Sad day last year GXP repoed, new toy, new rider, and measurespeed calculator
04-15-2012, 09:41 AM
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Sad day last year GXP repoed, new toy, new rider, and measurespeed calculator Well, my car got repoed last year. The shop that was doing the work to my car never completed the work. They are being sued. My damages to the car came to $11,800. The job was 2 1/2 wks, they had my car for almost a year. I am suing for triple damages. If I win, I will have another GXP, whether it be a GP or a G8 (maybe a Firehawk), I haven't decided (and with gas the way it is, I've thought about a Solstice GXP). It sucks, I paid over $20,000 into my car. But, I should come out on top to the tune of about $21,000 after my attorney is done mopping the floor with that shop, hell, I may even own it.
So, here is my new toy for now. Cost me $3300, gets 40+mpg, weighs 397lbs, and has 130hp at the rear wheel. What's that power to weight ratio? .32 lbs/Hp. 1998 CBR900RR Fireblade (Power to weight ratio is 0.223 with me and a full tank of gas) 2.58 0-60, and says I should be able to run a 9.6 1/4 mile (I'm figureing low 10s). Check out this fun tool for those that haven/t been to the track and have some fun:
http://www.measurespeed.com/power-to...calculator.php
So, here is my new toy for now. Cost me $3300, gets 40+mpg, weighs 397lbs, and has 130hp at the rear wheel. What's that power to weight ratio? .32 lbs/Hp. 1998 CBR900RR Fireblade (Power to weight ratio is 0.223 with me and a full tank of gas) 2.58 0-60, and says I should be able to run a 9.6 1/4 mile (I'm figureing low 10s). Check out this fun tool for those that haven/t been to the track and have some fun:
http://www.measurespeed.com/power-to...calculator.php
Last edited by dj_stylzpgh/GXP05; 04-15-2012 at 09:54 AM.
04-16-2012, 11:29 PM
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No, because he failed to complete the contract and never finished repairing the car. The estimate for the car was for 2 1/2 wks. they had my car for over 11 months. They failed to complete a contract they were paid for. The repo had nothing to do with them, although had I had my car to find work, that would have never happen. Attorney has already been hired. Pennsylvania allows for triple damages for failure to complete a contract as agreed. Not suing them for it being repoed. They were paid $11,800 do work on my car. Accident was in October of 2010, they had my car until July 2011.
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04-17-2012, 05:59 AM
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If you win, I am sure you plan to bank off? .....I mean that is a contract that you signed....
Or based on PA law, are they going to sue you for triple the amount you defaulted on that contract?
:irony:
oh yeah, .....congrats on the new bike
Or based on PA law, are they going to sue you for triple the amount you defaulted on that contract?
:irony:
oh yeah, .....congrats on the new bike
Last edited by jrhartman; 04-17-2012 at 10:59 AM.
04-17-2012, 11:48 AM
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The loan was collateralized by the car, and the bank got the car. The contract he signed with the bank said that if he didn’t pay, they would get the car and nothing more or less. If the bank wasn't OK with never receiving a penny from him and getting a car instead, they shouldn't have made the loan. If banks were more financially savvy and better at assessing risk, we wouldn’t have had the 2008 mess. The repair shop did not give him any collateral, so it’s a totally different situation. Personally, I have no issue with someone walking away from a collateralized loan who is in financial duress as long as they didn’t purposefully do anything to devalue the collateral (like those people that trash a house before it is repo’d). I do have a problem with skipping out on uncollateralized debt, like student loans and credit cards.
04-18-2012, 09:43 AM
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The 2008 mess was caused by the overheating of an unregulated (and arguably fictitious) credit default swap market to the tune of 74 trillion dollars, which was more than the value of the combined wealth of all assets in the US (real estate, cash, goods, IP, art, untapped natural resources, GDP, etc.) by over 50% at the time, combined with a bad cocktail of predatory lending practices and mortgage securitization (a deadly game of hot potato). You can argue whether the lender or the lendee should be responsible for taking on an interest only payment on a mortgage that was 25% of the lendee’s gross income and included a large interest rate balloon, but the fact that the there were as many as 10 credit default swaps on that single securitized loan meant that we all got reamed when the butcher’s bill came due. The warning signs were everywhere; you could borrow money at 0% via a no fee no introductory interest rate credit card and make 3-5% interest on a short term CD, then pay off the credit card before any interest was due. The last time people were borrowing money to make money like that was circa 1920. There’s plenty of blame to go around, but the fact is the banks are supposed to know better. It’s their job. Just like bringing 60% of our imported oil in through pipelines near New Orleans, a dangerous single point of failure exposed during the Katrina debacle, we have a blind spot for systemic risk due to unpredictable rare events that have a disproportionately large effect on the system (AKA black swans).
And while I’m being a Debbie downer, OP, you’ll shoot your eye out with that bike. J/K, that’s a bad machine and looks like a lot of fun. There aren’t many G8 GXPs out there, so you may have to settle for a G8 GT. Good luck getting those trebled damages.
And while I’m being a Debbie downer, OP, you’ll shoot your eye out with that bike. J/K, that’s a bad machine and looks like a lot of fun. There aren’t many G8 GXPs out there, so you may have to settle for a G8 GT. Good luck getting those trebled damages.
Last edited by nmp0098; 04-18-2012 at 11:19 AM.
04-18-2012, 09:55 AM
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my contract with the bank is being paid as i still owe $9000 on the car. the shop failed to finish repairing my car. i lost a job that i had to drive to which was 45 minutes from my home so they cost me quite a bit more than this lawsuit. these guys were formerly friends, also. to have a car for almost a year on a 56 1/2 job, come on guys. not the proverbial rocket science here. the bank got their car. i paid 4 years on time. the shop never completed and contract.after being paid over $11k got the benefit of the labor.money plus whatever they spent my.$8000 in parts on.
04-18-2012, 10:24 AM
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I'm trying to defend you man... in my own overly complicated way. Anyway, I think there were less than 1500 G8 GXPs built, but I could be wrong. On a positive note, GM announced that next year's NASCAR will be a new car and Reuss hinted that the production version will be a Zeta sedan like the G8 and Caprice cop car.
04-18-2012, 10:46 PM
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Yea the new rebadged G8 should be out soon. I hope it's a Chevelle!
But economist here and the "recession" was 100% caused by the banks. Mostly with mortgages. I watched it blow up from the 1st Q of '07 and their wasn't a damn thing to do about it and sure enough by 4th Q '07 we were screwed. Most of the loan officers WERE people who had never seen the housing market fall in their life time, drastically at least, so they figured it would never happen. Thus they gave out loans that weren't actually backed up by an asset worth as much as the liability which is banks balance themselves. Total assets must equal total liability to be efficient and not go bankrupt. So when they were forced to foreclose on a property they couldnt get their money back on again and again, it blew up. This caused no new money to be pumped into the GDP which scares the hell out of people quickly. (for ex: a $10k demand deposit can add up to $90k to the GDP because the money is loaned and spent a few times over before the loans original amount is as close to 0 as possible)
People, especially in this country, can't be trusted to be fiscally responsible and live within their means. Everyone wants what they can't have it's human nature. It's the banks that are supposed to say no, you can't buy that house based on you income and net worth it's just not feasible. But when those young loan officers saw profit to be had they jumped. Common misconception is that banks like to foreclose, they hate it thayd way rather get the profit from the interest and be done with you. Banks are for profit after all, and what company doesnt like to work less and make more?
People also hold way to much credit card debt. Which is the stupidest ******* thing anyone can do and it makes me terribly angry. I mean do you really want to pay 18-22% interest? That's obnoxious, if you need to hold credit card dept you need to collateralize the card and get it down to a still insane 5% at least! Or just do like they did back in the day before instant loans (credit cards) and go without luxuries if you've got bills to pay and mouths to feed! I've been there!
As for the OP you got a raw deal for sure man, but it's still no excuse to loose a job and not be able to find a new one. You could have bought a $200 Honda civic POS on craigslist, or had the insurance rent you a car right after the repairs started taking too long. I would have involved a lawer after 2 months then you'd be in much better shape. Or up would have pulled it out of there after 6 months no doubt in my mind. It sounds like theirs more to the story here...
As for the G8 GXP, it's a cool car, but yea they are scarse and values have heald better than the GT. find a low miles GP and have a way smaller payment, then get a hot RWD toy like the solstice GXP. I drove a SKY with an LS2 swap and that was one sweet sleeper Saturn
What tires and brakes are for sale exactly?
But economist here and the "recession" was 100% caused by the banks. Mostly with mortgages. I watched it blow up from the 1st Q of '07 and their wasn't a damn thing to do about it and sure enough by 4th Q '07 we were screwed. Most of the loan officers WERE people who had never seen the housing market fall in their life time, drastically at least, so they figured it would never happen. Thus they gave out loans that weren't actually backed up by an asset worth as much as the liability which is banks balance themselves. Total assets must equal total liability to be efficient and not go bankrupt. So when they were forced to foreclose on a property they couldnt get their money back on again and again, it blew up. This caused no new money to be pumped into the GDP which scares the hell out of people quickly. (for ex: a $10k demand deposit can add up to $90k to the GDP because the money is loaned and spent a few times over before the loans original amount is as close to 0 as possible)
People, especially in this country, can't be trusted to be fiscally responsible and live within their means. Everyone wants what they can't have it's human nature. It's the banks that are supposed to say no, you can't buy that house based on you income and net worth it's just not feasible. But when those young loan officers saw profit to be had they jumped. Common misconception is that banks like to foreclose, they hate it thayd way rather get the profit from the interest and be done with you. Banks are for profit after all, and what company doesnt like to work less and make more?
People also hold way to much credit card debt. Which is the stupidest ******* thing anyone can do and it makes me terribly angry. I mean do you really want to pay 18-22% interest? That's obnoxious, if you need to hold credit card dept you need to collateralize the card and get it down to a still insane 5% at least! Or just do like they did back in the day before instant loans (credit cards) and go without luxuries if you've got bills to pay and mouths to feed! I've been there!
As for the OP you got a raw deal for sure man, but it's still no excuse to loose a job and not be able to find a new one. You could have bought a $200 Honda civic POS on craigslist, or had the insurance rent you a car right after the repairs started taking too long. I would have involved a lawer after 2 months then you'd be in much better shape. Or up would have pulled it out of there after 6 months no doubt in my mind. It sounds like theirs more to the story here...
As for the G8 GXP, it's a cool car, but yea they are scarse and values have heald better than the GT. find a low miles GP and have a way smaller payment, then get a hot RWD toy like the solstice GXP. I drove a SKY with an LS2 swap and that was one sweet sleeper Saturn
What tires and brakes are for sale exactly?
Last edited by V8ImpSS; 04-18-2012 at 10:52 PM.
04-19-2012, 12:36 AM
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I'm trying to defend you man... in my own overly complicated way. Anyway, I think there were less than 1500 G8 GXPs built, but I could be wrong. On a positive note, GM announced that next year's NASCAR will be a new car and Reuss hinted that the production version will be a Zeta sedan like the G8 and Caprice cop car.