okay so a friend of mine has a 2k ITR that he parked in his driveway a couple nights last week while he had a quarter million dollar sandrail in his garage that he was working on.

The ITR was not running as he spun a main bearing road racing earlier this month, and he had the head, off.

He had a bunch of stuff in the trunk, and sitting loose inside the car that got jacked by the thieves.

- ITR cylinder head with titanium retainers, aftermarket valve springs
- web turbo cams
- custom tubular turbo manifold HPC coated
- venom intake manifold
- ITR throttle body
- AEM EMS
- big turbo (can't remember specs)
- carbon fiber front lip
- AEM 3.5bar map sensor
- ITR front strut tower bar
- nitrous solenoids, lines, tank
- rear seat bottom section
- passenger airbag

the front seats were also unbolted, but were not removed (thieves must have been spooked).

The car is a previous theft recovery, so it already has a salvage title. The owner is not saying anything about the turbo, nitrous, or aftermarket manifolds to his insurance company because he doesn't want to deal with any hassle, and OEM replacement parts are worth practically as much anyway (exhaust manifold, intake tubing, intake manifold, front lip, rear seats).

He has called the dealer and estimates the damage to be near $11k. The insurance adjuster is making it sound like the car will be totalled.

The car has 32k original miles on it, and the body is pretty immaculate, it has never been wrecked and the current owner takes really good care of the paint. It still has the stock ITR transmission in it, bolted to a sleeved and 84mm bored LS block with ITR crank (but spun main bearing), axles, linkage, engine harness, everything is still there. It has stock ITR wheels on it, with falken rt-615's, omni power ITR coilovers, stock ITR wing, stock everything else.

The current owner doesn't know how much his insurance company is going to offer him for the car, but he has offered it to my other friend who wants to build it into a dedicated track car for $6500. The current owner is willing to throw in the stock ITR ECU, and a spare b16a head he has laying around.

is this a good deal? should I encourage my friend to take the owner up on the deal?

 

Most Insurance companies do not allow buy backs due to theft. Is he sure that the ins will allow him to buy it back?

 

ITR theft in Utah is not as prevalent as other areas of he country. He's with Progressive. I'm pretty sure they will let him buy it back.

 

I think thats a decent price, buy back will be cheaper so the guy will make some money.

 

so you think both individuals are getting a good deal?

I'm mainly interested in knowing if my friend who would be buying the car should consider $6500 a good deal for what he is getting.

 

Why did it have a salvage title to begin with? Accident? Theft?

 

definitely buy it back...
thieves fuggin suck

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by P Nut &raquo;</TD></TR><TR><TD CLASS="quote">Why did it have a salvage title to begin with? Accident? Theft?</TD></TR></TABLE>

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote &raquo;</TD></TR><TR><TD CLASS="quote"> The car is a previous theft recovery, so it already has a salvage title. </TD></TR></TABLE>

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by YumVTEC &raquo;</TD></TR><TR><TD CLASS="quote">He's with Progressive. I'm pretty sure they will let him buy it back.</TD></TR></TABLE>

From my experience, Progressive doesnt like to sell the car back at a set price; they would rather sell it at auction.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by P Nut &raquo;</TD></TR><TR><TD CLASS="quote">Why did it have a salvage title to begin with? Accident? Theft?</TD></TR></TABLE>

theft recovery, original motor and interior stolen in Oregon or something. it was put back together by a salvage dealer here in Salt Lake City.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by Mythias &raquo;</TD></TR><TR><TD CLASS="quote">

From my experience, Progressive doesnt like to sell the car back at a set price; they would rather sell it at auction.</TD></TR></TABLE>

i hope that's not the case here.

 

I don't think that's too bad of a deal. If he doesn't go through with it, let me know. I'm also in UT.

I just spoke with my friend, who is an ins. adjuster for Progressive. He said that it's easier for him if the owner decides to keep the car, so he'd prefer it that way. Your friend might also be able to negotiate the buy back a little bit also.

Good luck.


Modified by P Nut at 10:33 AM 3/31/2006

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by P Nut &raquo;</TD></TR><TR><TD CLASS="quote">If he doesn't go through with it, let me know. I'm also in UT.</TD></TR></TABLE>

There are a # of other people in line for the car, including myself.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by YumVTEC &raquo;</TD></TR><TR><TD CLASS="quote">

There are a # of other people in line for the car, including myself. </TD></TR></TABLE>

You've already got one! Have some compassion!

 

if the car is determined by the insurance company to be a total loss, then, they are obligated to pay back ONLY the actual cash value for the car in terms of the title being salvaged and what it was when it first came out of the factory. payment for loss of any personal items within the car ranges from $200-$500 max depending on different ins companies.

a side note is, any insurance company who first of all insures a vehicle that is already salvaged is stupid and looking for trouble. also, though i know this doesnt apply to a vehicle already salvaged, just some fyi to the many members who roam this forum.

if a ins company deems your vehicle a total loss, it is up to you the insure to agree it to be total loss too, in order to salvage the title. DOI regs require this because it is a protection to you the insure that ins companys will not go around totalling every vehicle to save themselves some money at the cost of your vehicle. if you do not agree that it is a total loss, then, the ins company must pay you the actual cash value of the car minus the salvage and a promise by you that you will repair the vehicle back to its original. the promise keeps the title from being slavaged. ins companies will not tell you you have this option. they will try to sway you from this track, because they are afraid that you may profit from this route (in ways i dont want to explain here ). also, if you go this route, ins companies will inpect the vehicle if you ever want to insure the vehicle with them again. if they dont approve, just go insure with a new ins company. dont let them salvage your vehicle if you strongly believe you can fix it and bring it back to its original value. also, any resell/auction of the salvage (whether it is salvaged yet or not, whether it is involved in a collission, theft, flood, etc) must and will be offered to you first. if an ins company violates any of these regs, you will have a hefty lawsuit and a big fine from the DOI will be given to the violating ins company. also, another fyi: did you know for every complaint the DOI recieves against an ins company, that ins company is fined no matter how legitimate that complaint is. dont forget to document or keep track of all that is said in a claim. also, remember, as far as i know, this only applies to california. other states may be different. check your local insurance laws and regulations.


Modified by spidermancivic at 5:17 PM 4/1/2006

 

Buy it back and if not let me know i would like to buy it..lol