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Message
re: Guy is an idiot
Posted on 2/17/25 at 9:44 pm to Chalkywhite84
Posted on 2/17/25 at 9:44 pm to Chalkywhite84
quote:
He had a 2017 Chevy Colorado z71 with 140k miles. He is saying that his truck goes for like 23k.
0
Posted on 2/17/25 at 9:47 pm to Chalkywhite84
quote:
He just doesn't realize you usually get screwed when your car gets totaled.
Not always. I had a 1992 truck stolen in 2002. It was paid for of course. Insurance company checked local car lots to see what that truck was selling for and took the average, and added TT&L to the average. I made out like a bandit. Liberty Mutual FTW. That Emu came through for me. I got $3700 more than I paid for the truck 3 years earlier.
Also had a 20 year old 4 wheeler stolen last year and got $2000 more than what I paid for it in 2014. That was with Progressive.
Sounds like the young man rolled a bunch of negative equity into this truck.
Posted on 2/17/25 at 9:48 pm to Chalkywhite84
quote:
That's what I was telling him. You usually get fricked
This.
He can keep the totaled vehicle and pay more out of pocket to repair it
Posted on 2/17/25 at 9:51 pm to Chalkywhite84
quote:
The insurance adjuster even told him he is getting screwed and was calling him on her personal line to help him.
Didn't happen
Posted on 2/17/25 at 9:51 pm to Chalkywhite84
quote:
He had a 2017 Chevy Colorado z71 with 140k miles. He is saying that his truck goes for like 23k.
Posted on 2/17/25 at 9:58 pm to Chalkywhite84
quote:
He just doesn't realize you usually get screwed when your car gets totaled.
But he’s not getting screwed. He’s getting a fair offer.
Posted on 2/17/25 at 10:06 pm to Chalkywhite84
quote:
He had a 2017 Chevy Colorado z71 with 140k miles. He is saying that his truck goes for like 23k. He told them he wouldn't take the 14k. He still owes like 20k on the truck
That’s an 8 year old truck with above average mileage that retailed for like $35k, how tf does he still owe $20k on it? I get it how it could happen, but he obviously took some financial risk beyond being lowballed by the insurance company by nearly 50% of it’s assumed value.
If he has documentation on why it’s worth more, he should send it to the insurance adjuster. Create a strong enough paper trail to company wil all contractual obligations, report to LDI if they don’t budge, and sue as last resort. The accident is assuredly reported at this point, but maybe trying to get at Carmax/carvana type estimate may be worth his 5 minutes. If at the end of the day, it’s truly completely lowballed, he can get more without a lawyer, and yes the LDI can help, but the LDI doesn’t arbitrate values.
Posted on 2/17/25 at 10:10 pm to HailToTheChiz
quote:
He can keep the totaled vehicle and pay more out of pocket to repair it
He also loses 1k-2k in this scenario because the insurance is probably giving him money from tax. They really only valued his vehicle at 12k-13k and not 14k. Depreciation is a bitch and you really don't have much of an argument with 140k miles.
Even if he paid 8k for repairs and found someone dumb enough to pay 20k for a totaled vehicle with new repairs he would still lose 2k.
This post was edited on 2/17/25 at 10:17 pm
Posted on 2/17/25 at 10:40 pm to HailToTheChiz
quote:He would have to buy it back from the insurance company. When an insurance company totals a vehicle, they now own the salvage rights to that vehicle. Usually it means they sell it to a junkyard and recoup some of their money.
He can keep the totaled vehicle and pay more out of pocket to repair it
You can try to buy it back, but depending on the damage, it may not be worth it to buy back and fix. Could easily become a money pit where the final repair costs end up well above original estimates, where it would have been cheaper to just buy another vehicle. Not to mention being without a vehicle for weeks or more while its being repaired. Plus it’ll have a salvage title after being totaled, so even if repaired, it will lose a ton of value if and when he tries to sell that truck down the road.
Posted on 2/17/25 at 10:46 pm to OceanMan
quote:Some combination of overpaying on a used truck, getting the longest length financing term he could find, and trading in a vehicle he was upside down on and rolling the negative equity into the loan for this truck
That’s an 8 year old truck with above average mileage that retailed for like $35k, how tf does he still owe $20k on it?
Posted on 2/17/25 at 10:48 pm to Chalkywhite84
If there is more than 70% damage to the vehicle the insurance company can total it here in Ark.
quote:
Total Loss Threshold by State
You can find your state’s total loss threshold in the table below. For states that use the “total loss formula,” the threshold is set as the vehicle’s fair market value less its salvage value.
State
Total Loss Threshold
Alabama 75%
Alaska Total loss formula
Arizona Total loss formula
Arkansas 70%
California Total loss formula
Colorado 100%
Connecticut Total loss formula
Delaware Total loss formula
Florida 80%
Georgia Total loss formula
Hawaii Total loss formula
Idaho Total loss formula
Illinois Total loss formula
Indiana 70%
Iowa 70%
Kansas 75%
Kentucky 75%
Louisiana 75%
Maine Total loss formula
Maryland 75%
Massachusetts Total loss formula
Michigan 75%
Minnesota 70%
Mississippi Total loss formula
Missouri 80%
Montana Total loss formula
Nebraska 75%
Nevada 65%
New Hampshire* 75%
New Jersey Total loss formula
New Mexico Total loss formula
New York 75%
North Carolina 75%
North Dakota 75%
Ohio Total loss formula
Oklahoma 60%
Oregon 80%
Pennsylvania Total loss formula
Rhode Island Total loss formula
South Carolina 75%
South Dakota Total loss formula
Tennessee 75%
Texas 100%
Utah Total loss formula
Vermont Total loss formula
Virginia 75%
Washington Total loss formula
Washington D.C. 75%
West Virginia 75%
Wisconsin 70%
Wyoming 75%
Posted on 2/17/25 at 10:48 pm to Chalkywhite84
Tell this dude to get a bus pass because he has no business buying another car anytime soon.
Posted on 2/17/25 at 10:55 pm to Chalkywhite84
Their is one forsale by Automation for $11,995.00. It has 40k more miles. I think the most he could get would be $16k. 14K is probably about right with the mileage.
Posted on 2/17/25 at 11:01 pm to Chalkywhite84
quote:
He told them he wouldn't take the 14k
quote:yeah good luck with that I’m sure they’ll buckle and give him what he wants LOL
It was his fault.
Posted on 2/17/25 at 11:06 pm to Chalkywhite84
quote:
He had a 2017 Chevy Colorado z71 with 140k miles. He is saying that his truck goes for like 23k.
Posted on 2/17/25 at 11:33 pm to Chalkywhite84
He is getting lowballed because the insurance company knows that his alternative is to sue. Even if he wins, after his legal fees are paid, he would get about the same amount a year from now.
But he has to realize that the amount of his mortgage is irrelevant. They go by book value minus the deductible.
But he has to realize that the amount of his mortgage is irrelevant. They go by book value minus the deductible.
Posted on 2/17/25 at 11:48 pm to Chalkywhite84
quote:
Yeah blue book is anywhere from 12 to 14. Plenty of dealerships and car gurus and the like are selling them for 20k plus.
After getting more info on the situation he is getting the right amount. He just doesn't realize you usually get screwed when your car gets totaled.
He’s about to be in a world of hurt replacing the vehicle because it sounds like he won’t have the funds to pay off the balance of the loan and will need to add a second loan to the mix for a replacement vehicle. Hopefully he makes a wiser purchase this time.
Posted on 2/18/25 at 12:17 am to redstick13
kind of weird that OP is even involved with this
Posted on 2/18/25 at 12:43 am to Chalkywhite84
Your niece picked a winner
Posted on 2/18/25 at 12:54 am to TheOcean
He's going to finance a $5K engagement ring(real value $2K) for 84 months.
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