Need a diminished value value

Adamv7010 · Mar 2, 2013

North Carolina is a state with a diminished value law...the statute reads it is to be based off of NADA...

Long story short...guy hit me..

06 ccsb fx4 lariat 115k miles

Nada put the truck at 24075 i believe it was...its 24 something...w options and mileage.

I'm entitled from the at fault guys insurance...a payment for the diminutive value...

10k worth of damage...

Anyone wanna take a stab at what that value would be? I'm expecting the arguments to begin Monday and I just need a realistic and fair starting point. Thanks in advanced

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Adamv7010 · Mar 3, 2013

Bump

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Adamv7010 · Mar 3, 2013

Since I can't edit my original post for whatever reason...here a a pic pre wreck

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bboteler · Mar 3, 2013

Im not sure what you are asking...what is the value of the vehilce wrecked before it gets fixed? Or what the value would be fixed now that it has a wreck on the carfax??

Adamv7010 · Mar 3, 2013

bboteler said:
Im not sure what you are asking...what is the value of the vehilce wrecked before it gets fixed? Or what the value would be fixed now that it has a wreck on the carfax??

The way the law reads...I'm entitled to a payment in the amount of the differences in value from pre wreck and post wreck...from a retail consumer standpoint...based on NADA value..

Since the titles branded now...not a total loss or rebuilt but major collision damage , its worth less to a consumer. I need to figure out roughly how much less.

For example...2 identical trucks...same options, year ,mileage , and condition...valued at 25,000 dollars...

Truck A has clear title and truck B shows major collision reconstruction, how much less would a retail consumer be willing to pay for truck B with said repaired damage?

That's the 'diminished value'

This sh!t gets complicated...really quick...

I was not at fault...and his insurance company is one of those mail order type ins companies....its obnoxious as he!!.

The guys f'ed me enough by hitting my truck...I just wanna make sure his ins company doesn't do the same if that makes any sense.

So..based on the Nada value of 24,XXX prior to the wreck...what's it worth now, repaired with a branded title.
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Snake · Mar 3, 2013

You need to have the truck professionally appraised to determine diminished value. Way too many variables to even try to make an argument for yourself and win.

Not sure what the law is in NC, but in FL you have up to 4 years from the date of the accident to file a DV claim.

Good company to check out is Auto Damage Experts.

http://www.autodamageexperts.com/

co04cobra · Mar 3, 2013

I could go into a lot more detail on this subject. Some of how people put way to much faith in carfax etc.. etc..

Anyway, its not going to have a "branded" title. An accident report on carfax is not branded. Its not being salvaged correct?

Bottom line comes down to its a 7+ year old truck with over 100K on the miles. IMO. if you can get an extra 10% from the guys insurance I think you will have done good.

When buying a truck or trading, at least our dealership, we go off current condition and quaility of repairs to judge value. When it comes right down to it when we are looking to buy or trade vehicles 75%+ of them over 3 years old have had some type of repair/paint work/body work.

Adamv7010 · Mar 3, 2013

co04cobra said:
I could go into a lot more detail on this subject. Some of how people put way to much faith in carfax etc.. etc..

Anyway, its not going to have a "branded" title. An accident report on carfax is not branded. Its not being salvaged correct?

Bottom line comes down to its a 7+ year old truck with over 100K on the miles. IMO. if you can get an extra 10% from the guys insurance I think you will have done good.

When buying a truck or trading, at least our dealership, we go off current condition and quaility of repairs to judge value. When it comes right down to it when we are looking to buy or trade vehicles 75%+ of them over 3 years old have had some type of repair/paint work/body work.

Nc will not show a salvaged title...however will show a major reconstruction title...

They've already offered 5200$ for a diminished value & loss of use....that's their initial # so I'm not accepting it. They're too willing to pay that on top of repairs..

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co04cobra · Mar 3, 2013

To have an actual "reconstructed" title it would have to be issued a "salvage" title first then go through the rebuild, and be issued the "R" title.

Every state does differ some, but carfax will show "major collision damage repaired" and blah blah. Should not show reconstructed with out being salvaged first.

Either way if they will pay you more kudos man. Your are going to come out money ahead. No way it is going to hurt the value of the truck over 30%+. Let us know how it turns out.

Adamv7010 · Mar 3, 2013

co04cobra said:
To have an actual "reconstructed" title it would have to be issued a "salvage" title first then go through the rebuild, and be issued the "R" title.

Every state does differ some, but carfax will show "major collision damage repaired" and blah blah. Should not show reconstructed with out being salvaged first.

Either way if they will pay you more kudos man. Your are going to come out money ahead. No way it is going to hurt the value of the truck over 30%+. Let us know how it turns out.

Theres a threshold on damage % here in Nc...

"If damage meets or exceeds xx% of fair market value , then it shall be documented as major reconstruction".

I pulled the book out the other night and read some...its covered under ncgs 279-20 I believe it is...

It gets really complicated quick...

Of course they're looking any and every reason not to have to pay...but the accident report covers me so I'm good there...

Insurance companies suck anymore.

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g2shuck · Mar 3, 2013

subscribed for results

Ipkyss · Mar 3, 2013

If I am reading this right. You will get you truck fixed plus a check for 5200 or more because you truck was damaged?

bboteler · Mar 3, 2013

Thats how I took it...his lose in value for the truck having major damage repaired. IMO that aint too bad if you plan on keeping the truck. But damn this does sound complicated.

Adamv7010 · Mar 3, 2013

Ipkyss said:
If I am reading this right. You will get you truck fixed plus a check for 5200 or more because you truck was damaged?

Youre correct...however I have not settled on that 5200...

Total for the truck was 8890.00 plus 1700.00 for one OEM 20" lariat wheel that was filed supplemental totaling 10590 damage....that's just the damage repair..

For a diminished value due to said damage...plus a loss of use they willingly offered 5200....I haven't settled yet...

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Adamv7010 · Mar 3, 2013

g2shuck said:
subscribed for results

I should know more within the week and will update accordingly.

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Adamv7010 · Mar 3, 2013

To the best of my knowledge there are only a few diminished value States in the us because vehicles are assumed to be repaired to industry standards...and if they are there's no loss in value...but you know like I do it doesn't always happen that way...

Most all will agree...2 identical trucks...ones been wrecked one hasn't...you'll go for the one that hadn't been wrecked

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co04cobra · Mar 3, 2013

If it has been repaired professionally and is 6K less. Im going with that one every time.

That est. is crazy high too. I know how they came up with the #, but is also part of the reason insurance is so damn high.

Like I said before. On a truck with a few years and miles on it, and your're getting it fixed (sounds professionally) + 6K. I'd try to get someone to run into me every other month.LOL

Adamv7010 · Mar 3, 2013

co04cobra said:
If it has been repaired professionally and is 6K less. Im going with that one every time.

That est. is crazy high too. I know how they came up with the #, but is also part of the reason insurance is so damn high.

Like I said before. On a truck with a few years and miles on it, and your're getting it fixed (sounds professionally) + 6K. I'd try to get someone to run into me every other month.LOL

I'm not gonna say the estimate is extraordinarily high....with a core support...and time on the frame machine...

And all OEM parts...it adds up...parts alone totaled 6200 and some change..retail cost.

With each part averaging 2-400 bucks...it adds up quick

But yea after about 2 wrecks in a couple months...itd get suspicious lol

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Ipkyss · Mar 4, 2013

Yet another reason I live in the wrong state. In MA I would be lucky to get my truck fixed with oem parts. Thats awesome you get money on top of it

Adamv7010 · Mar 4, 2013

Ipkyss said:
Yet another reason I live in the wrong state. In MA I would be lucky to get my truck fixed with oem parts. Thats awesome you get money on top of it

I think everyone is entitled to some kind if compensation.... especially when they're not at fault....

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