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Poor Battered Tour X

JenkkiMike

Member
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2. if your car is paid off and you want to just pocket the money, it will not be financially worth it as the value of your car will be reduced by even more.
The car is not paid off which is why I really want it to be totaled. It would then be totally paid off and I could pay to fix it and keep it long term on a salvage title for far less than I owe. I understand the value of the car will be low at this point but it will be paid off and I can drive it for many years. The worst case is that they just fix it because then I will have a car with a diminished value AND I still have to pay it off as if nothing happened.
 

greenne

Active member
192
94
28
Albany, NY
Buick Ownership
2019 Regal TourX
The car is not paid off which is why I really want it to be totaled. It would then be totally paid off and I could pay to fix it and keep it long term on a salvage title for far less than I owe. I understand the value of the car will be low at this point but it will be paid off and I can drive it for many years. The worst case is that they just fix it because then I will have a car with a diminished value AND I still have to pay it off as if nothing happened.
Exactly. A car "fixed" but with diminished value is the worst position to be in this situation, IMHO. A totaled car gives you options to buy salvage and fix or move onto something else if you desire.
 

landsharkmz3

Active member
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A friend of mine just hit a deer in his 10 year old truck. Truck totaled, bought it back under salvage, fixed and a few other things addressed along the way, and then still $1,500 in his pocket left over.
 

fng

Active member
150
81
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Delaware Ohio
Buick Ownership
2018 Regal Essence Frost White Tri-Coat
...
2. if your car is paid off and you want to just pocket the money, it will not be financially worth it as the value of your car will be reduced by even more.
Unless he/she drives the car for 10-15 years. By then the depreciation is so much that the difference between clean title and rebuilt title becomes chump change. Of course, there is always the risk of a second accident totalling the devalued rebuilt car prematurely. But every decision in life comes with risk.
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BoostedRegal2.0

Well-known member
960
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2014 Regal 2.0 Turbo AWD Trifecta Tune
I find it ironic that most people don't want to buy a car that's been in an accident, yet they have no problem buying their wrecked car back from the insurance company and keeping it. If my car was in an a bad accident there's no way in the world I would want that car back.
 

Regal LTD Coupe

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1993 Buick Regal Limited coupe 3800 (1991 Cadillac Fleetwood coupe 4.9 & 1990 Lincoln LSC SE 5.0 HO)
There's a fellow in Illinois who would fix this in a few days. Check out his YouTube channel: vehcor
 

JenkkiMike

Member
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I find it ironic that most people don't want to buy a car that's been in an accident, yet they have no problem buying their wrecked car back from the insurance company and keeping it. If my car was in an a bad accident there's no way in the world I would want that car back.
It's all about the money. If the car is totaled in my case, I no longer have to pay off the balance of the loan on it. The insurance company determines the value of the car before the accident, pays off my loan and then hands me a check for whatever balance is left. I then turn around and buy it back and fix it myself and now I have a totally paid off car.

For let's say the car is totaled and the insurance company says it's worth $24k. They pay off my loan balance of $18k and hand me a check for $6k. If they sell it back to me for a few grand and then I spend another $6-8k to repair it, I now have a paid off, repaired car for around $10k. That sure beats taking my $6k and buying a POS car or taking another loan to replace the Tour X. I would 100% buy someone else's totaled car on salvage title that was repaired if I could buy it for $10k, but it would likely cost nearly double that amount. I'm not saying the numbers will work out but if they do, it makes total sense.
 

landsharkmz3

Active member
171
95
28
I find it ironic that most people don't want to buy a car that's been in an accident, yet they have no problem buying their wrecked car back from the insurance company and keeping it. If my car was in an a bad accident there's no way in the world I would want that car back.
One of the main reasons is knowledge of the situation with confidence it was resolved well.

Buying a fixed salvage car can be a real risk if there isn't lots of documentation to understand the reason, damage, and resolution. If it is your own car, and you understand the damage, and see the fix, then its much easier to have confidence.
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JenkkiMike

Member
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Thanks. I'll keep that in mind. I wouldn't bother with collision coverage anymore if I go that route so that should help keep costs down.
 

Wlepse

Well-known member
594
268
63
NNJ
Buick Ownership
2018 Regal TourX Essence
Thanks. I'll keep that in mind. I wouldn't bother with collision coverage anymore if I go that route so that should help keep costs down.
Don't drop collision! Just make the deductible high. I dropped it on two of my cars since they were old and the back up rides. When one got totalled I realized how much of a PITA it is. Basically my insurance paid to tow from the scene and I was told other company had to confirm the car was totaled since their driver was summonsed. This took 2 weeks. What I didn't realize was the lot it was towed to was charging damn near $100/day. Luckily I kept good records and could show I was told to hold it there otherwise I would be on the hook for handling the charges and disposition to carpart. You don't realize how much crap goes on in the background they take car of. Well worth having something if you value your time.
 

1612202

Member
78
59
18
Buick Ownership
New Tourx Owner
Will your insurance carrier write collision on a car that they sold you for its salvage value? In New York the insurance company would surrender the total loss vehicle title to DMV and apply for an MV907a to replace the title. You then would have to have the car repaired then inspected by DMV (looking for stolen replacement parts not the overall quality of the repairs) after which you would receive a branded title. OR you could seek to have the insurance carrier pay you an agreed price and not declare it a salvage vehicle. Its been many years since I worked in the car business so i don't know if the insurance company can do this kind of transaction any more.
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JenkkiMike

Member
40
25
18
Will your insurance carrier write collision on a car that they sold you for its salvage value? In New York the insurance company would surrender the total loss vehicle title to DMV and apply for an MV907a to replace the title. You then would have to have the car repaired then inspected by DMV (looking for stolen replacement parts not the overall quality of the repairs) after which you would receive a branded title. OR you could seek to have the insurance carrier pay you an agreed price and not declare it a salvage vehicle. Its been many years since I worked in the car business so i don't know if the insurance company can do this kind of transaction any more.
It works similarly in NH. The car is declared a total loss, I offer to buy it back and negotiate the amount with the insurance company. Then I have the repairs made and apply for a salvage title. The car needs to be inspected by the state to show that the repairs were done and it is road worthy. If approved they slap a sticker on the inside of the driver's side door frame that says it is a salvage vehicle, the DMV issues a salvage title to me and I am good to go. My insurance company may not want to insure it but there is always another one that will. My body shop guy has a bunch of cars with salvage titles and said he shopped around until Progressive agreed to insure his vehicles, even with collision.
 
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