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Diminished value from repaired accident.
 

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Sparky
Joined: 08 Dec 2003
Posts: 19083
Location: PDX

9/17/15 1:09 PM

Diminished value from repaired accident.

We leased a CRV for Elaine the other night. They asked if we intended to trade in the 2013 Equinox. We said no as our budding college graduate is going to need some thing better to go job hunting than the 94 Escort. He should look more expensive than that via BS to go with his BS. ;0

But, the conversation was that even though it is totally fixed from the rear end 10k damage. the value will be considerable less. OK, I am recovering that from someplace.

Thus, an advantage to Oregon regarding law for the cause [of action]

Any experience you lawyer folk lot? Comments appreciated. Looks like I am going to have to pay for an appraisal and give 30% of it away... Does not seem like I could be prudent flying solo on this....

If we were to sell it privately, what are the implications of our liability. Is it still as is as used? Not suggesting I would not disclose the accident if asked. But would it be a good idea for residual liability to let it be the problem of the folks inspecting it for a private buyer to seek. In the case of no car fax or even a police report, not that I am intending to use that to get away with more/most at someone else's expense. just mentioning for completeness...

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greglepore
Joined: 10 Jan 2004
Posts: 1724
Location: SE Pa, USA

9/17/15 3:46 PM

No duty to disclose unless Oregon has a specific statute requiring it. Google, but I doubt there is any requirement.

Not sure what paperwork you signed when accepting payment, potentially a release. The problem with any claim for diminution of value is that the diminution changes from day to day if you keep the vehicle, because its a percentage of the value at time of sale. Sell vehicle, its fixed. Keep vehicle, it likely diminishes to nothing as vehicle ages. Who cares about old accident history on a 5k beater? So...good luck. Fuggitabout.

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ErikS
Joined: 19 May 2005
Posts: 8337
Location: Slowing boiling over in the steamy south, Global Warming is real

9/18/15 6:24 AM

On later model car there is pretty much no way to hide the accident. Carfax gets the info via insurance claims from what I understand and just about any late model car will have insurance cover a prang.

I just bought a 2014 Nissan Titan off a dealership lot and the first thing I did when I was looking at the truck was run the Carfax. It was off a lease, sold to the dealer by then offered for resale. No accidents, 2 oil changes at a Nissan dealer, I can deal with the less than ideal oil changes on it (14k miles) as it is still under warranty and I go 5k on oil myself. The truck like my wife's car will get synthetic every 7.5k.

BTW rental cars NEVER have the oil changed, they just add it if needed and change it once before offering it for sale. :0

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Sparky
Joined: 08 Dec 2003
Posts: 19083
Location: PDX

9/18/15 10:48 AM

"BTW rental cars NEVER have the oil changed"

Not true in one case I am aware, the 2011 gold certified 1st NOX that got bought back was an Enterprise fleet car. That is why we have the 2013 now if anyone remembers that story. I have been told of the GM fleet to Enterprise [one anyway] and it includes GM providing the oil changes/tire rotation and buy back in a mileage range.

Our accident is not on car fax for what ever reason. No police report/presence. They got called and said no injury and car drive able to swap info and cal ins co. Moot anyway, if I was selling it privately and was asked if it had any accidents I would say yes.

Been in touch with two places that do this recovery work. One is a law office, leaning having them handle it.

BTW, the V-Tec 2.4 motor in the AWD CR-V eats the NOX in acceleration easily. ;) And being it has only double digit miles we have not gone north of 4k RPM. My Del Sol comes alive @ 5200 RPM. But I am going to guess the foofy CRV is not going to kick like the Del Sol does [92 to 130 HP @ 5200 RPM]

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ErikS
Joined: 19 May 2005
Posts: 8337
Location: Slowing boiling over in the steamy south, Global Warming is real

9/18/15 11:45 AM

For college graduation I gave my son the 2007 Cobalt we got him to drive while he was in school. He kept it for about 5 months and traded it in on a 2012 Camaro, oh to be a kid again. LOL 22, great job, pays his own way top to bottom, if he feels he can afford it and pays for it himself (which he does) then good on him!

I guess you could say my bud bloomed already.

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dan emery
Joined: 11 Jan 2004
Posts: 6890
Location: Maine

9/18/15 3:30 PM

Dude!

Funny, I was just reading a thread on another forum about how most 'Vette buyers now are old guys. Camaro takes me back to college where the guy across the hall from me freshman year got a Z28. Yee-ha! He also got a Golden Retriever he named "Bullitt."

Glad your son is doing well.

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ErikS
Joined: 19 May 2005
Posts: 8337
Location: Slowing boiling over in the steamy south, Global Warming is real

9/18/15 4:09 PM

He did not go totally nuts, he got the V6 and ONLY 323HP. LOL. His car is plenty fast enough for me. To fast even. When I was in college the fist time a fast car had 200hp from the factory and that number was a marketing lie.

I think the Z28 is well over 500hp now and $70k. Not a kid's car for sure.

The advantage the Camaro has over the Vette is the extra monkey seats.

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Dave B
Joined: 10 Jan 2004
Posts: 4511
Location: Pittsburgh, PA

9/18/15 4:14 PM

Vette Buyers


quote:
Funny, I was just reading a thread on another forum about how most 'Vette buyers now are old guys.


Years ago Corvette buyers fell into two major groups: 1) The twenty-somethings just out of college and in their first good job who had no family responsibilities and 2) mid-50's to early 60's guys who's kids were grown and out of the house and in their high-earnings years who finally had the money and time to buy the car they had lusted for in their youth.

These day Vettes are so expensive that the first group is pretty much priced out of that market.

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Sparky
Joined: 08 Dec 2003
Posts: 19083
Location: PDX

9/18/15 4:36 PM

I saw a Vette on the floor when we looked at a Chevy this week that was $136k.

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ErikS
Joined: 19 May 2005
Posts: 8337
Location: Slowing boiling over in the steamy south, Global Warming is real

9/19/15 8:23 AM

complete with the cheap chevy interior switches and feel. Sad that the $100k can't seem to get the little things right. Motor? check, Tranny? check, suspension? check. Handling? check. Atheistic? check. Volume Knob? fell off in your hand....

My experience with chevy has also included a blown tranny at 95k miles. The 5.3 motor has been good though.

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Sparky
Joined: 08 Dec 2003
Posts: 19083
Location: PDX

9/22/15 11:29 AM

Folks, check your policies. It turns out if we had not been hit and had that other company to seek remedy from... In other words if we hit a tree and collected only on our own INS, our fine print says no diminished capacity will be paid to us. We agreed by signing for coverage.

Going insurance shopping. I wonder if ANY INS we can get will not have this wavier the insured signs.

GOOD JOB Law makers! Atta way to protect the consumers /tax payer who's hard earned tax dollars pay your salaries and health insurance. The usual scum-baggery!!

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daddy-o
Joined: 12 Apr 2004
Posts: 3307
Location: Springfield

9/22/15 12:38 PM

This hedge fund operator bought a pharmaceutical company and raised the price of one of its drugs 4000%

<sarcasm>
Does the tea party have it's roots in Crosby Stills and Nash? We Can Change The World Click it and you will hear the familiar "Rules and regulations who needs 'em?"
</sarcasm>

Astounding how many of the 99% believe we need the government 100% out of our lives. Corporations did not become powerful because they are benevolent. Business at that level is ruthless and the little guy pays the bill. There are no popular elections to corporations to represent the consumers, only the investors. But with the current de facto sentiment of "privatize the profit / socialize the debt" it seems responsibility is being shifted further from the source.

Good luck finding freedom from that clause in your policy.

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Sparky
Joined: 08 Dec 2003
Posts: 19083
Location: PDX

9/22/15 12:51 PM

Sanity Clause: Not in Oregon apparently, early browsing shows Georgia as one of the few it is even possible.


Going back to my 94 Del Sol...

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