2007 Ferrari F430 Spider 8k miles 105k (flood, but not)

2007 Ferrari F430 8600 miles on it. Titanium with black Daytona seats, painted calipers, ceramic brakes. Tons of options. I bought it last year from a fellow F chatter after a exhaustive PPI which it passed with flying colors. No paint work. Enthusiast owned. Needs nothing.

A few months ago my warehouse where I keep my collection developed a roof leak during a rain storm. This car was sitting with the top down and got a few sprinkles on the seats that I actually wiped off in 30 seconds. Insurance company came in and totaled any car that had a "hint" of water in it. I argued with the insurance company over the cars for months. In any event I bought this car back from the insurance because well, it didn't get wet.

So, for $105,000 you get a perfectly good flood branded title car (knocked 30k off for that)


I figured with the hit the insurance company gave me on the price of the car and the high buyback price, I might break even on this deal.

I literally have emails of my arguing about nothing being wrong with the car to no avail) with the insurance company, and pictures of the seats that got wet.


I need 105k for the car. This would be a great car for someone to drive and put miles on. You are buying it right and it's not like the car was under water. I even have surveillance video of a few sprinkles getting on the car.


Email for more info. No trades. Cash is king. Car has a perfect carfax but I have to check flood on the title when I sell it to you, per insurance company. 312 622-7533 Joe
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Pic
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Yep, I'm being serious.
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Above picture was when it was wet. That's it, literally!

 

Haha - so if you drive your convertible in the rain - the insurance company would total it?

GLWS!

 

So what I don't get is if you knew that it was only sprinkles and only the seats were wet why did you have to go through the insurance company. Why were they even involved? Why didn't you just wipe the seats, put the car outside to dry, close the roof and all done?

 

Yea why didn't you just dry off ...simple.
Also I would say that a branded car is really worth 50% of its actual value.
I would say this car is a value at 60/70k.
Again this is my opinion.

 

Toss in the jet and you've got a deal. GLWS. That branding will probably bring 50% of your ask. Maybe. Just my opinion as well.


Sent by incredibly fast electrons

 

The law in IL states water damage is 33% of the value to declare a total loss. Secondly, I own a large collection and well, that's what they decided to do.

 

This would be a fantastic car to buy and just rack miles on. GLWS!

 

The Insurance Company was called to achieve what ?

 

Any coupes in your collection? I am in IL looking for a f430 coupe.

 

You write: "Insurance company came in and totaled any car that had a "hint" of water in it."....By the way you wrote this you lead others to believe other items perished as well....You had other cars that were totaled as a result of this incident?

Living in Florida and having my vehicles in a warehouse too, I don't keep convertible tops down for a second while parked inside and the fact that the water "leak" is not concentrated to a single spot but over almost the entire cabin area leads me to believe that the roof issue was a major water infiltration event...

GLWS. Shame that it happened to this beauty.

 

+1, inquiring minds want to know.

Shame to see such a cool spec'd 430 in this situation. From what I've seen over the years any Ferrari with a "branded" title is a hard item to sell. Even at major discount.

Even cars that suffered just a minor fender bender are a tough sell.

BTW, why aren't you keeping it?

 

GLWS. I would get it and drive it like there was no tomorrow!

This would be a great candidate for some tuning and hooning.

 

These statement are a little confusing.

Was your insurance company assessing your collection as one single item of value or were they assessing each individual car?

If the former, why not on a car-by-car basis? I've never known an insurance company to voluntarily pay out more than absolutely necessary.

If the latter, then that would correspond to the insurance company assessing over $30K in damages to address a "few sprinkles".

 

Maybe because the damage was bigger than what is described?

The Insurance Company was called and totalled the car. Because of a little water spray?

Anyway, is he not entitled to get whetever $$$ the car was insured for (I guess more than the $105k being asked) ?

This story makes little sense to me...

 

its at auto auction for sale now.

 

Its on copart sealed bid and no keys?? Haha silly

Id be damned if an insurance adjuster would totaled my car out for what amounted to not getting the top up in a some rain.

That is not a flood car. Just a bad call but since its on copart Not sure why your selling for the insurance company. Have they not taken possesion yet?

This is just shady all around


FERR F430 SPIDE
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Sweet ride, I bet that car is problem free too. Dont worry about the tire kickers, there is a butt for every seat!

 

Hardly to believe insurance would total a car which was driving under the rain with top down. They adjustor must hate his company to make such call. So the only winner is you ... good luck for the sale

 

I bought the car back from the insurance company Copart does not have it. $95k

 

So if the car just got sprinkled on, why not keep it? You loved it before the wet event, right?

You have a jet, a large collection of cars, so it's not the money loss that's making you sell.

And, if you have emails back and forth between you and the insurer, why not post a couple here? It would go a long way towards making folks feel more comfortable with the car.

You could black out your info, leave the insurance adjusters name and the company available and a couple phone calls to the adjuster by any prospective buyer would clear the way for your sale.

And no, I'm not interested in your car, but I am interested in seeing that you get what you should for your car, and that no member here buys a pig in a poke.

D

 

Stupid stuff happens sometimes with insurance claims.

It would help if

1) you could provide a damage estimate, assuming by a qualified claims expert. Before an insurance company "totals" a car, especially a Ferrari, they have at least one reputable claim estimate for the adjustor to consider.

2) It might be helpful to you to proactively spend $500-750 and have a reputable, independent shop (or dealer) do a PPI on the car and publish it

3) I know insurance companies are HYPER conservative about water in cars, mostly due to airbags, ABS, et al for safety liability

4) unfortunately, having a salvage/flood brand is going to be crippling. At this point, best thing to do is find someone who wants to drive the car and know it's reliable. If you bought it back, and stated you just "want to break even" between the payout and your buyback, that's fair logic, but think you can demonstrate a bit more behind the scenes before this thread (and your car) get more of a story than it already has.

Good luck

BTW if I'm violating For Sale forum rules with this commentary, mods please delete with my apologies

 

Bought the car back from insurance company just to break even?

Not buying the car back would have guaranteed breaking even. Now, you have to take into account time and energy spent trying to sell it.

Can you please upload the PPI you mention in the first message? The VIN on Copart matches the VIN you published. How is it not the car?