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Got a Peavey Foundation for $50 today!

A locally owned guitar shop near me is going out of business. I've purchased a few things from them over the years so I figured I'd go "pay my respects" and grab one final set of strings from them. Hanging on the wall behind the counter is a white Peavey Foundation, completely covered in dust and crud. Must have been in an attic. I asked the guy how much. He said "not sure yet, may have some issues we really haven't looked at it." I told them to give me a call whenever they decide on a price, I'm looking for a project ya know? He said "dude we're closing up shop in a week, how's $50 sound".

Got her home, gave her a nice bath and oiled the fingerboard. NOW, the neck is bowed like crazy and I don't have the proper wrench to adjust the truss rod (if it even works). I'm really hoping this doesn't turn out to be a piece of firewood as I've always liked the way these sounded. Until I get the proper wrench it's all up in the air but hey for $50 I was willing to take a chance. It came strung up with brand new D'addario chrome's which ironically cost almost as much as the bass lol. Fingers crossed I can rehab this thing!
Looks like a steal
 
Like a couple others mentioned, gahhh the necks on these are mischievous and fraught with idiosyncrasies like the truss rod access from hell (some, not all) and a propensity to looooove some extreme forward/back bowing that the truss rod won't correct. I'm not sure if it was the truss rod channel design or the rod style itself/skinny neck profile, but I loathe them from the perspective of longevity. Of course, many of the poor examples are just from former owner neglect, putting aircraft cable strength flatwounds on them and never touching the adjuster as it sits in a hot closet somewhere, etc.

Amazing neck to play. Beautiful feel. But they aren't my friend at the moment. Hope you can get it in playing shape! Mine may never play right again, but I'm steaming the fingerboard in Spring and plan to see if I can get mine reverse engineered back to function with a new rod and fingerboard.
 
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I have a Cirrus that had the terrible, bridge cable Peavey strings. It would not set up, and I threw those strings in the trash. I put DR Pure Blues VW set, .090-.040 on it and the neck went right to a back bow.

Me and the Cirrus sighed with relief as I eased off the truss rod to perfect.

I run D'Addario nickel XL .035 on it and they work even better.
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It should straighten right out. Good Luck!

I'm envious! Took the flats off my most recent one and didn't have the same luck. Extreme forward bow (interestingly concentrated on the first 4 frets and uncorrectable. Truss nut was maxed and buried :(

a PSA to anyone who has these and they play well- keep em forever!!! Or sell me your neck. Cause I need one.
 
I have an '87 Peavey Foundation that I love to play. This device might work for the truss rod…
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Nice. I have been eyeing Foundations for a bit now. Missed out on a really nice one in the FB marketplace close to me back in the summer. Not as good a deal as $50 but still wish I wouldve snagged it.
There's one at Guitar Center Danvers MA, it was there yesterday, I played it a month ago and it's d^mn fine, I've bought 2 new 4s this year, there are limits. I think it's low 500's, but it's a good one.
 
Those are really good bass guitars, good score.

Maybe loosen all the strings for a few days while you hunt down the right tool to adjust the truss rod. If it has been bent a while, it will take some time for it to settle back to its original shape. Then take the strings off and loosen the truss rod nut, see where it wants to go. With any luck, it will flatten out to the shape it was made originally.

If it is still bowed after few days to a week or two just resting without tension, then consider having it heat pressed back to shape.

Good score, I bet it will straighten out.
 
Back when I had a T-40, I think I bought my Peavey truss wrench for something like $10 on eBay. It's worth the investment, honestly, and I'd send you mine, but I'm pretty sure I either threw it in the case or tossed it shortly after selling the T-40. Great score at $50 though!