66jack

Red tape mumbo jumbo...probably going up for auction...

https://autos.yahoo.com/blogs/motora...212336408.html

emccomas

Back in 1972, Dietrich financed the Corvette and insured it through Allstate. Since she did not own the car free and clear, the lending institution held the title until the car’s eventual theft, thus giving Allstate title of vehicle when they paid out for the theft

As much as we all would like to think otherwise, the car belongs to Allstate. The owner was paid for the car; that's the way it works.

corvetteed

But, from what I've read, Allstate doesn't have the title and the state of NC won't release it unless a title is produced, so, that's why it'll probably go up for auction.

emccomas

Yes, but if Allstate had a title, Allstate would own the car.

6D2148

What about the restorer that bought it then squeled about it, where is his money or ownership????? Chip

Bowlerdude

His money is probably gone.

The only recourse he has is to sue the widow that he bought the car from.

SonnyAK

What a shame...It's a sad that the new owner does the right thing and will probably be the only true loser in this...

pop23235

On another forum regarding this subject I read that the restoring owner can receive as much as 4 X the purchase price he paid because of fraud in the sale. I have no knowledge.

popbluff

always always check the vin on and old car when you purchase,

woodsdesign

A friend of mine had his 67 stolen years ago. The insurance company paid it off. They found it two years later. He told me they gave him the "first right of refusal". He was able to buy it back and he still owns the car to this day.
As a side note: When it was recovered it had a new engine and another hardtop on it. (the tired original engine and hardtop were both in his garage)

emccomas

Many insurance companies will give original owner first right of refusal.

Apparently Allstate is willing to do the same for this car, but they cannot locate the title. If Allstate locates (or gets a replacement) title, then they can give / sell the car to the owner.

Otherwise, the car may end up being sold as is by the state, and will probably end up getting a state issued VIN.

emccomas

I recall looking at a 71 coupe many years ago that was on the lot of a big name Corvette dealer (who shall remain nameless).

Everything on the car said 1971 Corvette with a non original motor. Motor was not from a Corvette, but the car ran and drove great.

I was getting seriously interested until the dealer told me the car was titled as a 1969 Corvette. The VIN on the car was for a 1969 Corvette.

I asked the dealer how a 1969 Corvette ended up with ALL of the modifications that made it look like a 1971 Corvette.

The dealer just looked at me, and never gave me an answer.

I passed on the car.

woodsdesign

A long time ago I lost the title to my 64 Chevelle. I had a duplicate title made from the DMV without much trouble. I don't understand why Allstate can't do the same. I would think it would be much easier for them.
I am sure they deal with this situation all the time. For example in a fire etc..