Guys (Gals),

I need some advice.

My S2000 looks like it will not be totalled. It has about $14,000 damage but the replacement value is deemed to be around $27,000. In order to get the car totalled I need to be around the $20k range.

So I am left with few options.

Option 1 - Take the money and run. I could take the $14k pocket it and try to sell the vehicle for salvage. The front end of the car is in perfect working order--the engine is perfect, the airbags are intact. The cockpit is not damaged. The doors are not damaged. Only the rear end is destroyed. It is a rear wheel drive car too.

Option 2 - Get it fixed. If I get it fixed then they must fix it to an acceptable level. If I still wanted the car this would probably be viable. They tell me the car is still going to be covered by the 100k warranty (though I am not sure that is transferable to a new owner) baring something was done wrong during the rebuild. I would go for this option immediately if this car was a BMW 3 series. It is not. It very much is a hobbyist car and thus I fear that the hobbyist will not be willing to pay anywhere near $25k for the car. I might be lucky to sell it at $20k. Of course I would have to (and would want to) disclose the accident to the would be buyer. I am betting that they would run away--again because this is a hobbyist car.

If I wanted to get $20k total out of the car what would be the best course of action?

It is unclear to me by the way whether I have the choice to actually take the money instead of fixing it. I need to read the policy. GEICO wanted to send a two party check out. I also know that if I went for the "pay me" option I would end up chewing at least a grand paying off the tows and the preliminary efforts the body shop has put forth.

It is also unclear if I an find a salvage company that would purchase the car for $5k-$6k. I really think they could easily part it out and get their money back. They could also fix the car and sell the whole thing.

I would appreciate your advice.

Oh--I love my MINI.

By the way--I am going to go to Vegas this weekend and have a MINI vacation. I can't wait to meet you guys. I won't get there until either late Friday night or early Saturday. I guess I should see if I can get a room eh?

-mark=

 

That really is a horrible situation, not really sure what I would do in your situation. I know if I was the buyer I definately wouldn't pay full price of resale value after an accident of that caliber. I'm very glad you love your MINI though, it is an amazing car, and I'm sure you will continue to love it no matter what happens with your S2000 :smile:

 

The full price (If you look online) for a S2000 with 17k miles and a 2003 is around $26k. I wouldn't expect anyone to pay that for a car that has had an accident.

Would you pay $20k though? Especially if there was no engine damage, cockpit damage or forward body damage?

That is the question that plagues me.

Also.. does anyone know of any Salvage yards (or the like) that buys cars like this without them being on auction?

-mark=

 

Mark,

Is the $14K the estimate from the insurance company or the body shop that will do the repair? If it has not been to the body shop, I'd go the next step and have them take a look to see what additional damage they find. They alway seem to be a bit more than what the insurance company estimates.

Jim

 

I happen to be in the auto salvage business, I manage a salvage pool in NY state. We bring in totalled vehicles and sell them. We buy a few to sell, but, mostly we have deals with insurance companies and just charge them a fee.

We sold a S2000 whaled in the *** for $11,000 and on this one the air bags for whatever reason did deploy. I'm assuming you are on the West coast. Check to see if their are any salvage pools around you. Copart, IAAI, ADESA Impact, Rancho Auto Auctions to name a few. They just might offer you quite a bit for your Honda. Plus the title will still be clean (not stamped salvage), all salvage buyers Love clean titles!. If you need any more info just send me a pm. Good Luck

 

I don't know - I think there are plenty of tuners out there who would pay 20k for an S2000 with no engine damage (any who would already be planning to add aftermarket stuff atleast)

 

If you have space for two cars and can afford to keep them both, then I suggest that you keep the roadser.

I enjoy switching between my MCS and my Z3. They both handle well, have adequate performance, and are head-turners - but after a session in the twisties they each leave me with a different feeling.

Keep in mind that you only get one chance at life - don't deprive yourself.

 

Do what everybody else in a similar situation does. Rebuild it then sell it at auction. Something like E-bay or Barrett-Jackson, either way you can unload your S2K and then buy the car of your dreams. MCS of course.

 

As far as the insurance company issuing a two-party draft: this is done to satisfy the insurance carrier's legal obligation to protect the interest of any leinholder on the vehicle (car loans usually require proof of ins. for applicants to qualify.) Typically, the check is made copayable to the owner(s) listed on the title, and the shop you choose to do the repair (you endorse it over to the shop after they complete the repairs to your satisfaction.) Alternately, they can issue the draft to you and the leinholder.

Since the initial estimate written by the insurance adjuster is based on a visual inspection, hidden damage is commonly discovered once repairs begin, and the insurance carrier pays the shop directly for any loss-related supplemental repairs needed. Because of this, if you are considering leaving the car as-is, you may want to invest in an hour or two for a preliminary tear-down at a shop, in order to ensure that as much of the damage as possible is exposed to visual inspection.

In your case, since you have mentioned you own the car outright, you should be able to get the check issued directly to you. The most likely cause of the ins. co. wanting to issue a copay draft is that their records or MVA records still list a leinholder on the title to the car. Although you and the MVA (DMV) receive notification when a lien is satisfied and released, the leinholder leave it up to the policyholder/owner to notify the insurance carrier and have the policy information updated.

If you decide to take the cash and sell off the car as-is, you can get the draft issued directly to you by providing proof of clear title (lein release letter from the bank, or a Security Interest Filing (SIF) and/or updated title for the car, listing you as sole owner.

My condolances on your loss. I hope this information helps you get everything resolved to the best possible conclusion for you!

-Brian

 

sorry to hear that but your best bet to find Civic Forums and post EVERYTHING from ur car. Just strip it down to the engine and I bet youll make ALOT more money that way. I've seen people with EVO's get re ended badly and then go off selling the engine, turbo, seats and etc and make tons of money.

 

I really love this board. I hope to meet each of you at the Mini vacation in Vegas this weekend!

I really appreciate the posts and in particular the insurance and salvage information. Here are a couple of comments.

1. I bet indy is right--they don't know I paid off the car. In fact when I reported the accident they still thought I had a leinholder. I told them I did not but I am sure that was not enough to remove it from the records. Ok, that is no problem.

2. Brother, thank you for your comments. I really can't make up my mind on trying to get the car sold to a salvage shop. If I were to take the cash now I would need to probably pay for the tows and such that have been done so far. If I can't get $14k from the insurance company and $4-5k for the car from a salvage company it may not make sense. I will keep your pointers handy. What would you think a S2000 with an engine that only has 17k miles on it with everything north of the doors being in prime condition is worth?

3. Cricket. I hae done that already. GEICO estimated $12k. I had it towed to a Honda authorized body shop. They do think it is going to be more than what GEICO estimated. I don't have the total yet. Tomorrow I should know that. I went by the auto body shop this morning and they think it is easily going to be about $2k more.

Thanks everyone for your comments!

-mark=

 

Mark, a rear end hit S2000 like yours is worth at least $10,000 as salvage. If the body shop can find more damage $$$. Geico may just total it because the return is so high. In other words if you can find say $17,000 worth of damage and Geico knows they can get $10,000 or more for the car. It would be cheaper for them to total it and they don't have to worry about a disgruntled policy holder that does not really want a major repair job on his S2000.

 

Agreed. If all you want is $20K total for the car, the thought of an intact S2000 drivetrain for $6000 has me practically salivating... But alas, I have nothing to put it in... or $6000 to spend...

I'm having visions of that engine/trans transplanted into an old MG, Triumph or Volvo 1800...

I seriously doubt you'd have trouble selling the remains of the car for that much. Possibly put it up on Ebay with a $6k reserve and see what happens?