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Message
re: If you had $60k cash to start a business
Posted on 7/15/13 at 11:12 pm to ThaBigFella
Posted on 7/15/13 at 11:12 pm to ThaBigFella
Chicken. 
I've got a vehicle (an old van) that we can't get a title on. It was supposed to be repo'd several years ago and when the repo guy came for it, the bank told him don't worry about picking it up because it wasn't worth it to them to take it... only about $1200.00 owed on it.
Anyway, the bank has no idea where the title is - it was sold and resold like a mortgage apparently.
Is there a way to get a salvage title on it and get it legal again so it can be used or sold?
Oh, and I ain't worried about my identity... it's been outted on TD for a couple years now. I just do the silly email notation to keep the spambots from killing me.
I've got a vehicle (an old van) that we can't get a title on. It was supposed to be repo'd several years ago and when the repo guy came for it, the bank told him don't worry about picking it up because it wasn't worth it to them to take it... only about $1200.00 owed on it.
Anyway, the bank has no idea where the title is - it was sold and resold like a mortgage apparently.
Is there a way to get a salvage title on it and get it legal again so it can be used or sold?
Oh, and I ain't worried about my identity... it's been outted on TD for a couple years now. I just do the silly email notation to keep the spambots from killing me.
0
Posted on 7/15/13 at 11:19 pm to ThaBigFella
quote:
Considering name brand franchised businesses are worth anywhere from just under $1m and up if land is leased and start north of $1.5m usually if the land is owned id say $60k wouldn't get you too much of a stake....
I think 100k (not too far off from Subway) would get a part stake in a Sonic. Thos are jam packed in Arkansas.
Posted on 7/15/13 at 11:29 pm to wegotdatwood
quote:
I've got a vehicle (an old van) that we can't get a title on. It was supposed to be repo'd several years ago and when the repo guy came for it, the bank told him don't worry about picking it up because it wasn't worth it to them to take it... only about $1200.00 owed on it.
Anyway, the bank has no idea where the title is - it was sold and resold like a mortgage apparently.
Is there a way to get a salvage title on it and get it legal again so it can be used or sold?
One thing I can tell you is there a ton of seedy people in the car business who can get you a car title, but I honestly don't know all the complicated tricks like that but I promise you it can be done. I simply buy the salvage titles from copart.com that don't need bodywork and have minor to no issues that my shops can handle.As for if it can get a salvage title, Im pretty sure the damage to the car has to be significant and you can't just issue a salvage title to any car.
One option I know will get you a title is a mechanics lien, I know bc I've filed 3 of them in the past year on customers who decide they don't want to fix their cars bc the work was too major and they just leave it at my shop for a certain amount of time and eventually the daily storage fee racks up and since they disappear they basically forfeit ownership to the shop: If you have a friend with any type of mechanic shop, leave the car at their shop for a while and have them file a mechanical lien after the right amount of time has passed and they will get a title
This post was edited on 7/15/13 at 11:32 pm
Posted on 7/15/13 at 11:55 pm to ThaBigFella
quote:
mechanics lien,
Ah, bingo this may be it!
I'd prefer not to get a salvage because it's truly not a salvage. I'd pay the $1200 to get the regular title but the bank literally doesn't know where it is (van is 13 years old).
Thanks! Gonna see who I know in the car business.
Posted on 7/15/13 at 11:57 pm to Meauxjeaux
quote:
Well, you take the check the Sheriff's Office and they handle your collections for you under the threat of criminal prosecution.
Nope. Can't do that.
It's an extension of credit. You don't prosecute bad debts. No debtors' prisons.
They check cashing places TRIED that and some of the compliant sheriffs did the dirty work, but the courts threw it out. It's different than, say, buying merchandise with a check, which is not an extension of credit.
Yes, payday loan places get stuck with a lot of bad debts. But when you earn 300% interest, minimum, you have a lot of room to absorb them.
This post was edited on 7/15/13 at 11:59 pm
Posted on 7/16/13 at 1:34 am to Overbrook
Wow. I stand corrected. Did not know that.
Posted on 7/16/13 at 7:12 am to ThaBigFella
quote:
Considering name brand franchised businesses are worth anywhere from just under $1m and up if land is leased and start north of $1.5m usually if the land is owned id say $60k wouldn't get you too much of a stake....
yep. I wanted to open a Hooters at one time in a prime location and town that did not have one at the time and the cost was way over a million. So, funding fell through. no deal.
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