by tman2 » Tue Jan 26, 2010 09:30 pm
a lady rearends my wifes car, car is totaled. her insurance(GEICO) has made a offer that is about 1,500 below nada or anything I can find on Autotrader or Cars.com or Carmax
What are my options now
What are my options now
Posted: Wed Jan 27, 2010 02:42 am Post Subject:
No, the don't owe replacement value but what you describle is not replacement value, it's actual cash value.
(replacement is new for old)
My point is that listing prices are not what something cost. If I'm selling a 1990 Ford Escort I can _ask_ for $50,000. This does not make it's value $50,000. What I sell it for becomes it's value... which is going to be far less then the asking price.
Posted: Wed Jan 27, 2010 12:38 pm Post Subject:
I was under the impression they owed retail.
They do owe the retail minus any deductions and if the vehicle's overall condition fits in the retail catagory.
Posted: Wed Jan 27, 2010 01:17 pm Post Subject:
If I can't come to agreement with them, whats the next step
does this go arbritration. what can I do to ensure I get a fair deal.
And Thanks for you help
Posted: Wed Jan 27, 2010 01:40 pm Post Subject:
I'm not sure what "retail" is on a used vehicle is other then the price a dealership puts on the side of the vehicle window. If this is what retail is then it's really not the ACV of a vehicle as how many vehicles sell for this price? Some carriers use this amount to determine the ACV but I don't see it as a requirement.
OP, if you both can't agree on the amount you can either see what your carrier would pay if you have collision coverage, you can attempt to negotiate with the other person's carrier by providing them written documentation that your vehicle is worth more or you can file suit against the a fault party and be prepared to prove to a judge that the value of your vehicle is more then what is being offered.
Posted: Wed Jan 27, 2010 02:44 pm Post Subject:
I'm not sure what "retail" is on a used vehicle is other then the price a dealership puts on the side of the vehicle window. If this is what retail is then it's really not the ACV of a vehicle as how many vehicles sell for this price? Some carriers use this amount to determine the ACV but I don't see it as a requirement.
Retail value meaning NADA’s estimated Clean Retail value for a vehicle in clean condition and mileage falling within NADA’s assumed mileage range.
This is not considered a retail sales amount or dealers/private seller's asking price.
Some companies base this amount in determining the overall ACV of a vehicle, however NADA's amount is not always accurate and should never be used soley to calculate an ACV, unless similar vehicles can not be located or in the cases of "specialty" and or collector autos.
Posted: Wed Jan 27, 2010 03:00 pm Post Subject:
My point is that listing prices are not what something cost. If I'm selling a 1990 Ford Escort I can _ask_ for $50,000. This does not make it's value $50,000. What I sell it for becomes it's value... which is going to be far less then the asking price.
That's reasonable, but only half the story....
Here's the other half......
Its my understanding that fair market price is what a willing buyer would pay a willing seller. while neither the buyer or seller is under any pressure to buy or sell.
With that said.... there is a strong possibility that some of the sellers offering the lower prices are under pressure to sell due to a number of reasons, such as recent job loss, pay cuts, etc.. Those sellers should be excluded from the averaging calculations.
tope's example:
If I'm selling a 1990 Ford Escort I can _ask_ for $50,000. This does not make it's value $50,000
Likewise.....
If someone is about to lose their home and offer's to sell their $50,000.oo BMW for $19,000.oo in order to get it sold quick enough to stall losing their home. That does not make their BMW or anyone else's worth only $19,000.oo. These BMW's would still be worth $50,000.oo
Just my thoughts.
Posted: Wed Jan 27, 2010 03:04 pm Post Subject:
Oops that last post was mine (forgot to login)
My point is that listing prices are not what something cost. If I'm selling a 1990 Ford Escort I can _ask_ for $50,000. This does not make it's value $50,000. What I sell it for becomes it's value... which is going to be far less then the asking price.
That's reasonable, but only half the story....
Here's the other half......
Its my understanding that fair market price is what a willing buyer would pay a willing seller. while neither the buyer or seller is under any pressure to buy or sell.
With that said.... there is a strong possibility that some of the sellers offering the lower prices are under pressure to sell due to a number of reasons, such as recent job loss, pay cuts, etc.. Those sellers should be excluded from the averaging calculations.
tope's example:
If I'm selling a 1990 Ford Escort I can _ask_ for $50,000. This does not make it's value $50,000
Likewise.....
If someone is about to lose their home and offer's to sell their $50,000.oo BMW for $19,000.oo in order to get it sold quick enough to stall losing their home. That does not make their BMW or anyone else's worth only $19,000.oo. These BMW's would still be worth $50,000
Just my thoughts.
Posted: Wed Jan 27, 2010 04:10 pm Post Subject:
Its my understanding that fair market price is what a willing buyer would pay a willing seller. while neither the buyer or seller is under any pressure to buy or sel
That is part of a legal definition... it does not apply, as you mention it, in this case. The "pressure" criteria is used to denote a valid sale... not the selling price.The types of "pressure" you mention are indeed _all_ part of normal sales and the perfectly legal factors involved in _every_ sale. Indeed, it's why everything has a different price.
Posted: Fri Jan 29, 2010 01:13 am Post Subject: ACV
how do you find the ACV
Posted: Fri Jan 29, 2010 03:42 am Post Subject:
Good News, Geico bumped the offer $1000
I happy!!
Thanks for everybody's help and opinions
Add your comment