06-22-2018, 07:28 PM | #45 |
Private First Class
89
Rep 136
Posts |
Can you get DV on a leased car? Unfortunately, I was recently involved in a hit & run while the M was parked. Resulting in filing against my insurance.
|
Appreciate
0
|
06-27-2018, 09:50 AM | #46 |
Captain
585
Rep 867
Posts
Drives: OG M2
Join Date: Oct 2017
Location: Los Angeles, CA
|
I couldn't find a DV expert as of now so I asked my dealership to appraise the car and also give me a number based on what it would be had the accident not occurred... I seem to have lost about $8000....
|
Appreciate
0
|
06-27-2018, 09:58 AM | #47 |
Brigadier General
2542
Rep 3,968
Posts |
That seems excessive. Could the intro of the M2cs have something to do with the lost value?
__________________
2011 1M, Black loaded sans sat radio
2021 911 C4S Gentian Blue, manual 2023 X3 M40i - loaded sans Park Assist |
Appreciate
1
samsamdar584.50 |
06-27-2018, 10:08 AM | #48 |
Captain
585
Rep 867
Posts
Drives: OG M2
Join Date: Oct 2017
Location: Los Angeles, CA
|
They said they would've given me $52k without the accident and $44k after the accident. I think that's fair since the MSRP wasn't too much higher. Typical dealer lowballing...
|
Appreciate
0
|
06-27-2018, 11:08 AM | #49 | |
Brigadier General
2542
Rep 3,968
Posts |
Quote:
But heck, if they are willing to put that in writing, go get your $8K!
__________________
2011 1M, Black loaded sans sat radio
2021 911 C4S Gentian Blue, manual 2023 X3 M40i - loaded sans Park Assist |
|
Appreciate
1
samsamdar584.50 |
06-27-2018, 07:37 PM | #50 |
Captain
585
Rep 867
Posts
Drives: OG M2
Join Date: Oct 2017
Location: Los Angeles, CA
|
|
Appreciate
0
|
07-01-2018, 09:29 PM | #52 | |
Captain
585
Rep 867
Posts
Drives: OG M2
Join Date: Oct 2017
Location: Los Angeles, CA
|
Quote:
|
|
Appreciate
1
nioh_lbbm21716.50 |
07-02-2018, 06:34 PM | #53 | |
Major
609
Rep 1,124
Posts |
Quote:
__________________
Current: 2017 ///M2 manual 2004 E85 Z-4 manual
|
|
Appreciate
1
nioh_lbbm21716.50 |
07-18-2018, 02:22 PM | #54 |
Lieutenant
474
Rep 449
Posts |
FYI I recently interacted with someone that sold his LCI with 8k miles to the dealer for 51.5 so 52 is not unrealistic.
|
Appreciate
0
|
07-18-2018, 03:15 PM | #55 | |
Brigadier General
2542
Rep 3,968
Posts |
Quote:
https://www.cars.com/for-sale/search...RCH_SHOP_INDEX
__________________
2011 1M, Black loaded sans sat radio
2021 911 C4S Gentian Blue, manual 2023 X3 M40i - loaded sans Park Assist |
|
Appreciate
0
|
07-18-2018, 03:38 PM | #56 |
Second Lieutenant
208
Rep 222
Posts |
isn't that decision up to the insurance company....feel your pain man. almost got rocked by a semi doing the same thing on the beltway last week. he had to pull into the shoulder or I would have been WIPED out!
|
Appreciate
0
|
07-18-2018, 04:25 PM | #57 | |
Lieutenant
474
Rep 449
Posts |
Quote:
|
|
Appreciate
0
|
07-20-2018, 01:08 AM | #58 |
Captain
585
Rep 867
Posts
Drives: OG M2
Join Date: Oct 2017
Location: Los Angeles, CA
|
So yeah car has diminished $8k and insurance is willing to give me... wait for it... $600!
|
Appreciate
0
|
07-20-2018, 12:50 PM | #60 |
Private First Class
99
Rep 160
Posts |
You will probably have to get a lawyer involved, preferably a friend who will do it pro bono or get one that only get their fees when there's a payout. What was their justification for the $600 offer for DV? They understand the quality of the repair doesn't have much to do with the DV right? Personally I would never buy a car w more than 10k damage unless if it was an exotic car...And even then I'd probably still rather buy an accident free one.
|
Appreciate
1
samsamdar584.50 |
07-21-2018, 02:19 AM | #61 | |
Captain
585
Rep 867
Posts
Drives: OG M2
Join Date: Oct 2017
Location: Los Angeles, CA
|
Quote:
|
|
Appreciate
0
|
07-21-2018, 08:26 AM | #62 | |
Banned
7906
Rep 11,785
Posts |
Quote:
That said .. many states title and register lease cars in the name of the lessee ( most show the lessor as the first owner ) , so it's not readily apparent that a lease is involved. Therefore many lessees do make DV claims that are paid. It's also possible that the lease company will ding the owner for the vehicle as having been damaged during the lease ( even if competently repaired ) or they may not care at all. There are times when I have contacted lessors to make them aware that a lessee was making a claim and some say that's ok just pay the lessee we aren't interested. : |
|
Appreciate
0
|
07-21-2018, 08:29 AM | #63 | |
Banned
7906
Rep 11,785
Posts |
Quote:
Diminished value is the loss of ACTUAL CASH VALUE on the OPEN MARKET ... not a crappy dealer trade offer. A dealership only buys a car to make a profit, not to own it. Having not seen your repair estimate or the level of repairs needed to your car , while DV may be higher than $600.. it's also likely not 8k. While there may be many people that simply wouldn't buy a damaged vehicle (or at least many people declare that - and I am sure some mean it ) , there are many that WILL. And what you need is an estimation of what an ACTUAL buyer would pay. |
|
Appreciate
0
|
07-21-2018, 08:38 AM | #64 | ||
Banned
7906
Rep 11,785
Posts |
Quote:
You can pay a " DV specialist" as @DanG suggested earlier , and I bet that person WILL come up with a lot of charts and math and calculations for you .. but they aren't definitive valuations that are admissible, , certainly not in TEXAS... so while you may be paying for a report ... it's not worth much toward actually proving your case. The only U.S state that has DV as formula is GEORGIA. The only way to PROVE DV would be to truly put your car up for sale and sell it to the highest offer you can attract in the market and then compare that value with the value of other M2 that haven't been wrecked. Until you actually do that ... whether or not you actually experience DV is technically moot and certainly any discussions regarding DV are simply negotiations. |
||
Appreciate
1
Poochie9104.50 |
07-21-2018, 10:15 AM | #65 | |||
Major General
5865
Rep 6,635
Posts |
Quote:
It's obvious there is diminished value here. All of the evidence supports that. There is nothing to indicate value has not been lost. |
|||
Appreciate
0
|
07-21-2018, 10:21 AM | #66 | ||||
Banned
7906
Rep 11,785
Posts |
Quote:
Sounds like a great idea! So how do you find out what all the other M2 are that have been wrecked .. and how do you find out if the damages in those collisions is similar to what happened to OPs car... and how do you find out what those vehicles sold for .. on the open market ... particularly if they were not sold on the open market and simply traded in on a new vehicle after repair ? No one said it wasn't obvious that there is diminished value here. He has an offer from the insurance company for $600. So whether or not there is diminished value is not up for debate, what is up for debate is how much that value is. I can tell you there are only two ways this gets decided. 1) negotiation and settlement. 2)lawsuit and a trial. In my estimation, The chances of #2 happening are about 1% or less. |
||||
Post Reply |
Bookmarks |
|
|