Ashburner

The term may be incorrect but I need some help. I'm trying to get a new Camry so I went back to the dealship to have them price my car on a trade-in. Back in January, I ran into a ditch to avoid an oncoming car. Anyways, they come back and ask me how much damage was done in my accident. OK- so I told them it was around 10K on the front end (more like 14K). They go back and talk some more and even take my GTO for a test drive.

When they come back to me, they tell me they won't take it because they won't be able to sell it. Even though it has been repaired to factory specs, Toyota won't buy it from me. They said the car is basically worthless now. GREAT!!!

The mentioned that the insurance company should have given me a supplemental check to cover the devaluation of the car. Of course, I never got such a check or have heard of such a thing.

Anyways, I was mad at the insurance company back then because I feel they should have totalled the car. Instead, they had it fixed (which it will never be truly the same) for 14K plus they had to pay for my rental car for 71 days that it was in the shop.

I'm just really pissed off right now but I don't know what to do.

CrockPot

sell it private party...

CGTSX2004

iTrader: (1)

The guy at the dealership is talking about a diminished value claim, which only really applies if the accident was entirely the fault of another party. However, because your situation is most likely considered a single car incident, you do not get paid the diminished value because you are at fault for the resulting accident.

You may be SOL on this one...

Ashburner

Wrong answer

Thanks for the advice!

Infamous425

i think this is your only choice

Crazy Bimmer

Did they know it was in an accident by looking at it? Or did you tell me first?

RyanDe680

So if the story were reversed, and someone hit him causing 14k in damage, he would have to obtain an estimate as to the car's value? Based on who though? Would the insurance just cut him a check?

CGTSX2004

iTrader: (1)

I'm not sure how exactly it is calculated, but basically it is a comparison of the value of the car following the damage and repair versus the value of the car prior to the damage and that difference is the diminished value. On most standard passenger cars, it doesn't come out to enough since usually if sufficient damage was done to require that the diminished value be considered, the car should probably be totaled anyway.

On exotics and collector cars though, $10k worth of damage to the car might be something as little as replacing a bumper, but any damage to the car automatically diminishes its value.

Typically, I have only seem diminished value claims paid out in the cases of exotics and collector cars.

alex2364

Sell it private party. You get more money out of it anyways.

SpeedyV6

Thank God Geico totaled my CL-S when I racked up ~ $15K worth of damage back in 2003.

GreenMonster

Carfax??

Ashburner

They could tell by looking at the little things like where there was tape under the hood for painting. These guys were experts. They recommended I take it to Carmax as they are not as picky and like low mileage cars.

But yes, Carfax would most likely show the repairs too.

F900

Ash if i rememeber correctly I told you to fight the insurance company and get them to total it....

The problem is its a Pontiac, they never where known for there great resale value....and you have the accident

Stick it on ebay....


Btw here is what there selling for at your state auction....I dont know your mileage so i could not add that.


VIN: 6G2VX12U5
UVC: 2005720160
VIN + UVC: 6G2VX12U5160
MSRP: $32,295
Loan Value: $24,085
Model#: 2VX37
Price Incl: AT AC EW ES
Mileage Cat: E

Weight: 3,725
Wheelbase: 109.8
Taxable HP: 51.2
Tire Size: 245/45ZR17


Clean Average Rough
Base $24,070 $22,610 $19,175
Options $0 $0 $0
Mileage $0 $0 $0
Total $24,070 $22,610 $19,175

Ashburner

Hmm... I don't think it was me you were talking to but yeah, I wish they would have totalled it.

From the inside and outside, the car looks and drives pretty much perfect. Not a single ding or scratch. It also has 18"s with new tires, Factory alarm, tinted windows, and LoJack. Mileage is just over 13K.

F900

What do you owe on it, and how much you trying to get for the car ?

Ashburner

I still owe about 33K on it which is the main problem. I was hoping to get about 24K for it.

WdnUlik2no

Damn I didn't know this. I thought the diminished value would be paid reagardless. I was wrong.

SpeedyV6

Looks like you'll have to make do with a GTO instead of a Camry. That's not such a bad thing.

michiamo

33K on a Pontiac? Wow! I didn't think they made cars that sold for that much, especially since GM's are such POS cars (I was stupid enough to buy a lemon Z-28 when I was younger). Good luck, and please accept my condolences.

CGTSX2004

iTrader: (1)

Damn...how do you owe 33k? Most GTOs don't even sell new for that price...

Crazy Bimmer

guessing he was upside down on his loan going into the GTO.

Anywho, I would look for somthing cheaper than the camry if thats the case.

fast-tl

Fault has no bearing on whether the car is worth less after an accident. Who gave that misinformation?? The simple fact is that given the choice between a previouslt dinged car and one never in an accident, for the same price, who wouldn't choose the never wrecked car? That proves that the wrecked car, even though repaired, has a diminished value by virtue of having been wrecked, regardless of fault. Most insurance companies do not pay diminished value because it's hard to calculate when it actually exists and to what extent. There was a pretty good thread about it. Do a seach on diminished value adn you'll find the thread.

Ashburner

Correct! I had traded in two cars.

I may go test drive a loaded Sonata V-6 since they can be had for 21K or less. The gas mileage isn't near the same as the hybrid Camry but overall I would still be saving money.

fast-tl

"Nothing like paying for three cars at once", my finance buddy would always chide me when I rolled up in my new ride, having traded out of an upside-down loan. Oh, would those comments (while accurate) burn me up! You need to slow down the way you cycle through cars, or take up leasing. you and I have similar diseases, and it's expensive to cure!! you can't get ahead until you pay SOME car off, and stopping dragging it to the next one. Soon you could be paying $800/month for a Kia!

Ashburner

Ugh... tell me about it. I think this is car #9 for me. Well, my life has changed significatly since I got the GTO and it no longer serves the purpose I desire.

Maybe I'll just deal with it for a while until November- when my second child is due. Gas is the biggest issue right now at $750/month.

SpeedyV6

So you go through 250 gallons of gas a month? Time for a VW TDI or a Scion xB.

fwiw a hybrid won't save much gas if you do mostly highway driving.