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Collateral, sell or hold?

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Old 06-13-2008, 07:18 PM
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Collateral, sell or hold?

A couple months ago I saw an ad on craigslist, some guy needed a 5 speed trans for his VE. I happened to have one in the geerage so I sent him a message. He wanted it, so we worked out a deal. $200 + core. He came by, brought his tranny with him and we traded up. He only had $150 in cash, so he gave me a nice fossil watch as collateral. After he left I jumped on ebay and checked prices for it, there were a few others of the same model with several bids each going for over $150. It's now been 2 months since i've even heard from the guy, he was supposed to get back to me in 2 weeks. I just called his phone to see what was up but his number is disconnected now. What would you do?
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Old 06-13-2008, 07:21 PM
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Was the cell phone the only contact you had for him?

Email or anything else?

If it were me, I think I would wait until I was really, really short of cash, then sell it. I mean, just set the watch aside as long as you can. At some point you will sell it and I am sure get at least $50 for it, so you should be good.
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Old 06-13-2008, 07:27 PM
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Good point. On another note, i just called about an ad in the Salem CL. "93 SE, needs water pump and battery - $350" Ends up being a black 5 speed and she sold it today
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Old 06-13-2008, 11:00 PM
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you should have sold me the tranny then!!
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Old 06-14-2008, 07:07 AM
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Originally Posted by Hectic
Good point. On another note, i just called about an ad in the Salem CL. "93 SE, needs water pump and battery - $350" Ends up being a black 5 speed and she sold it today
That's funny. I emailed a lady about a 72 Datsun 510 "with a cracked head and hasn't been on the road in 15 years."

I thought it might be a nice project. Crap, not for $5000...

I could buy a decent, mostly finished one for that.

It's too bad because the body is super clean.
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Old 06-14-2008, 08:05 AM
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I went to look at a potential parts car and it turned out to be a 4th gen, while I was told 1993. Sometimes CL is a drag.

Last edited by mikekantor; 06-14-2008 at 08:07 AM.
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Old 06-14-2008, 01:18 PM
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I'd sell it, if someone is going to leave me a number and a fancy watch and get the number disconnected without informing me somehow he's losing his collateral and if he ever comes back I'd just be like sorry but its your own dang fault.
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Old 06-14-2008, 04:05 PM
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two months is a long time to leave you without contact. it was left as collateral, and if continued attempts to contact him are not working, you either have a nice, "new" watch, or whatever you get from its sale.
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Old 06-14-2008, 08:10 PM
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mod or sell?
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wait until it hits 90 days then sell it
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Old 06-15-2008, 02:09 AM
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Originally Posted by Cliff Clavin
That's funny. I emailed a lady about a 72 Datsun 510 "with a cracked head and hasn't been on the road in 15 years."

I thought it might be a nice project. Crap, not for $5000...

I could buy a decent, mostly finished one for that.

It's too bad because the body is super clean.
$5k is a little much for a stock 510 with a cracked head that has been sitting for 15 years. People tend to overvalue their cars. I laugh when I see a GXE with 170k with a seller hoping to get $3500 for it, they obviously don't know what the market is for 3rd gen Maximas. Not that they're not worth the money, but when there's a $350 black ve 5 speed in salem....

Originally Posted by mikekantor
I went to look at a potential parts car and it turned out to be a 4th gen, while I was told 1993. Sometimes CL is a drag.
Been there done that, only it was a silver "88 opposed to a silver '89. 20 mile round trip. You would think owners would know the correct year and body style of their car

Originally Posted by benstoked
two months is a long time to leave you without contact. it was left as collateral, and if continued attempts to contact him are not working, you either have a nice, "new" watch, or whatever you get from its sale.
That's how i'm starting to think about it. Although, he seemed to like the watch and wanted me to take care of it. I'll make a post on craigslist maybe he lost my number or something.

Originally Posted by internetautomar
wait until it hits 90 days then sell it
Spoken like a true businessman
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Old 06-15-2008, 06:31 AM
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not so long ago I looked at a "95" it was a 90 GXE that was trashed. the VE in the yard with it was more likely to get my monney, but it was beat too.
Good thing it wasn't a far haul for it.
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Old 06-15-2008, 08:14 AM
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Can't say I've had bad experiences with Craigslist....I can never find anything I want but my girlfriend always needs a ride to a good deal like her $100 8mp camera.
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