STOLEN 2002... SALVAGE... now help me decide (LONG)
07-30-2003, 08:17 AM
#41
Originally posted by Y2KMaxGXE-R
...
One more advise- if the registered owner of the car also carries a homeowners policy, you can also file loss under that policy as well...Things that your regular car insurance policy won't reimburse, such as radar detector, clothes, CDs, any personal belongings. That way you can raise more cash.
...
One more advise- if the registered owner of the car also carries a homeowners policy, you can also file loss under that policy as well...Things that your regular car insurance policy won't reimburse, such as radar detector, clothes, CDs, any personal belongings. That way you can raise more cash.
07-30-2003, 08:25 AM
#42
Supporting Maxima.org Member
Join Date: May 2002
Location: Atlanta
Posts: 1,815
redfly17 you never said what the balance due is on the car. What is the balance due to your lending company?
If you still owe more than the insurance company is going to pay you are screwed. The lending company isn't just going to forget about the difference.
What you should be worried about now is not whether or not you want to fix the car but how your going to get more money out of your insurance co. 13.5k is quite a low number, I wouldn't settle for anything less than 16k and that is even low.
Then I would buy the car back at a lower number than 3.5k and part it out. (I'll take the shifter
)
When everything is said and done in a month or two see how much money you have left and start looking for a new car. If you have enough left you can get a Z or a G and buy the payment down and still have some money for aftermarket stuff. Like a SC
In the mean time you can buy yourself a beater to get around in.
If you still owe more than the insurance company is going to pay you are screwed. The lending company isn't just going to forget about the difference.
What you should be worried about now is not whether or not you want to fix the car but how your going to get more money out of your insurance co. 13.5k is quite a low number, I wouldn't settle for anything less than 16k and that is even low.
Then I would buy the car back at a lower number than 3.5k and part it out. (I'll take the shifter
)When everything is said and done in a month or two see how much money you have left and start looking for a new car. If you have enough left you can get a Z or a G and buy the payment down and still have some money for aftermarket stuff. Like a SC
In the mean time you can buy yourself a beater to get around in.
07-30-2003, 08:34 AM
#44
Senior Member
Join Date: Feb 2002
Posts: 1,322
If it has a salvage title, I would personnaly let it go. The reason is that the car will not be worth near as much when you try to sell it. Besides the WRX and Lancer would be fun cars to own if I didn't need the back seat room for kids.
07-30-2003, 01:36 PM
#46
Senior Member
Thread Starter
Join Date: Mar 2002
Posts: 223
Originally posted by maximaman777
redfly17 you never said what the balance due is on the car. What is the balance due to your lending company?
If you still owe more than the insurance company is going to pay you are screwed. The lending company isn't just going to forget about the difference.
What you should be worried about now is not whether or not you want to fix the car but how your going to get more money out of your insurance co. 13.5k is quite a low number, I wouldn't settle for anything less than 16k and that is even low.
Then I would buy the car back at a lower number than 3.5k and part it out. (I'll take the shifter )
When everything is said and done in a month or two see how much money you have left and start looking for a new car. If you have enough left you can get a Z or a G and buy the payment down and still have some money for aftermarket stuff. Like a SC
In the mean time you can buy yourself a beater to get around in.
redfly17 you never said what the balance due is on the car. What is the balance due to your lending company?
If you still owe more than the insurance company is going to pay you are screwed. The lending company isn't just going to forget about the difference.
What you should be worried about now is not whether or not you want to fix the car but how your going to get more money out of your insurance co. 13.5k is quite a low number, I wouldn't settle for anything less than 16k and that is even low.
Then I would buy the car back at a lower number than 3.5k and part it out. (I'll take the shifter
)When everything is said and done in a month or two see how much money you have left and start looking for a new car. If you have enough left you can get a Z or a G and buy the payment down and still have some money for aftermarket stuff. Like a SC
In the mean time you can buy yourself a beater to get around in.
Well... just talked to insurance today and I guess I have no choice at all. They claim that since the vehicle is so new they wont allow the option of buying it back. The only way I would be able to buy it back is if I went to the salvage auction and win the car back but I would have to need a salvage auction license as well... So the only choice they offered me was for the book value of the vehicle or cancel the claim and get nothing at all. Is this what other insurance companies do?
07-30-2003, 03:35 PM
#48
Originally posted by redfly17
I have a balance of around 13.5k so I should be getting a check after the insurance pays off the loan.
I have a balance of around 13.5k so I should be getting a check after the insurance pays off the loan.
07-30-2003, 05:24 PM
#49
Member
Join Date: Jun 2003
Posts: 71
I would have been interested in getting the car too. But since your last post it seems impossible. It is quite a lot to fix if you wanna do it with genuine parts.
I have a parts list scanned onto my computer, and it tells you the price of everything you would need to replace. For example, the headlights alone are $715 ea. And once you get the car fixed it would only be worth about $14k, because of the salvage title, so if it cost 8k to fix and 3k to buy you have 11k in a 14k car. Not bad, but not great either.
Anyway, If anyone wants a copy of the parts list let me know, I can probably email it or may have to put it on a CD. There would probably be a nominal charge if I have to burn it though. Its real handy for fixing/replacing anything on the car to get an idea of what the amount of damage is.
I have a parts list scanned onto my computer, and it tells you the price of everything you would need to replace. For example, the headlights alone are $715 ea. And once you get the car fixed it would only be worth about $14k, because of the salvage title, so if it cost 8k to fix and 3k to buy you have 11k in a 14k car. Not bad, but not great either.
Anyway, If anyone wants a copy of the parts list let me know, I can probably email it or may have to put it on a CD. There would probably be a nominal charge if I have to burn it though. Its real handy for fixing/replacing anything on the car to get an idea of what the amount of damage is.
07-30-2003, 05:59 PM
#50
Supporting Maxima.org Member
Join Date: May 2002
Location: Atlanta
Posts: 1,815
Originally posted by redfly17
I have a balance of around 13.5k so I should be getting a check after the insurance pays off the loan.
Well... just talked to insurance today and I guess I have no choice at all. They claim that since the vehicle is so new they wont allow the option of buying it back. The only way I would be able to buy it back is if I went to the salvage auction and win the car back but I would have to need a salvage auction license as well... So the only choice they offered me was for the book value of the vehicle or cancel the claim and get nothing at all. Is this what other insurance companies do?
I have a balance of around 13.5k so I should be getting a check after the insurance pays off the loan.
Well... just talked to insurance today and I guess I have no choice at all. They claim that since the vehicle is so new they wont allow the option of buying it back. The only way I would be able to buy it back is if I went to the salvage auction and win the car back but I would have to need a salvage auction license as well... So the only choice they offered me was for the book value of the vehicle or cancel the claim and get nothing at all. Is this what other insurance companies do?
If you insurance company cuts you a check for 13k you will then need to endorse that check over to your lending company along with a check from your checking account for $500 to cover the remaining balance due. They are not going to say "wow your car is totaled we'll just wipe the slate clean you keep the 13k from your insurance claim and you just forget about the 13.5k you owe us". $hit your insurance co. may just send the 13k directly to the lending co. Then they will send you a nice letter about the $500 or so you still owe asking for payment. So when this is all said and done you:
1) Have no car.
2) Are out your deductible.
3) Are out $500 from your savings/checking
4) Have nothing coming in other than your own resources to come up with a down payment on a new car.
YOU NEED TO GET MORE THAN 13K FROM YOUR INSURANCE COMPANY!
If not...
Then after giving your dad a swift kick in the a$$ hit him up for some for some cake $$$ so you have a down payment on a new/used car. If it's not a Max good luck to you and it was nice having you here!
07-30-2003, 06:35 PM
#51
Senior Member
Thread Starter
Join Date: Mar 2002
Posts: 223
Originally posted by maximaman777
I am having a hard time figuring out what you don't understand about the numbers here. The whole point of this thread is useless! What I do understand is you don't seem to get the gist of financing. Please don't take this as a flame but you need to get your math together here. 1+1 does not = 3.
If you insurance company cuts you a check for 13k you will then need to endorse that check over to your lending company along with a check from your checking account for $500 to cover the remaining balance due. They are not going to say "wow your car is totaled we'll just wipe the slate clean you keep the 13k from your insurance claim and you just forget about the 13.5k you owe us". $hit your insurance co. may just send the 13k directly to the lending co. Then they will send you a nice letter about the $500 or so you still owe asking for payment. So when this is all said and done you:
1) Have no car.
2) Are out your deductible.
3) Are out $500 from your savings/checking
4) Have nothing coming in other than your own resources to come up with a down payment on a new car.
YOU NEED TO GET MORE THAN 13K FROM YOUR INSURANCE COMPANY!
If not...
Then after giving your dad a swift kick in the a$$ hit him up for some for some cake $$$ so you have a down payment on a new/used car. If it's not a Max good luck to you and it was nice having you here!
I am having a hard time figuring out what you don't understand about the numbers here. The whole point of this thread is useless! What I do understand is you don't seem to get the gist of financing. Please don't take this as a flame but you need to get your math together here. 1+1 does not = 3.
If you insurance company cuts you a check for 13k you will then need to endorse that check over to your lending company along with a check from your checking account for $500 to cover the remaining balance due. They are not going to say "wow your car is totaled we'll just wipe the slate clean you keep the 13k from your insurance claim and you just forget about the 13.5k you owe us". $hit your insurance co. may just send the 13k directly to the lending co. Then they will send you a nice letter about the $500 or so you still owe asking for payment. So when this is all said and done you:
1) Have no car.
2) Are out your deductible.
3) Are out $500 from your savings/checking
4) Have nothing coming in other than your own resources to come up with a down payment on a new car.
YOU NEED TO GET MORE THAN 13K FROM YOUR INSURANCE COMPANY!
If not...
Then after giving your dad a swift kick in the a$$ hit him up for some for some cake $$$ so you have a down payment on a new/used car. If it's not a Max good luck to you and it was nice having you here!
it sounds like im ignoring the 13.5 balance only because I consider that a sunk cost... Money that I would have had to pay anyway sooo thats y i didnt really consider it with the claim $$. But anyways I'll prolly recieve a check for 2-3k after everything is done then use it for a down payment on something nice... sti? rx8?
07-31-2003, 07:13 AM
#53
Senior Member
Join Date: Jun 2003
Posts: 131
If you get the insurance company to pay more you can get some money out of it.
Also, I don't know about your insurance company but mine I wouldn't have to endorse over the check.,.. The check would go directly to the lender.
Lenders don't want people like you (no insult intended)screwing around with their money. They lent you money on THAT car they didn't give you the money to play with. Even if you were going to buy that salvage car and rebuild it, the lender would not let you. The money would go to the loan.
Also, I don't know about your insurance company but mine I wouldn't have to endorse over the check.,.. The check would go directly to the lender.
Lenders don't want people like you (no insult intended)screwing around with their money. They lent you money on THAT car they didn't give you the money to play with. Even if you were going to buy that salvage car and rebuild it, the lender would not let you. The money would go to the loan.
07-31-2003, 07:36 AM
#54
Supporting Maxima.org Member
Join Date: May 2002
Location: Atlanta
Posts: 1,815
Originally posted by redfly17
it sounds like im ignoring the 13.5 balance only because I consider that a sunk cost... Money that I would have had to pay anyway sooo thats y i didnt really consider it with the claim $$. But anyways I'll prolly recieve a check for 2-3k after everything is done then use it for a down payment on something nice... sti? rx8?
it sounds like im ignoring the 13.5 balance only because I consider that a sunk cost... Money that I would have had to pay anyway sooo thats y i didnt really consider it with the claim $$. But anyways I'll prolly recieve a check for 2-3k after everything is done then use it for a down payment on something nice... sti? rx8?
As you will soon see the 13.5k is not a "sunk cost" the lender will get what they've got comimg before you see a cent.
I will also say I never understood how the insurance companies get to keep the car after it's totaled. I would think that after a certian percentage is paid off on the car you should either be entitled to a larger payment or allowed to keep the car. While it is a lot of work to part out a car even in the state your is in there is still at least 5k worth of parts that can be sold.
07-31-2003, 07:55 AM
#55
Senior Member
Join Date: Jul 2002
Posts: 616
i feel your pain. i had to talk a double take for a minute because i bought my car from star nissan in NYC and my plates is also BML19** about two number away from yours. But anyway i would get a new car from the insurance and start over because it will always be in the back of my mind that i'm in a stolen car. just my 2 cents
07-31-2003, 08:21 AM
#56
Guest
Posts: n/a
Originally posted by Nyc2kMax
But anyway i would get a new car from the insurance and start over because it will always be in the back of my mind that i'm in a stolen car. just my 2 cents
But anyway i would get a new car from the insurance and start over because it will always be in the back of my mind that i'm in a stolen car. just my 2 cents
the thought of someone else drivin my baby when I didn't authorize it would kill me...dump it and move on and give ur dad a swift kick in his a$$ for puttin u thru this ****...
07-31-2003, 08:56 AM
#57
I think you are getting screwed by the insurance company. From what you are saying, your insurance will pay off the loan and PROBABLY give you $3000 on top of that. From what I see, you are getting royally screwed!
Your car has no major damage!! All the mechanical parts are still intact! Seats, airbags are all there. The robbers stripped out what I call as "accessories". You can always go to junk yards, ebay etc and find each part for a substatantially lower price! It's not that hard, you just have to play the game right!
The best thing for you to do is take the car to one of the most expensive garages (authorized by your insurance company) in town and get an estimate for replacement parts and labor. Present the estimate to your insurance, your insurance should either pay up for the whole estimate or atleast give you the maximum allowable compensation amount... let's say $10,000. That's a lot of money! If you are smart and aggressive you can replace everything stolen for about $5000-$7000 and keep the rest in your savings account or mod the $hit outta the max!
I also think that your insurance company is BS'ing about writing your car off as a total loss. I think they are trying to let this case go for cheap... they probably know they can fix the car for $4-$5, then resell the car for $14K! From what I understand, "Salvage" titles are given to vehicles when they are wrecked "beyond repair" in an accident. Trust me your car is not a salvage!
I strongly suggest that you ask someone with experience to represent you in your claim. From what I can see, you are getting royally screwed by this deal. The best thing for you to do is fix the car, then use it yourself or sell it. The buyer will never know about the theft unless your insurance reports to the dmv.
Good Luck.
PS: if you really need more opinions you need to post EXACTLY what damages/missing parts you have on your car
Your car has no major damage!! All the mechanical parts are still intact! Seats, airbags are all there. The robbers stripped out what I call as "accessories". You can always go to junk yards, ebay etc and find each part for a substatantially lower price! It's not that hard, you just have to play the game right!
The best thing for you to do is take the car to one of the most expensive garages (authorized by your insurance company) in town and get an estimate for replacement parts and labor. Present the estimate to your insurance, your insurance should either pay up for the whole estimate or atleast give you the maximum allowable compensation amount... let's say $10,000. That's a lot of money! If you are smart and aggressive you can replace everything stolen for about $5000-$7000 and keep the rest in your savings account or mod the $hit outta the max!
I also think that your insurance company is BS'ing about writing your car off as a total loss. I think they are trying to let this case go for cheap... they probably know they can fix the car for $4-$5, then resell the car for $14K! From what I understand, "Salvage" titles are given to vehicles when they are wrecked "beyond repair" in an accident. Trust me your car is not a salvage!
I strongly suggest that you ask someone with experience to represent you in your claim. From what I can see, you are getting royally screwed by this deal. The best thing for you to do is fix the car, then use it yourself or sell it. The buyer will never know about the theft unless your insurance reports to the dmv.
Good Luck.
PS: if you really need more opinions you need to post EXACTLY what damages/missing parts you have on your car
07-31-2003, 10:00 AM
#59
man i am sooo glad i live in california. hell, anywhere but NY. no insult intended, but it just seems like more trouble than it's worth to own a car in that state.
sorry bout the loss tho, that just ain't right. and yeah, i don't think that should be declared a salvage. it seems that the mechanicals are just fine. that tranny of yours would demand a premium here. get an attorney and see how the insurance company's tone changes.
sorry bout the loss tho, that just ain't right. and yeah, i don't think that should be declared a salvage. it seems that the mechanicals are just fine. that tranny of yours would demand a premium here. get an attorney and see how the insurance company's tone changes.
07-31-2003, 01:16 PM
#60
Senior Member
Join Date: Jun 2003
Posts: 131
Cars are a total loss when the cost of repair exceeds a certain percentage of the value of the car. somewhere like 55-70%
This is a good thing guys it means they don't fix cars with a huge amount of damage. You may think in this case it may work out alright for this car in a repair, but usually cars in accidents with 10K in damage shouldn't be fixed.
Accessories may seem minor, but they are expensive. They add up. Why fight to put together your car and cause yourself a major headache
?
I'm not sure why people can't understand why the insurance company is keeping the car. When the car is a total loss... They pay you FULL VALUE for the car and the car is theirs. Would you pay full price for something and not take possession?
If you don't feel you're getting what is coming to you, argue.
This is a good thing guys it means they don't fix cars with a huge amount of damage. You may think in this case it may work out alright for this car in a repair, but usually cars in accidents with 10K in damage shouldn't be fixed.
Accessories may seem minor, but they are expensive. They add up. Why fight to put together your car and cause yourself a major headache
?
I'm not sure why people can't understand why the insurance company is keeping the car. When the car is a total loss... They pay you FULL VALUE for the car and the car is theirs. Would you pay full price for something and not take possession?
If you don't feel you're getting what is coming to you, argue.
07-31-2003, 08:47 PM
#62
Senior Member
Join Date: Dec 2002
Posts: 458
I recently went through this with my older car, it's a 95 Talon TSi. Had it since new and it was in awesome shape until a tractor trailor ran up the driver's side. Low impact so no frame or suspension damage, but a ton of body work needed.
Turns out the car was worth 6200 book, but the estimate to fix was 4500. Insurance won't go above a certain % of book value, I don't know what that number is. 4500 put me over the threshold.
I decided to salvage but only because I could do a lot of the work.
I took the 6200 - salvage which was $1200, so I got a check for 5k. I didn't owe any money on the car. The state took the title from me and I couldn't drive it. That worked out great for me since i already knew it would take less than that to fix. I had just bought the Max so I had another car to drive while I fixed the Talon. I ended up only shelling out ~1800 to fix it because I did most of the work, including a rear quarter clip, new door and FF. I turned it over to a body shop to do the paint and touch-ups, the car looks better than it did before it was hit because of the new paint. I used the rest to get mods for the car I had planned on, since it's a turbo.
I had to have the car inspected to get it re-titled. I can now only have liability on the car as State Farm won't write collision or comprehensive on a salvage title.
Turns out the car was worth 6200 book, but the estimate to fix was 4500. Insurance won't go above a certain % of book value, I don't know what that number is. 4500 put me over the threshold.
I decided to salvage but only because I could do a lot of the work.
I took the 6200 - salvage which was $1200, so I got a check for 5k. I didn't owe any money on the car. The state took the title from me and I couldn't drive it. That worked out great for me since i already knew it would take less than that to fix. I had just bought the Max so I had another car to drive while I fixed the Talon. I ended up only shelling out ~1800 to fix it because I did most of the work, including a rear quarter clip, new door and FF. I turned it over to a body shop to do the paint and touch-ups, the car looks better than it did before it was hit because of the new paint. I used the rest to get mods for the car I had planned on, since it's a turbo.
I had to have the car inspected to get it re-titled. I can now only have liability on the car as State Farm won't write collision or comprehensive on a salvage title.
07-31-2003, 10:34 PM
#63
Supporting Maxima.org Member
Join Date: Jan 2001
Posts: 1,067
I used to work for an insurance company...A couple of things. The moment an insurance company declares the car a total loss (meaning the pay you for the car) it becomes salvage. I have been to these auctions, seen and bought the cars there. It does not need to be crashed , or have frame damage... It can be something as simple as the car being stolen for a couple of weeks, the insurance company paying you out, and then finding the vehicle in perfect condition after they pay you. It would become salvage. I would actually keep the salvage car if I had the chance. I have been to these auctions and bought many cars from there. One of the cars that I have right now I bought from there. To you, it might be impossible to fix, but to someone who knows of a junkyard with another Maxima there, might be able to fix it for cheap. And many insurance companies provide full coverage for the car. The only difference is that if that car is ever stolen they wont pay you full value, its somewhere like 45% of the non-salvage value. In the end who cares, cuz you didn't pay full value for the car, just $3,500 plus repairs.
Also, insurance companies don't pay you full retail. They pay you what it would cost to replace the vehicle at the time ( not new, but an average of lets say KBB, Autotrader, and auctions.) This is why GAP insurance is good. B/C it covers market value to what you owe. Thats why it sucks when you buy a car like the Mercury Grand Marquis or a Towncar or a Mazda Protoge, because many rental companies use these cars as rentals. So you can get them cheap at the auction, bringing down the market value of the car. WHOA that was alot of info and I just wanted to share that.
Also, insurance companies don't pay you full retail. They pay you what it would cost to replace the vehicle at the time ( not new, but an average of lets say KBB, Autotrader, and auctions.) This is why GAP insurance is good. B/C it covers market value to what you owe. Thats why it sucks when you buy a car like the Mercury Grand Marquis or a Towncar or a Mazda Protoge, because many rental companies use these cars as rentals. So you can get them cheap at the auction, bringing down the market value of the car. WHOA that was alot of info and I just wanted to share that.
08-01-2003, 12:49 AM
#65
Senior Member
Join Date: Nov 2001
Posts: 355
redfly: If you're somehow able to buy the car back, I WOULD NOT bother modding it (or any other car that you buy in the future). Putting all the stuff on your car is just making it a target to have it or the mods stolen. I'd take it back and try selling off the parts. The engine (if it runs) and transmission (if it's not screwed up) have got to be worth something for instance...
I've gotten my car stereo (only about $300 stereo) and ~20 CDs stolen out of my old car (a 91 Camry) and now I hesitate on getting anything significant aftermarket on my current or future cars. With you living in New York w/people stealing HID lights and Maximas in the past being the top theft targets in that state (at least in the past)...
Anyways, from your situation, it sounds like you won't get a dime (it'll go straight to pay off your loan) unless your insurance company is willing to pay you more for your car.
I've gotten my car stereo (only about $300 stereo) and ~20 CDs stolen out of my old car (a 91 Camry) and now I hesitate on getting anything significant aftermarket on my current or future cars. With you living in New York w/people stealing HID lights and Maximas in the past being the top theft targets in that state (at least in the past)...
Anyways, from your situation, it sounds like you won't get a dime (it'll go straight to pay off your loan) unless your insurance company is willing to pay you more for your car.
08-18-2003, 11:48 AM
#66
Senior Member
Thread Starter
Join Date: Mar 2002
Posts: 223
just got the actual cash value of my 2002 max for $22,121.16 and thats including tax and subtracting the $500 deductable. That means after paying off the balance on the car I would have around $9,500 leftover to put as a down payment on a new car... I'd say thats an awesome deal.
im looking now at the new acura tsx.
im looking now at the new acura tsx.
08-20-2003, 01:10 AM
#68
Senior Member
Join Date: Nov 2001
Posts: 355
Originally posted by redfly17
just got the actual cash value of my 2002 max for $22,121.16 and thats including tax and subtracting the $500 deductable. That means after paying off the balance on the car I would have around $9,500 leftover to put as a down payment on a new car... I'd say thats an awesome deal.
im looking now at the new acura tsx.
just got the actual cash value of my 2002 max for $22,121.16 and thats including tax and subtracting the $500 deductable. That means after paying off the balance on the car I would have around $9,500 leftover to put as a down payment on a new car... I'd say thats an awesome deal.
im looking now at the new acura tsx.
TSX??? Why? It has a nice interior but from what I remember reading, it's more than an Accord V6 and has less power. Seems odd that they claim their target competition is RWD cars like BMW 3-series and Lexus IS300 since it has a 4 cylinder (I like the smoothness of a 6 or 8 better).
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