Hi all,

I have a (for me) complicated situation. In short, I have an '02 Cooper. We were in an accident last September, and after many months, was repaired by BMW-certified repairshop. This involved replacing and repainting the bonnet and driver's door, among other, internal repairs like some suspension parts and front driver's side wheel/tire. There was no damage to the engine or frame.

Now I never thought I'd ever be able to part with Penelope, but after dealing with South Motors in Miami, and fearing little, but expensive, problems that could creep up soon, I test drove an '05 S, and well, need I say more?

I am leasing the '02, and she was appraised by the dealer at about $10,000. It seems to me I could get a lot more if I sell her myself. Does that sound right? They say the main thing lowering her value is that she was repainted. But THEY (meaning the dealer) repainted her with factory paint.

Can I even sell a car I am leasing, and then pay off the lease? I am super ignorant with money issues. I leave most of that to my wife.

Any advice is greatly appreciated!

Kentiki

 

You can sell the car and pay off the lease. Considering that it has been in a serious accident though your best bet is too wait until the end of the lease, hand it back to the leasing company, they HAVE to take it with no penalty if it has been repaired properly, and get a new one then. You will take the hit if you sell it yourself.

 

Thanks for the advice! Since I'm not in a hurry to trade, I will wait.

Ken

 

I live in Miami and do not recommend dealing with either South Motors or Braman. I have purchased 3 brand new MINIs from Crystal Neagle at Lauderdale MINI in downtown Ft Lauderdale. Call her with your concerns at (954)335-MINI. I don't work for them. I am just a very satisfied customer since the year 2002.

If you have any other questions, feel free to send me a private message. I'll give you my name so when you contact Crystal you can tell her who sent you.

 

Was the accident your fault? If it wasn't, there is a provision in Florida law that allows you to sue and recover for "Diminished" value. Any vehicle that has been in an accident and also has experienced paint and body work will suffer from lost resale value. However, having said that, I think South Motors is lowballing you with the $10K trade in offer.....BEWARE of those crooks! (Another reason why I hate South Motors so much).

Take the car to the Carmax located by Miami International Mall area (Parallel to the 836 expressway) and have them appraise the vehicle for free. Compare their offer to the one in South Motors, but be warned that their appraisers are trained individuals that can spot bodyshop repair work just by looking at the car. That car may not be reseleable by their quality standards and promptly sent off to an auction for disposal.

Like I said, once a car has received accident repair work, it will never ever be the same, no matter how good the quality of the work is. It is very difficult to replicate factory fit and finish in a mom and pop bodyshop.

You can sell the lease. But I need to ask how much was the repair? If the repairs go beyond a certain dollar value, you may have to disclose it to an interested party by law or you could be sued for hidding the accident repair history.

Accident repair cars are difficult to sell. I went to a similar experience in the year 1996 when an idiot in a Ford F-150 pickup truck ran a red light and destroyed the front end of my then year old '95 Acura Integra in West Flagler Street underneath the Palmetto Expressway. I almost could not dump the car. The repairs were horrible to say the least, in despite of brand new Acura OEM replacement parts. $10K worth of damage plus frame damage. The insurance refused to total it. I didn't know at the time the provision in Florida law to sue for diminished value.

I dumped the car 1 year later, lost $5K but moved on.

 

Thank you for that advice! Everyone at the dealer tells you a different story. And I agree, South Motors is an absolute NIGHTMARE! I will PM you shortly, I appreciate it.

The accident was deemed not my fault, and the other person's insurance paid for the repairs. They came to a bit over $17,000. I know, unbelievable! The finish looks pretty much as good as the original, but the fit is definitely not the same. I feel bad trading the car in, but i want to move on from the accident experience.

At the very least, we can complain about South Morons! Man, the crazy stuff they've told me......

Ken

 

Ken:

$17K worth of repairs???

Oh my!

Your car was basicaly glued together again, piece by piece!

If I were you I would talk to a lawyer. Even though the party at fault paid for the repairs, you still have not recovered for diminished value. We are talking about $5K-$10K right off the bat!

I hate the way people drive in this city!

 

Hmmm. It makes no sense that two year old car with a base price of $17K warrants $17K in repair costs. I'm amazed the insurance didn't total it.

 

You sold a year old car... wrecked or not you were bound to lose a lot of money.

 

Yeah I hear ya, but the poor repairs left me little choice but to get rid of it. When I bought that Acura, I had intended to keep it for several years, that is until the accident.

I lost a lot of money because of the accident repair plus the fact the car was not even a year old.

I am also amazed as to why the insurance co didn't total the thing, and regret not having filed for diminished value and force the insurance to total the heap. Oh well leave and learn.

 

Most leases give you the right to purchase the car at the end of the lease term for a set price. You need to compare what the purchase price is at the end of the lease term with the value of the car at the end of the lease term. If it's worth more than the end-of-lease purchse price, you should buy it from the leasing company and can sell it and keep the profit. If it's worth less, then you should let the leasing company take it. Leases are usually a bad deal - you're almost always better off buying and financing (although your payments are higher because you're fully paying it off over a shorter period of time). Only time to consider a lease is when you can write off the lease payments as a business expense (or possibly when the factory is offering a below-market lease terms to goose up sales - not likely with your Mini).

 

Except of course when your car gets hammered in an accident and the leasing company takes the hit on the diminished value. A silver lining to any lease.

 

Thanks all for this advice. It's amazing how little the dealers, insurance, and leasing companies know--or are willing to admit!

I am still amazed at the $17K in repairs. Plus, the ins. co. had to pay for my rental car--for almost 5 months. All in all, they dished out about $20K. The original repair estimate from South Morons was something like $7-8K, and then at the end they upped it to the 17K. Let's just say the ins co. was not too happy with them!

As a warning to anyone dealing with South Motors: while I could write for PAGES about how they suck, the South Motors Collision center was particulary ridiculous. They left my car out, exposed to the elements, with no windshield, for months. The Union Jack roof needed replacing, I had pinpoint rust spots on the roof, the inside looked like birds had taken up residence. Oh God, my wife was in tears when she saw that. They "fixed" what they did, but it's just like adding insult to injury. They lied along the entire repair job. In short, if you HAVE to deal with this place, call them many times daily and insist on seeing your car regularly.

One last thing you'll all appreciate: to "fix" my interior, they pretty much soaked it in Armor All. My butt was sliding around that car for about a month!!

OK, now on to good stuff!.......

 

Hi all,

Just wanted to update all of you on this. Well, Lauderdale MINI is great. You really feel like you're in good company in there. Not like other places, where you feel like the unwelcome little brother of BMW. Damn, they even recommended aftermarket installers to me!

My wife ordered a new MC Conv., and I traded in Penelope for an '05 S. I was and am still in shock. I never thought I'd be able to part with the '02, but I had to.

Anyway, thanks to you all for reading, and I'll have a photo of the new S up shortly!

Cheers!

Ken