History on this 72 vert in QLD?

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Offline hux

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History on this 72 vert in QLD?
« on: September 11, 2019, 08:31:25 PM »
Hi all

Mate bought this 72 vert at auction in Brisbane this week.
It was sold on behalf of an insurance company but seems odd as its got no evidence of accident damage.
It has been stripped of paint but is basically in fairly reasonable condition...SOCAL car, an old MMM Mustang Owner Club sticker on the bumper.
What I can see:
351 2V H code, FMX, originally dark ivy green with ivy interior. 
RHD
Was QLD registered.

If anyone knows anything about what happened he would love to know as it appears to have been a loved car at some point.

Offline GLENN 70

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Re: History on this 72 vert in QLD?
« Reply #1 on: September 11, 2019, 09:03:11 PM »
Was owned by a guy on the Gold Coast  , Peter James and was stolen ,then recovered .  Join Aussie mustang buy/sell Facebook group  and you will find information about this mustang . Was posted 3 rd sept  about the car . Cheers Glenn
« Last Edit: September 11, 2019, 09:22:05 PM by GLENN 70 »

Online Dwayne

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Re: History on this 72 vert in QLD?
« Reply #2 on: September 11, 2019, 09:52:16 PM »
From memory, the previous owner put the car in for a paintjob, the shop shut and car disappeared.

He said it was a very solid car and is probably worth you getting in contact with him.

https://www.facebook.com/groups/339861919847157/permalink/653948115105201/?sale_post_id=653948115105201
« Last Edit: September 11, 2019, 09:56:20 PM by Dwayne »

Online barnett468

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Re: History on this 72 vert in QLD?
« Reply #3 on: September 12, 2019, 11:58:29 AM »
Does it have the ram air parts on the bottom side of the hood?

Offline robster

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Re: History on this 72 vert in QLD?
« Reply #4 on: September 12, 2019, 07:05:46 PM »
So how does this work ?  The owner had his car in a shop for a paint job, car gets stolen and is clearly recovered, doesnít it go back to the owner if itís still under his title normally.  And doesnít the insurance company pay for any damage done between the time the car was stolen and recovered.  Still stripped of paint waiting for its paint job but the car looks sound overall. 

Can see where the original message said the owner agreed to have his insurance company sell it (do understand itís upsetting to recover your stolen ride, they never seem quite the same speaking from experience) and recover whatever amount it got sold for and pass that on to the owner.  Does the insurance company and auction house get to keep a portion of the sale amount eg. commission/excess/admin fees etc?

BTW, it looks like a good buy, do like its current look in a Mad Max sort of way, matches the tough stance of the early Seventies ponies.  But admit it would look stunning in its original dark ivy green with ivy green interior combination which Iím guessing the original owner was aiming at.  Sad it didnít get that far but this may be a new chapter in this carís rejuvenation.

Offline hux

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Re: History on this 72 vert in QLD?
« Reply #5 on: September 12, 2019, 09:09:27 PM »
From memory, the previous owner put the car in for a paintjob, the shop shut and car disappeared.

He said it was a very solid car and is probably worth you getting in contact with him.

https://www.facebook.com/groups/339861919847157/permalink/653948115105201/?sale_post_id=653948115105201

Thanks all. My mate will be pleased to know. The PO will be pleased to know that my mate is using this as a father and son project to get his son off the computer and doing something better.  Not my mates first car but the first one his son has shown interest in!

Offline hux

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Re: History on this 72 vert in QLD?
« Reply #6 on: September 12, 2019, 09:19:15 PM »
Does it have the ram air parts on the bottom side of the hood?

Not at present it seems

Offline SXTY8

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Re: History on this 72 vert in QLD?
« Reply #7 on: September 13, 2019, 10:22:27 AM »
So how does this work ? 

The way it worked in my case was that after 7 days my insurance company made me an offer of their market value for the car. I negotiated with them to what I considered to be fair and then accepted their offer.
2 hours later I got a call from the Cops saying that they had recovered my car, and I told them that I had settled with my insurance company and it was now their car.
I intended to buy the car back when it came up for auction, but due to a mix up I missed out and someone else got a bargain.

Offline robster

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Re: History on this 72 vert in QLD?
« Reply #8 on: September 13, 2019, 08:17:21 PM »
Thatís insane SXTY8. 

You would think that there would be a clause in the insurance policy that would allow you to pay any insurance compensation back if your car is found after a period of time and your claim was then able to be cancelled and the car was placed back in your name to avoid just such a situation as yours. 

In the end, further salt is rubbed in the wound after what youíve already been through as someone further benefits from your misfortune.  Insurance policies seem to only cater for cars that are not recovered but do not fairly address an unfortunate owner if a car is recovered.

Offline GLENN 70

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Re: History on this 72 vert in QLD?
« Reply #9 on: September 13, 2019, 08:42:03 PM »
It is what it is . The insurance co give you a payout after a period of time  if it was stolen  ,if the car is recovered after they have paid you out ,it's there car not yours . They send it to auction and if you want to buy it back ,well then bid on it . Most times you will buy it for less than they paid you out .  That 72 use to have side pipes too .

Offline SXTY8

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Re: History on this 72 vert in QLD?
« Reply #10 on: September 14, 2019, 10:36:10 AM »
Thatís insane SXTY8. 
 

What's really crazy was that my car was found by the Cops around 3am Sunday morning and they thought rather than disturb me with an early morning call, they would call me later when they finished their shift. Unfortunately they forgot and didn't make the call until 2pm Wednesday.....2 hours after I accepted the insurance company's offer.
I accepted $10K for my car and it sold at auction for $1500.

Online barnett468

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Re: History on this 72 vert in QLD?
« Reply #11 on: September 14, 2019, 12:49:14 PM »
What's really crazy was that my car was found by the Cops around 3am Sunday morning and they thought rather than disturb me with an early morning call, they would call me later when they finished their shift. Unfortunately they forgot and didn't make the call until 2pm Wednesday.....2 hours after I accepted the insurance company's offer.
I accepted $10K for my car and it sold at auction for $1500.

Unbelievable.

Offline Reborn67

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Re: History on this 72 vert in QLD?
« Reply #12 on: September 14, 2019, 01:36:10 PM »
 A bargain to be had at in anyone's language,  but just seems so ridiculous at every level, and as you say adding insult to injury...,

Offline robster

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Re: History on this 72 vert in QLD?
« Reply #13 on: September 14, 2019, 05:05:26 PM »
It is what it is . The insurance co give you a payout after a period of time  if it was stolen  ,if the car is recovered after they have paid you out ,it's there car not yours . They send it to auction and if you want to buy it back ,well then bid on it . Most times you will buy it for less than they paid you out .  That 72 use to have side pipes too .


Awww SIXTY8, that is just a heartbreaking story. 

I get what youíre saying Glenn, but this example is what can happen when it can go so wrong.  I guess after you go through the pain of losing your car in the first place a recovery would be a godsend and if the car is still in good shape then itís a miracle.  Insurance companies donít have a Plan B if a stolen car is recovered as they are in it for the money, moving it on to auction houses is all they seem to do if a car is lucky enough to be recovered. 

Your example is a best case scenario where after all the effort you put into your pride and joy if itís found goes to auction where you have to chance getting it for less than your insurance payout was.  Being an auction, youíre thrown to the wolves and if your ride is particularly attractive (and letís face it, what Mustang isnít) it could go the other way and you could pay more than what your payout was if the bidding goes way above your payout amount, thatís on top of the money already invested in your car which I suspect is usually more than an insurerís market value anyway. 

Or you could have a situation like SIXTY8ís and the keystone cops donít contact you in time before youíre paid out and you for whatever reason you miss out at the auction and like I said, further salt is rubbed in the wound after what youíve already been through as someone further benefits from your misfortune. It stinks I reckon.

Offline bank1957

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Re: History on this 72 vert in QLD?
« Reply #14 on: September 14, 2019, 07:15:37 PM »
I would say that you get what you pay for. The slightly more expensive Insurance companies have a by back option (with first right of refusal) if your car is written off or recovered. What mustang is insured for $10K??? Could be the owner underquoted the value of his car to insurers. Just to get any car from the USA to AUS is about $5k, plus value of car plus GST and rego

Offline SXTY8

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Re: History on this 72 vert in QLD?
« Reply #15 on: September 14, 2019, 07:53:20 PM »
I would say that you get what you pay for. The slightly more expensive Insurance companies have a by back option (with first right of refusal) if your car is written off or recovered. What mustang is insured for $10K??? Could be the owner underquoted the value of his car to insurers. Just to get any car from the USA to AUS is about $5k, plus value of car plus GST and rego

Err...I never said it was a Mustang. It was a HZ 1 tonner that I'd spent a fair bit of time restoring and it was probably 10 years ago, so it would be worth a lot more now.
What I didn't realise at the time was that my insurance policy was capped at $10K, where as I valued the car at 12 - 15 grand.
And I still haven't forgiven my son who had borrowed it at the time and left it parked in the street over night.
« Last Edit: September 14, 2019, 07:59:04 PM by SXTY8 »

 

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