Two months ago (February 2020, p. 60), “Legal Files” focused on several traps that unwary sellers might fall into when selling collector cars. This month, we turn the tables and look at ways that a buyer can get into trouble.
Get what you’re paying for
Perhaps the most critical thing is to be sure that the car you are buying is actually what it is supposed to be.
Condition problems can always be corrected, but authenticity cannot be created — Read More
Last month’s “Legal Files” made a number of suggestions for sellers of collector cars. The printer’s ink wasn’t even dry when an inquiry arrived from an SCMer who presented a perfect example about how online sales can be troublesome:
Dear Legal Files:
I recently sold my 1972 Porsche 911 Targa on Bring a Trailer, and ran into an unexpected situation.
I was the second owner of the car and bought it from a fellow PCA member after it had sat Read More
They say that all good things come to an end — and now it’s time to sell your collector car. While it may seem like an easy thing to do, there are a lot of potential legal land mines waiting for you when you become a collector-car seller.
The first thing to come to the mind of an SCMer is to consign the car to an auction. For some cars, that is the best option. For some, it’s a Read More
You’ve probably seen news reports about comedian Kevin Hart’s car crash and his extensive injuries. Despite Internet reports that all involved have “lawyered up” and that a “lawsuit’s almost certain,” we haven’t seen an actual lawsuit filed.
Maybe it’s getting filed as you read this, but the lack of a lawsuit doesn’t mean we can’t use this as an example of how insurance and legal liability work.
In case you’ve missed the hubbub, Hart is a very popular 40-year-old actor Read More
Falcon Woods LLC, a Nevis, West Indies, limited-liability company, was about to cut a fat hog. It had consigned its 1954 Ferrari 250 Europa GT coupe, chassis number 0379GT, to Gooding & Company for its 2018 Scottsdale auction. The estimated sales price for Lot 116 was $1.6m to $2m. Just before the auction started, Falcon Woods received an alarming phone call. Gooding had been contacted by a Peter Piper, who claimed that the Ferrari still belonged to the estate of Read More
SCMer Lee Cross, a Shelby enthusiast who organizes the annual GT350 Tour, shared a very interesting story:
I am passing along an incident as something that might present a topic with wide relevance to your audience; i.e., the legal technicalities that arise when a collector attaches a trailer to their tow vehicle.
I usually trailer one of our Cobras across the country when I depart Delaware for Monterey. This year was a little different. My 289 Cobra was already in Read More
You’re a trusting soul — a nice guy. Your best friend Tom tells you how disappointed he is that his Ferrari is in the shop for an extended stay and he has to miss the next Ferrari Club weekend drive. You have already agreed to spend that weekend with your in-laws, so you tell your friend, “Don’t sweat it. Take my 488 — just be careful with it!”
Tom is as careful as you would hope — attentive driving, no Read More
Leake Auction Company has big plans for its first-ever auction in Scottsdale, AZ, in January 2020. But the welcome mat is not out.
Immediately upon announcing its new auction, Leake got hit with a lawsuit filed by Russo and Steele alleging interference with contractual relations. Of course, Leake knew it was coming.
Drew Alcazar and his wife, Josephine, own and operate Russo and Steele. Russo prides itself on being family-owned and -operated — and on its signature “Auction Read More
Before you read any further, let me make one point crystal clear — this column has absolutely nothing to do with the SCM 1000 Tour. Feel free to participate. I’m going.
At the other end of the spectrum, participants in the Eurorally 2019 were met with a huge surprise as they traveled the A20 east of Wismar, Germany — they all got busted!
German police were not pleased by reports from other drivers that the Eurorally participants were driving dangerously Read More
As Baby Boomers ease into retirement, they are becoming a very mobile generation. Many are migrating to other states, not just in search of a sunnier climate — but also for tax planning considerations.
We’ve just seen federal income tax rates drop to historic lows, with ordinary rates peaking at 37% and capital gain rates at 20%.
But there is an important understory — your deductions for state and local taxes are now limited to $10,000 per year.