by Guest » Mon Mar 01, 2010 10:26 pm
I have a 1998 Chevy Venture Extended version. It's got power windows, locks, am/fm,cruise and is in good shape runs fine and has 157,000. My son was rear ended and pushed into two other vehicles in front of him. I only have liabilty on my van. I have to go to they other guys insurance to get paid the guy who hit us is responsible in NJ. He has Gieco. They told me the van is unsafe to drive ans want to total my van. What will my value of car be and what should I watch out ??????cannot afford to buy a new car. I don't understand the salvage and buy back thing...HELP! I don't think the car is unsafe to drive.. Do we take it to our mechanic and have him look at it?????? He used to do body and paint work for a dealer!
Posted: Tue Mar 02, 2010 12:35 am Post Subject:
The ACV (actual cash value )on your van is approximately $3500.00. Per your description of the damage, sounds like a total loss and not safe to drive. Amount to repair exceeds the value. Run a comparable vehicle search through autotrader.com and see what a van like your is selling for. Find 3 or 4 matching miles and model. Add the sale amounts of those vehicles and divide by that number. Example if you found 3 comparable vehicle prices at a combined selling price of $17500.00, the average value amount would be about $5800.00. How does that number compare to the acv amount and your settlement offer. If you choose to retain salvage, "buy" back, you exclude the slavage value from your settlement. So if your vehicle was worth $5800.00, and the salvage value was $800, you keep the vehicle and get $5000.00. You then can take the 5 grand and have someone fix it (legal for travel-per state laws).
Posted: Tue Mar 02, 2010 12:50 am Post Subject: They offered us $2090.00
Not sure that's what I should settle for!
Posted: Tue Mar 02, 2010 02:04 am Post Subject:
Not sure that's what I should settle for!
Well, you are only entitled to what the acv of your vehicle is. I did a quick search of metro areas of NJ. The average selling prices of vehicles matching yours (extended-150,000 + miles) is between $2k and $4k.
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