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Then always buy GAP. This way the bank and insurance company can argue it out.
Not quite correct. GAP covers the part between what the insurance company gives you for the car and what is owed. It doesn't reimburse you for any money you might have lost.
Let's assume you buy an RLX for $50k. You put $5k down (trade perhaps) and finance the $45k over 5 years. Two months later you total the car. Because the value of the RLX drops like a rock, it is only valued at $40k by the insurance company. You still owe $44k. GAP reimburses you for the $4k between the value and what you owe. You are still out for your down payment and the GAP cost you $500.
Always put as little money down on a car as you can. We generally cash out our trades and finance the full amount. We also determine if the cost for GAP insurance is worth the potential loss. We might keep GAP for a year or so and then cancel it, getting a substantial portion refunded.
I couldnt agree more on avoiding large down payments. Hell, any down payments period.
I didnt put a cent down on the RLX or my wifes ILX. At this point in my life its all about maintaining positive monthly cash flow and avoiding any and all large sums of money/expenses. So as long as the lease payment doesnt impact that positive cash flow, then I could really care less what the lease payment is (to an extent). That and no longer (ever) wanting to own a car.
Update on the RLX: USAA is now wanting further estimates. They've calculated roughly $15k on repairs (still waiting on diminished value). So it's at an Acura dealer body shop for them to break it down and go through it properly.
What was shocking is they've repaired 15 other RLX's since it's release, one that literally wrecked a day after it left the lot. Oof! Makes me feel a little better knowing it's in good hands should it end up going the repair route...
All that said, I also tested a V6 Advanced in preperation that I go that route. I'll write up a comparo a little later. For starters, it ain't got the interior of the RLX, but it absolutely love how it drove.
All that said, I also tested a V6 Advanced in preperation that I go that route. I'll write up a comparo a little later. For starters, it ain't got the interior of the RLX, but it absolutely love how it drove.
My sentiments exactly when I bought my wife's TLX V6 Adv.
Not quite correct. GAP covers the part between what the insurance company gives you for the car and what is owed. It doesn't reimburse you for any money you might have lost.
Let's assume you buy an RLX for $50k. You put $5k down (trade perhaps) and finance the $45k over 5 years. Two months later you total the car. Because the value of the RLX drops like a rock, it is only valued at $40k by the insurance company. You still owe $44k. GAP reimburses you for the $4k between the value and what you owe. You are still out for your down payment and the GAP cost you $500.
Always put as little money down on a car as you can. We generally cash out our trades and finance the full amount. We also determine if the cost for GAP insurance is worth the potential loss. We might keep GAP for a year or so and then cancel it, getting a substantial portion refunded.
Correct, that is why I stated I fully finance my cars, even a lease, I never put a penny down, let the Bank and Insurance company float the car. Also because I flip enough I am rarely in the plus much in a car as I flip them as soon as I can break even.
A comment on the cost of gap coverage - $500 seems really high to me.
And if my dealer is right, Acura includes gap coverage in all their leases. I know my lease includes it without additional specific cost.
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I believe I paid $350 for gap. Also ask your insurance company they usually offer gap, although in my experience it is usually an annual fee that if you keep the car a few years gets pricey compared to one time up front fee.
Some of the best insurance companies are going one step further and offering replacement cost coverage on the car.
I'm paying for such coverage $128 per year with Erie Insurance.
Policy reads:
"We" will pay to replace the "auto we insure" following a covered total "loss." The amount "we" will pay to replace the "auto we insure" will not exceed the cost of a new "auto" of the same make and model with the same equipment. If a new "auto" of the same make and model with the same equipment is not available, "we" will pay the cost of a new "auto" that is:
1. similar in size, class, body type and equipment; and
2. similar in price to the price "you" paid for the "auto" being replaced, as adjusted for inflation, but not to exceed an amount equal to 110% of the Manufacturer's Suggested Retail Price of the "auto" being replaced.
A new "auto" is one that has not been previously titled and is of the latest model year available at the time of the "loss."
quick update: after the second round of inspections done at an Acura dealer body-shop, damages are now totaling north of $22,000 (including labor).
as far as I know they have yet to do any inspections on the "operational" aspects of the vehicle (suspension, steering, L/R front P-AWS and actuators, VSA, etc.). so we'll see where it goes from here....
really despise this big dumb mini-van rental I'm in...lol
Seems like a lot of cars out here in California have salvaged titles. That tells me that with bodywork costing so much money, insurance companies choose to salvage rather than repair if the repair costs equal or exceed like 70% of the cars BB value..
Not sure what the exact number is, but seems to be common to salvage if it's even close.
Correct, that is why I stated I fully finance my cars, even a lease, I never put a penny down, let the Bank and Insurance company float the car. Also because I flip enough I am rarely in the plus much in a car as I flip them as soon as I can break even.
I never leased a car so I am curious how you figure the break even?
I never leased a car so I am curious how you figure the break even?
2015 RLX Advance
Depends on how often you want to flip cars. Clearly if you are driven by pure economics then buying a car and driving it until the wheels fall off will always be the least expensive option. I happen to like a car every 1-3 years. Leasing is not for everyone. If you put say more than 15-17K miles a year on a car leasing becomes a bad math exercise. If you let your car get beat up leasing is bad as you will get hit for wear and tear. For me, there are no kids or pets and it is only myself and gf ever in the car. I take very good car of my cars so at the end of 3 years my cars still are in excellent shape. The advantages of leasing are you are not upside down in a car at the end of the lease (unless you exceeded your miles or have wear and tear). You throw them the keys and disposition payment and off you go. If you stick with same brand they usually waive the disposition payment, they will also start calling you 3-6 months before the lease is up to try and get you into a new car, usually for little difference in your payment. Also if your car gets in a wreck as long as you get it repaired you don't have to worry about taking a hot on resale. Some brands heavily subsidize leases to move cars (BMW is notorious for this).
As far as breaking even, it is easier on a purchase if the car maintains decent resale. My 3G TLs were easy to unload in 12-18 months without being upside down. My 09 AWD TL at 19 months I was $1000 upside down that rolled into my M37 lease. At the end of that lease just walked away. Everything I research says before the 2 year mark I should be able to trade my A6 for around what I owe for it.
Again these examples are from my financial perspective where I do not have to lay any additional money out, in the end buying a car and running it into the ground is the most economical solution.
That said there are other factors I lay into the equation. I like driving a safe car and one with all the toys, so clearly in 2-3 years it is easy to be dated. It is always up to the consumer to weigh what factors are important to them. I will likely go back to leasing. My A6 is purchased and and all my cares other than my 09 AWD TL and Infiniti M37S, and it worked well for me.
weird, was working earlier today. looks like they may have removed them. don't know much about the site other than it was a link sent to me by my contact at the repair facility.
weird, was working earlier today. looks like they may have removed them. don't know much about the site other than it was a link sent to me by my contact at the repair facility.
It may somehow be a "for your eyes only" link so only you can keep an eye on your baby being nursed back to health.
The link seems fairly generic and would have expected it to be more specific for your car. Could be a for your eyes only but that typically doesn't happen with a link as there is no way to authenticate the user.
the link was sent to me via an sms message on my mobile phone. even though it appears to be going to a normal non-authenticated URL, there must be something tracking it from the sms message and only allowing it to work from there.
So repairs have been authorized and looks like it will be completed on 10/30. We'll see how well it turns out. Hopefully wont turn into a disaster going back and forth with ongoing issues down the road. That said I do feel goo about the Nalley team and seems to be in solid hands.
Estimated completion date of 10/30. Nalley Acura is supposed to be one of the best. They handle repairs for all Nalley dealerships in Atlanta (including their Lexus, BMW, Audi, Infinity, & Bentley dealerships). I have high hopes. Now for the waiting game...
Estimated completion date of 10/30. Nalley Acura is supposed to be one of the best. They handle repairs for all Nalley dealerships in Atlanta (including their Lexus, BMW, Audi, Infinity, & Bentley dealerships). I have high hopes. Now for the waiting game...
hey weather - no new updates. still estimated for completion on 10/30...and last estimate was still at $22k. It's very possible the final number comes out more as they find additional issues during the QA process.
I'll tell you one thing, it's amazing how spoiled one gets with a car like this. I was like a bumbling fool for the first week in the minivan. Leaving lights on or forgetting to turn them on, manually working the radio, having to use my phone to make calls, walking up to the doors and wondering why the car isn't unlocked. having to backup with no rear-camera, no brake-hold...the list goes on...lol
Last edited by holografique; Oct 19, 2014 at 11:08 PM.
hey weather - no new updates. still estimated for completion on 10/30...and last estimate was still at $22k. It's very possible the final number comes out more as they find additional issues during the QA process.
I'll tell you one thing, it's amazing how spoiled one gets with a car like this. I was like a bumbling fool for the first week in the minivan. Leaving lights on or forgetting to turn them on, manually working the radio, having to use my phone to make calls, walking up to the doors and wondering why the car isn't unlocked. having to backup with no rear-camera, no brake-hold...the list goes on...lol
What, no review of the minivan?
Oh wait, that was it, wasn't it?
I have had a major repair done on one car of mine by an obsessive compulsive man that matched everything so perfectly that the Infiniti dealer that sold MY WIFE the car (I only want to buy Acura's and Lexus' personally, but my wife buys on looks, just how she chooses husbands) has never noticed the repair even 4 years afterwards, and nothing else has ever shown up as a late damage.
So i don't always presume the worst. I see mostly cosmetic problems in this RLX repair, so it may be just fine once fixed.
p.s. I think my wife really married me for other reasons, because it couldn't have been the looks.
I have had a major repair done on one car of mine by an obsessive compulsive man that matched everything so perfectly that the Infiniti dealer that sold MY WIFE the car (I only want to buy Acura's and Lexus' personally, but my wife buys on looks, just how she chooses husbands) has never noticed the repair even 4 years afterwards, and nothing else has ever shown up as a late damage.
So i don't always presume the worst. I see mostly cosmetic problems in this RLX repair, so it may be just fine once fixed.
p.s. I think my wife really married me for other reasons, because it couldn't have been the looks.
It needs more than Cosmetic repairs. Air bags deployed which means seat belt tensioner did the same. Cost so far is north of 22K. Its sad to say that RLX will never be the same as it was before accident. More important is the car-fax of crash will follow car until its scraped. Which will give it a diminished value when its traded or sold. holografique i hope things work out for you in the end.
It needs more than Cosmetic repairs. Air bags deployed which means seat belt tensioner did the same. Cost so far is north of 22K. Its sad to say that RLX will never be the same as it was before accident. More important is the car-fax of crash will follow car until its scraped. Which will give it a diminished value when its traded or sold. holografique i hope things work out for you in the end.
It's a lease, not purchased. I already confirmed with my dealer that Acura is the one left with diminished value, not me. I do not get penalized at the end of my lease. I just turn it back in for something new. Maybe another RLX, maybe a hybrid RLX, maybe a TLX...we'll see come July 2016.
Yet another reason to lease vs buy with expensive cars.
Appears that the new hood and the new front engine crash bar/frame has been installed. Estimated completion date still showing 10/31.........................
Thanks for checking in a32tl. I spoke with Nalley Collision earlier today and they were still waiting on delivery of a few "sensors" to put the final wrapper on everything. So they said it wouldn't be ready till next week Monday. I told them whatever it takes to get it done right, I'm good.
Apparently the car has been test driven as I've been periodically checking in with the car with the Acuralink app on my iPhone and the mileage went up 7 miles today from the last reading where it was after the accident. I also noticed tire pressure was recently changed and my guess is they put the car through the service team to get alignment and other stuff done in preparation for final delivery and probably took it for it's first test drive to see how things were checking out operationally.
It's a lease, not purchased. I already confirmed with my dealer that Acura is the one left with diminished value, not me. I do not get penalized at the end of my lease. I just turn it back in for something new. Maybe another RLX, maybe a hybrid RLX, maybe a TLX...we'll see come July 2016.
Yet another reason to lease vs buy with expensive cars.
I agree 150% and why I much prefer leasing over buying....
just got word that #3048 was going through final QA inspection in preparation for delivery. Got an appraiser going in first to inspect the quality of the repairs and also determine DV....just in case
more to come next week, but looks like the phoenix is ready to rise from the ashes!
