car would bring big dollars in Chicago regardless of the damage disclosure, it carried. Spring time is hot at the auctions. My wife threw another $22,000 toward the car, for a total of $30,000 down on a smokin deal of $72,000. Plus we run the credit through her name for a 6.8% remaining loan This car had a MSRP of $137,000.
Oh as far as Mommy & Daddy's money, I have great parents and I am in no hurry like most people to collect those dollars, from my parents. I have done well for my parents as I am there broker.
Thanks again for the compliments, now I have to work fifteen minutes later cause I was screwing off again. Like I said before, I miss those guys from that business board, they were full of cutting edge ideas that operated within the laws.
Don't you guys work, how can you post all day long. I get so jammed up with work in the middle of the day, I don't know how you do it. Thanks for the compliments on the new wheels.
You know this is the second Porsche I have, the other if you remember is in the garage from a little accident.
I declared that one on my bk schedule, and I am pretty sure trustee abandoned that one, since he didn't object to the exemption of value I threw on it.
The new Twin Turbo was the result of a little negotiation between myself and the trustee. I keep getting blamed for doing all these things that people are quick to call fraud, but in reality are negotiations that the trustee can reject at any time. I think I am starting to get sick of posting again, seems like a circle for me. Post what I do, get called a fraud, defend my actions, teach people concepts. For what?? My health....I am going to share how this new car deal went down for me.
If you remember I had wrecked a Mercedes a while back, and this is how this thing grew.
The car was worth $44,000 low retail
Wholesale $40,000
damage incurred $6,500
Debt to bank $30,000
these #'s rounded off, keep it easy
I deleted the post, when I was in the mood of why help anyone else, what have they done for me attitude. The Insurance Company wanted to give me $6,500 cash for the damage to the car, I choose to cash out and accept this sum as payment for damages incurred. I get the car fixed for $2,600, this is accomplished through cheaper labor from a friend, and revitalizing parts instead of replacing. I pocket $3,900 for my ability to repair the car for a lessor sum. In a letter documenting to the trustee through my attorney the car has a diminished value from the accident, a long legal battle if the trustee wants to pursue a suit against insurance Company. I tell the trustee that I have plans to trade the vehicle in. He agrees to accept a fair market wholesale value of this car of $33,000. I agree to give him $3,500, $3000 above the loan balance, the equity and also an additional $500 I throw in for being allowed to keep the additional $2,100 in sales tax savings toward the next car.
The car gets traded at a dealership and I strike a deal to buy their car, if instead of them keeping or selling the Mercedes, the car goes to a highline luxury sale for dealers in Chicago. I commit to a no risk sale on there part which means if this car goes for less than $33,500 I am losing. The car brings $37,600 and I get a credit toward the used Porsche of $7,600 on their lot, plus I put down the $3,900 for a grand total of $11,500. Remember this whole deal only had $10,000 equity at most in the beginning, and it was the trustee's. He ended up with $3,500 and I got $8,000.
Like my Hero Donald says, it is all about the art of the deal.
I took a risk several places here, but through managing the rebuild process or putting the deal together with the dealership, you have to know what is going on. I knew that the car would bring big dollars in Chicago regardless of the damage disclosure, it carried. Spring time is hot at the auctions. My wife threw another $22,000 toward the car, for a total of $30,000 down on a smokin deal of $72,000. Plus we run the credit through her name for a 6.8% remaining loan This car had a MSRP of $137,000.
Oh as far as Mommy & Daddy's money, I have great parents and I am in no hurry like most people to collect those dollars, from my parents. I have done well for my parents as I am there broker.
Thanks again for the compliments, now I have to work fifteen minutes later cause I was screwing off again. Like I said before, I miss those guys from that business board, they were full of cutting edge ideas that operated within the laws.
Comment