UNBELIEVABLE

[Quicksilver]

I had the same issue with a vehicle and I took the check but I also found out that the best thing I could do was to tell them I didn't want the car. I had to stand firm saying that if they bought it it was theirs.

Turns out I got more for it in the end because of some Law that specified that #1 vehicle Lic fees had to be returned because I no longer owned the car, and some other laws kicked in that increased the buyout and also vehicle insurance rebates kicked in. Add to that I didn't have to be bothered with it was a huge plus.

Not sure if it will work out for you that way but be aware that there may be salvage laws in effect and those paying the check have no obligation to tell you what they are.

Letting you keep the vehicle seems like their doing you a favor but in fact they may be transferring the burden of ownership of a salvaged vehicle to you for the expressed purpose of allowing you to bear the hidden cost of that ownership.

Originally Posted by jetkona

The insurance company is paying 17K and giving me the car. I did some checking and that is around High Private Party Value. I'm not sure what more I would get from a law suit.

I'm starting to like XFive3.0' train of thought.

[nasdakboy]

Originally Posted by jetkona

The insurance company is paying 17K and giving me the car. I did some checking and that is around High Private Party Value. I'm not sure what more I would get from a law suit.

I'm starting to like XFive3.0' train of thought.

If they're going to give you $17k AND let you keep the truck, I'd jump on that deal and just forget about the situation. Sounds like you're benefitting and if the car is valued at $17k and they're going to let you keep it for nothing, that's a pretty sweet deal. Normally they give you the option. Either $17k and the title to the truck or you keep the truck and they deduct the salvagable amount from the $17k. I think you're making out pretty good here

[mrbmwx5]

take the check and the car and parting it out or sell it as is...
put in few more thousand dollars and get you the NICE used 4.6is.

[LI-X5]

i think this is a good thing ! if you tried to sell/trade right now you would'nt get anything near that !!

take the cash put it down on a 4.6 !!

on the other hand i would try to have your ins co make the tranny shop claim it on their ins , since the truck was in their possesion !!

[GmX5]

Originally Posted by LI-X5

i think this is a good thing ! if you tried to sell/trade right now you would'nt get anything near that !!

take the cash put it down on a 4.6 !!

on the other hand i would try to have your ins co make the tranny shop claim it on their ins , since the truck was in their possesion !!

YES!!

[flyingmachine]

Originally Posted by jetkona

Several week ago, my 2002 X5 4.4 had a major transmission failure. I did some searching and found a reputable transmission shop (by all research) in Phoenix and took the car there for repair. Bad idea and here is the short version. While there, they put 200 mi. on the car, overheated it somehow and cooked the engine. Repair estimates $25000, car value $17000, insurance says total loss and won't fix.

I'll get a check and the X5 with a salvage title and no engine. Now What?

JT

wait. why insurance covers this?

[jvit27]

That sucks, can't believe the business practices of some people...

On the plus side it sounds like youre going to come out ahead (so long as your rates don't increase).

+1 on the 4.6 route - they can be had for around $20k now.

[JWalker]

That si unfortunate... The silver lining, however, as mentioned above, is that you're getting well above true market value for the car, and get to keep it to part it out...

Good luck!

[butundo]

How is the repair $25000? An engine can't be that much. Did the shop fix the tranny issue? What other issues did the shop create?

[Icer006]

take the check and put an M5 motor and tranny.