Delete: failed thought

Here's my new idea. Not that I'll do it, but am thinking heavily about doing it.

Sell my truck with a Clean Title AS-IS for $35k? Hear me out

Linked at bottom, is a SALVAGE Title 2021 base edition SR5 2WD with 29k Miles is listed for almost $18k, has front end and some side damage.

My truck is a Platinum Edition 4WD with only 10k Miles. And estimated $15k damages so far. I've found a 2021 Platinum 4WD with 17k miles Clean Title and similar damage to mine listed on their CarFax (was repaired) selling at a dealer for $57k.

So If I assume my truck was in similar condition. And I started the price lower at $55k, subtracted the $15k for repairs = $40k. And then I list it at $35k.

What do you think the chances of it selling are? What do you think the appropriate price would be to sell my truck in current condition??

Reason to go this route is no shop can see truck until September. And I'm also getting laid off from my job in September. Just want to get rid of my monthly payment on this thing

Edit: looks like the listing may have disappeared already

https://www.ebay.com/itm/175757584623?LH_ItemCondition=3000%7C1000%7C2500

 

Is it paid off? Who has the title?

No matter which route you choose the lien holder gets laid first,you get leftovers.

if you own it,and it’s insured why not fix it then also claim your depreciation value payout?

after both those happen then sell it and move
On

but don’t cause yourself to lose $$$$$

 

I owe $34k on it currently, Chase has the title.

I can't claim depreciation value against a claim on my own insurance (so I was told) and this was a Not At Fault Hit And Run. Truck was parked when someone hit it.

If I can sell it at $35k, and already received up to $14k in checks from insurance, I would come out roughly the same as if I waited for it to be fixed and then sold.

I mostly want it gone sooner than later because I won't have a job at the end of September, and no shop can see this truck until end of September. So it's beneficial for me to not have a truck payment when I don't have a job.

 

Just my two cents, but $5k potential savings might not be worth it to someone looking to fix and keep the vehicle. I flipped cars to pay for college and while I wasn't turning a huge profit, I knew that 10% potential profit wasn't worth nearly enough to risk finding more issues with a vehicle or having a hard time selling it due to an accident history, rebuilt parts, questionable history, etc. If I found a vehicle worth $10k with a bad motor, and the motor cost 3k, I would wouldn't pay $6k for the truck. I'd be looking for it at $3K to help mitigate risk. I know that the questionable history part doesn't apply to you, but $5k on a $55k vehicle is still in the bargaining territory on a running, driving, no accident, fewer questions about what needs to be repaired/was repaired/am I gonna have more issues on it in the future vehicle.

That said, a body man might find that offer somewhat appealing as they could do the labor themselves. But they are still going to be dumping a load of money in to parts, plus risk finding other issues. As a quick flip, they would prolly cut a few corners; as a personal vehicle, they probably wouldn't come out ahead.

Still sucks about the whole situation with that truck...

 

Just as an idea, can you pay off the remaining $34K to "buy back" the title to sell it as-is?
Might be easier this way cause no lien holder that will get the first dip and whatever comes out of the truck is yours.

 

Possibly, but I don't have the extra cash to do that atm. If I can get my Jeep sold, which I've also been lowering the price on, then that could be a possibility.

 

Right, just like I said, it's an idea.
I would hate to have this whole thing setup and ready to go and boom. Lien holder shows up demanding first dip and you get the crap shot of it.
Good luck.

 

I guess I don't quite understand that part. Assuming it sells for $35k, I'm getting the same profit either way right? We would have to do payoff deal at Chase Bank. Chase would get the current $34k owed. I'd get the extra $1k. And I'd still have the over $14k in checks from insurance to keep.

I'd get the same profit if I had the title in hand already, around $15k left over

 

Now assuming it gets completely fixed in September and I can sell it after that at market value, I'd come away with closer to $20k

 

You are right, however, I am not sure if buyer would be willing since lien holder is in place, meaning the title transfer will be from lien holder to you, you to new buyer.
Potential delays and all that, I would not touch it with a 10-ft pole.
But that's just me, hope someone will take it and you will be in the clear for it.

 

Interesting. I've only ever traded in a vehicle with a current lean, so the dealer took care of all that lean holder business after the fact.

 

Is the SC still in the truck? That’d definitely up the interest in the truck

 

Agreed that this is another consideration. Having to wait for the title to transfer twice is a pain and a turn-off for many potential buyers. I've had an unscrupulous person pay off their lien from the bank, get the title, then take it to a title loan company, then try to say it hasn't shown up in the mail. I guess their plan was to take a short term loan on it, hoc some other crap, pay it off, then send me the title. Not saying that's what you would do, so please don't take offense. But, ya, it's definitely better to have the title in hand on a deal like this. Buying a wrecked/broken vehicle is more akin to buying parts off the shelf; you pay your monies and walk away with your merchandise. A car that doesn't drive isn't transportation; it's a pile of parts (with potential).

 

It is not. I've removed that already. It's easily a $6-7k kit and will either be sold separately or installed on replacement RCSB Tundra

 

I’m confused - why not get the truck fixed in September and sell it in October for $50k?

if you’re getting laid off $15k in your pocket would be nice to have.

 

I'd have $15k in my pocket either way, because Insurance has already sent me over $14k in checks to use for the eventual repair. Which I still have and have not cashed yet.

 

That was more replies than i expected so quickly. Sounds like no, not a worthwhile idea. I may still post it on like CL or FB, but won't expect any real interest.

Thanks y'all!

Feel free to keep debating or roasting my thought process here! lol

 

Given the info that you freely gave in the other thread about the independent shop findings and the KNOWN damage. At MOST I would give 16K for this thing.. and I have been flipping vehicles for a while.

ALSO I note you are claiming " clean title" the wreck if a report has been filed will still be shown on carfax and would be pretty shitty to not mention given the extent of the damages. I get wanting to dump it but your local shop isnt the only one with a backlog good bodywork is backed up in the midwest as well and since it will require rack work and quarter panel work ( cutting and welding) its not as easy as a bed replacement or fenders and a hood. Anyone that is well versed in this "industry" of flipping will be in the same boat. Given the KNOWN damage and not knowing the unknown there is no profit to be made anywhere close to 30k.

 

I havent kept up with the other thread.. but if you have been paid at this point why not find a different shop other than their preferred one?

 

Because ALL the shops in Denver are turning me away due to the extent of the damages. They are only accepting small quick jobs. Only 1 shop under State Farm would accept it, and they aren't accepting until September (booked two months ago). The independent shops around here all use OEM parts, and SF WILL NOT PAY for OEM parts to be used. They refuse to pay the difference in prices

 

The damages WOULD be disclosed. It would be very hard to conceal them! Clean title is a Clean title. There's no changing that until it gets officially written off, which isn't my call. Carfax will have picked up on the damage since it was reported to Insurance.

 

Gotcha - I missed that part.

 

Your best bet would be trying to get as much as possible out of your insurance if they won't total it. I wouldn't touch that for 35k as is or pay 50k for it when it's fixed. 50k is a lot to pay for a car with an accident. I always look at the carfax besides my own inspection. If there is any sign or history of a previous accident, I stay away. Just trying to be realistic. Sorry this happened to you. It's happened to me before.

 

Agreed. My thought for getting rid of it after it's fixed is trading into dealer, or taking one of those buy it now options. I did an initial quote and they are offering $50-52k pending a look over by whatever dealer

 

Id give him 16.5

 

I would go back to insurance and fight to get that thing totaled, especially given the totality of the situation and if you are not going to be getting a diminished value claim as well.

You get full market value, and don't have to wait till September.
Being without the truck for that long is ridiculous and there might be some language in the insurance contract about how long you can be without it before they are compelled to total it. A lot of lightly damaged vehicles were totaled during the 'Rona for this reason, parts not available and after X amount of time, insurance was compelled to total it.

And that much damage is going to seriously impact the value even if it was fixed tomorrow.

 

That part I will definitely be checking on!

Believe me, I've been fighting to have it totaled and they simply aren't. Even had a consultation with a lawyer about this mess.

 

Sorry for your luck man. I know this is a super irritating situation to be in. Have you considered sourcing a used bed, and repairing as much of the other damage as you can on your own? I know you shouldn’t have to, but I’d be too impatient to deal with the wait.

 

So you are looking for:
1. A buyer with $50,000 cash. What bank would give a loan on this deal?
2. Willing to deal with getting it fixed. Huge potential hassle
3. Willing to deal with the lien. Another potential hassle
4. Minimally values their own time and you are talking about a significant time suck.

Edit- Quick carfax search turned up a couple of non-wrecked same models, less then 20k miles for $55k

 

I have, used door shells are around $1k each, and beds without damage right around $4500-5k. Insurance only paid so far to have the bed side panel replaced, not the whole bed

I've thought of damn near everything, and it just keeps coming back to waiting the 4 more months out until the shop can deal with it.