SaabWorld - Hundreds of new Saabs stuck in the Port of Newark, New Jersey

Hundreds of new Saabs stuck in the Port of Newark, New Jersey

by
Frank Wulfers

Published on 26 March 2012 15:00 Number of Views: 4893

3 Comments
Updated: Ally wins court case to liquidate 950 Saabs

SaabWorld reported earlier about new Saabs being held in US ports. There are 151 brand new Saabs stored in Port Hueneme, California. Ally Financial was seeking court approval to take control of these 151 Saabs.

There are some pictures on Foundourownroad.com showing many Saabs that are stuck at the port in Newark, New Jersey. According to the forum, 100-200 new Saabs are parked outside and possibly even more inside a storage building.

A court hearing about the faith of these Saabs was held on Friday March 23. Information on a few websites shows Ally won the court case and can liquidate 950 Saabs. From Dow Jones:

Secured lender Ally Financial Friday won a bankruptcy court duel for the right to sell 950 Saabs, the last of the distinguished line to arrive on U.S. shores....

It is sad to see these Saabs waiting for their undetermined faith. And most likely, these will be the last new Saabs in any large numbers we will see before they are being dumped on the US market. Most of the cars are Saab 9-3 and 9-5 sedans with a few 9-3 SportCombi mixed in.

The third port where Saabs are offloaded and imported in the USA is the Port of Brunswick, Georgia. There must be quite a number of Saabs stored there as well because about 900 Saabs are being held at US ports.

Avoiding bankruptcy was largely dependant on negotiations with secured lender Ally Financial Inc., which had sought to reclaim roughly 900 vehicles located in three U.S. ports. Saab had hoped to negotiate a settlement with Ally regarding the vehicles, but discussions broke down, leading Saab to notify the dealerships of its intention to seek court protection.

Ally has already requested relief from stay to take control of its collateral, which it believes to be worth less than the $61 million owed as of Dec. 27. According to the Feb. 7 relief from stay motion, Ally had already filed lawsuits in state courts in New Jersey, California and Georgia to take possession of the vehicles. Hearings in those courts were set to take place in February.

Read more: Saab wants to drive filing to Michigan - The Deal Pipeline

Update April 26: new pictures can be found here: Many Saabs still waiting for their new owners at Port Newark

Don't miss this SaabWorld article: Port handling of Saabs near New York
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3 Comments
Frank Wulfers - 27 March 2012, 20:39

Reply

I read the book value is 32 million for these cars. Divided by 950 cars is $33K per car.

They probably fetch 50% or less at action as dealers have been selling these for 35% off MSRP. This may be your chance soon to score one of the last new Saabs sold in the US.

Frank Wulfers - 27 March 2012, 21:32

Reply

The port facility in Georgia is huge: Joe Frank Harris Blvd. Brunswick, GA 31520 - Google Maps

Newark isn't too bad either: http://g.co/maps/44qyf

The Port of New York and New Jersey is the leading North American port for automobile imports and exports. In 2010, the port handled 693,001 vehicles, of which 467,857 were imports and 226,174 were exports

Can someone go to Georgia and see if they can find some Saabs and take pictures?

Shamrock - 14 April 2012, 18:35

Reply

So sad. I live in Fort Worth, TX and all local Saab dealers in DFW have moved on to other business. The closest dealer to me is in Austin, which is a short 3 hour drive.

I spoke to my Saab mechanic and he advised against a new one simply because he feels that parts will be very difficult to find and to his knowledge the warranties are no longer honored.

I hate GM!
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