76 S Targa surrendered to Bank

drcoastline · 12-18-2009, 11:24 AM

Went to my local bank branch today and saw this targa sitting in the lot. Nice looking car. Shame for the poor guy that had to give it up. A sign of the times I guess.

pwd72s · 12-18-2009, 11:27 AM

Gray market car? The side lights...

looneybin · 12-18-2009, 12:16 PM

why would the fenders & doors be replaced if it was not subject to the salted roads?
maybe it's a salvaged title

ruf-porsche · ruf-porsche's Garage

Rear license bracket should be black and not colored to match bumper. Respray.

ruf-porsche · ruf-porsche's Garage

Quote:

Originally Posted by looneybin

why would the fenders & doors be replaced if it was not subject to the salted roads?
maybe it's a salvaged title

Another KATRINA victim?

Porsche-O-Phile · Porsche-O-Phile's Garage

Nice looking car. I could care less about respray, although they could've done a better job. Painting the license plate frame... Geez.

Wonder what they want for it, although a '76 I believe was one of the evil "thermal reactor" years for US spec. Kind of the lowest-value 911 out there among the mid years.

Still, one that's been redone well should be in good shape and last a decent while...

drcoastline · 12-20-2009, 07:27 PM

It has new fenders and doors per the flyer so it is definitely a respray. If I recall Porsche didn't have a metallic brown in 76, it looks more like the 80's metallic brown? I didn't spend a lot of time looking at the car but it is very nice and pretty straight. Top looks like it was redone recently All rubber except bumperettes look newer. Interior is very nice as well. Some bits are undone. It has a newer dash and no vent in the center hole. The flyer also said the engine was rebuilt so I would hope it has all the upgrades. It doesn't look like a half a$$ job. It may may not have been re-done by a professional but who ever did the work I would think at least had standards. One thing that drives me crazy with resprays is taping parts rather then removing them such as door handles, badges, etc. It looks like everything was removed and nothing jumps right out that says trouble.

speeder · speeder's Garage

I can't believe that a bank would loan money on a 1976 targa.

Either it's the world's stupidest bank or they've been looking for it to repo for the last ~30 years.

Racerbvd · Racerbvd's Garage

It also has a 84-89 front valance & fogs..

Quote:

I can't believe that a bank would loan money on a 1976 targa.

Could have been used as collateral on a small loan..

Porsche-O-Phile · Porsche-O-Phile's Garage

Indulge me - how much do they want for it? I might be in the market for a new midyear Targa depending on how my bodyshop estimate goes (knowing my luck, I'm expecting them to come back with a statement totalling out my '74 any day now... Probably just in time for xmas to maximize the screw-over). Anyway, if that happens I'll be looking for another.

drcoastline · 05:09 AM

Jeff,

I don't know what they want for the car. The contact number and extension is on the flyer in the last photo. Feel free to phone and get more info. If it seems like something you are interested in let me know. While I am not qualified to do a PPI I will be happy to go and look deeper. Start the car, pop the engine cover and look for all the typical issues as well as upgrades.

deanp · 12-21-2009, 05:14 AM

Color is correct for the year, my '76 was the same color, paint code was 476 I think. The flyer shows that the "owner asserts over $25K was spent on the restoration in addition to the $15K cost of the car."

Anybody think the bank had the wool pulled over their eyes and didn't do due diligence on the actual value when using it for collateral? Can't image they loaned money for the car, unless it was a personal loan and not a car loan.

Shaun @ Tru6 · 12-21-2009, 05:43 AM

I called and left a message for Marty.

Shaun @ Tru6 · 12-21-2009, 06:51 AM

Just talked with Marty, real nice guy. The bank specializes in loans for collectible cars, and as Marty is a Corvette expert, he could make solid loans against older Corvettes. The guy who defaulted is a Corvette collector and trusted client, got this car through a family death, took out a loan against this car and had it restored, came into some money trouble, bank repossessed.

he's got one offer of $12K on it which is about right, and many offers around $10K or so. He'll probably take it but is going to let the Hemmings ad run for a week or two.

also nice to talk to car guys.

Rich76_911s · Rich76_911s's Garage

More Photos and information:
GCF Bank

1976 Porsche 911S Targa

Its original owner was a California banker. This baby spent nearly the first 90,000 miles of its life protected from harsh winter conditions and salt damage.

It underwent a complete restoration about five years ago, both mechanically and cosmetically. Less than 2,000 miles have been driven since that time. This beauty now sports:
A rebuilt engine and transmission performed by leading Porsche expert Brother to Brother of Medford, NJ at a cost of nearly $13,000.
Fenders, hood and trunk replaced. Entire car was professionally painted a beautiful Metallic Copper.
Interior redone in the original light saddle.
All remaining mechanicals have been rebuilt or repaired.
Newer tires, Fuchs wheels, brakes and suspension
New battery
This car is smokin'! That's because of the Sta-bil in the fuel tank. The car has been sitting for over two years and needs nothing more than some TLC and minor maintenance to return it to its days of glory. Once this beauty has shaken off the effects of hibernation and back on the road, she'll purr like a kitten.

Almost $35,000 was spent on the car's restoration and acquisition, an amount equal to the collector insurance appraisal.

All serious offers considered. To make an offer or request further information, call (856) 589-6600 ext. 322 or (877) 589-6600 ext. 322 from outside the local calling area.

McLovin · 12-21-2009, 08:17 AM

from the way that ad reads, my guess is the bank is severely deluded as to the market value of that car and is seeking a crazy price. just a guess. let us know what they say!

Shaun @ Tru6 · 12-21-2009, 08:21 AM

The bank was deluded as to the value when they made the loan, but then asset hypervaluation was the norm when it was written. Marty knows it's worth $12K at the most to someone knowledgeable about these cars. Between the lines, he's banking that there are some unknowledgeable people out there.

dad911 · 12-21-2009, 12:18 PM

He posted that on the NNJR website mid Oct......

Northern New Jersey Region - Porsche Club of America - Forum • View topic - Restored 76 911-S Targa Available

We are in to the car for close to 25, which is then of course the asking price, and far higher than the first few offers we have rec'd.
Most recently, one offer just under 15 was declined.

They should have taken the offer of 15k