Got into a car accident today.

[aegeanbluecivic]

Man, I feel ya. My wife's 2016 Honda HR-V was hit on the driver side(both front and rear doors got scraped) last November by a lady that changed lane on a curve without looking to her right. Called the cops and explained the whole episode and luckily I don't have to prove my point since the lady confessed that she was "stressed and did not pay attention". Anyhow, there was no structural damage, but as I contacted her insurance company for a claim they sent an adjuster in 3 days to asses the damage. The result is a recommended change of the outer panel or skin(the HR-V's damaged rear driver side door panel just looked like yours). Furthermore, I consulted a good body shop and they agreed that it is a remove and replace process for the outer skin/panel. I was NOT at fault, so the lady's insurance covered all the expenses form rental car to the whole repair.

Keep in mind that you have the right to choose your own body shop and have the right to reject the other parties recommendation.
Lastly, since you are in a lease it is wise to consult with your insurance company or a lawyer about a DIMINISHED CAR VALUE.

Yes I agree with that. I actually did talk with my insurance company about DV and they mentioned it may be hard to get but it doesn't hurt to try, they said I should wait and get the repairs done, take my car to a dealership and have them appraise it, then with the accident report and get it on paper. Also since I am going through with the dealership's insurance everything should be covered. The insurance company is just trying to track down the employee who actually hit me though. Sucks I should have gotten his name but he was in a rush to leave.

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[DX2000]

OUch this sucks Looks like mine too so this is going to cause a nightmare.

 

[nicoled985]

Yes I agree with that. I actually did talk with my insurance company about DV and they mentioned it may be hard to get but it doesn't hurt to try, they said I should wait and get the repairs done, take my car to a dealership and have them appraise it, then with the accident report and get it on paper. Also since I am going through with the dealership's insurance everything should be covered. The insurance company is just trying to track down the employee who actually hit me though. Sucks I should have gotten his name but he was in a rush to leave.

I hope everything is going ok with it all.

 

[rezlab]

Count you blessings - it looks to me as if the damage was limited to the door. If that is true, then the repairs ought to be easy. If, however, any of those fancy new "crush zone" structural body parts are damaged it will be a different story.

 

[aegeanbluecivic]

Okay I wanted to update you guys. So seems like the dealers insurance is going to move forward with me. I got an estimate from a repair shop that is recommended by the dealer I originally got the car from. They stated they will have to replace the rear driver side door and they will fix the dents everywhere else and paint it. Almost 5k for the job yikes!

 

[Gavnzdad]

Glad your getting it taken care of.

$2400 for just the body labor? I'm definitely in the wrong business.

 

[joserevelo]

Okay I wanted to update you guys. So seems like the dealers insurance is going to move forward with me. I got an estimate from a repair shop that is recommended by the dealer I originally got the car from. They stated they will have to replace the rear driver side door and they will fix the dents everywhere else and paint it. Almost 5k for the job yikes!

glad it worked out for you like it did with me.. make sure you ask for them to realign your car just to be safe..

 

[rezlab]

Ouch. I would have guessed $4k, but I don't own a body shop.

 

[civicT]

Post a pic when she is all fixed.

 

[SpartanSi]

I was going down a straight road on my way to a car wash center and the guy pulls out and hits me. This is the result, currently on hold trying to get in touch with a representative on his insurance policy. The driver that hit me worked at a Nissan dealership. Trying to get this sorted.... I'll update you guys. Since it's a leased vehicle you think it'll kill the value of it?

Leased vehicles have a pre-established value. It is called residual value. This would be the value of the car after the lease has expired. You could buy this car for the residual price that was written into the lease but, now that you have been in an accident, I would never recommend it. Truthfully though.....this car is no longer worth the residual value that was established when you signed your lease. As soon as your car was hit, the resale value of your vehicle took between a $7,000 to $10,000 value loss. What this means is that as long as you take the car to the body shop and get the car fixed, that you will not be penalized for the value that was lost. As part of the lease process the dealer or lease holder takes the hit in value when an accident occurs with a leased car. This is honestly the one true advantage of leasing. If the car gets into an accident, as long as you fix the car properly, you will not be held accountable for the loss in value of that vehicle. Keep in mind though that you would never want to buy this vehicle at the end of the lease as the residual or remaining value of the vehicle, would be higher than the true value or market value of the car. As soon as the car goes into the body shop with a reported accident, the resale value takes a hit. You can thank Car Fax for this. In the end, the loss in value will be the dealers loss due to this car being a lease and not your own.

Had you purchased this car when it was new......your car, post body shop repair would be worth $7K to $10K less than it was worth before the accident. Sorry about your car.....be happy it is a leased car!

 

[SpartanSi]

So, what kind of lease do you have where you get equity back? I have SOLD a leased car private sale and got equity, but "turning it in" will get you nothing.

I have actually seen nearly destroyed leased cars get repaired and turned back in at end of lease. Even have a dirty (but not totalled) Carfax. Most leases never specify that you can't have an accident.

You actually can make money on a lease. My wife just decided to purchase her 2013 MDX which we were leasing. Had she decided she did not want to keep the car, I would have advertised the MDX in the paper to sell. Most dealers, will work with you to handle a title transfer of the lease to a 3rd party sale.....if it means that you are going to buy your next vehicle from that dealership. Most dealers will do this title transfer for free or nominal $$. The key is to work the title transfer thru the dealer. Doing so, will keep you from having to pay taxes on the resale of the vehicle.

The Residual on the MDX was $23K but, the market value of this vehicle is around $30K. This gives me a $7K potential profit. Turning in this vehicle to the dealer would be a dumb move as the dealer would turn around and market this MDX for $33K ($30K for vehicle and $3K for certification). What you want to do is begin to negotiate and find your next car before your lease is up. Once you get close to finding the exact next vehicle, your next step is to advertise your car in Autotrader or Cars.com. If it were me, I would list the car at $30K as this is the true market value. If the vehicle is desirable, you will have zero issues finding someone who is willing to buy a $50K MDX that is 3 years old for $30K. The dealer by the way told me that the vehicle was worth $30K based on their market experience. Once you have located a buyer and agreed upon the selling price, you tell the buyer that they will need to meet you at the car dealer to handle the title transfer. Not surprisingly, most people will welcome this offering a lot of people do not like doing private party sales and doing the deal at the dealership in their minds makes the transaction more legitimate. You will need to tell the dealer what price you are selling the vehicle for and the dealer will handle the lease to sale transfer with your customer. You do not pay the sales tax handing the sale in this manner. Once the title is transferred to your customer, the dealer will cut you a check for the difference between your selling price of $30K and the lease residual of $23K. You can pocket this $7K check or use it for a down payment on your new car. Have made money doing this with Jeeps, Honda's and Acura's. The key to making a profit is to buy a vehicle with a great "known" residual value. Poor residual means less potential for return on a lease. The best part of this whole process is the fact that the dealer cannot share with your customer, your residual lease value as it is against the law. Thus your profit potential is something that stays between you and the dealer. They are paying market value + sales tax and in their minds, this is about as good as it gets. If it is a friend and you want to cut them a deal.....sell it for $28K.....and pocket $5K.....in the end, as long as you sell the vehicle for more than residual, you will get money back in the end.

Cars that do exceptionally well......Civic Si, WRX and Sti, Pilot, MDX, RDX, HRV, CRV, Jeep Wrangler Unlimited, Jeep Grand Cherokee, Lexus, Miata as examples.

You are looking for cars with 58% or higher residual resale values or offer something that customers really want.

The process is painless and honestly, a good deal for all parties involved.

 

[Pearl]

@Spartan

Exactly. The car now has an accident on record and diminished value.

 

[schen72]

Yeah I agree I was planning on turning it in and hoping if there would be any positive equity after I was done to be put into another new lease. All of that is thrown out the door now. If you look at all the liquid coming from the Nissan car it looks like they just car washed it or something along those lines. I gave statements to my insurance and the other. I pray to the car gods it goes in my favor.

Positive equity from a lease? Has this ever happened in the history of mankind? If it's a lease, who cares about damage. Insurance takes care of it, and you return the car at the end of the lease. Accidents are more an issue if you own the car, because you're living with it forever.

 

[aegeanbluecivic]

Good Evening Guys! Got my car back and man do I got some news for you. DO NOT GO TO SUNROAD COLLISION CENTER in Kearny mesa. Firstly they said I would get my car back on the 22nd of this month. The reason for the delay, they damaged a chrome trim on top of the door. Ordered another part and that piece came in damaged. That I was okay with. I got my car today on the 27th and no one walked me around my car. The receptionist gave me my keys and said here you go. I inspected it and I found so many mistakes. I am highly disappointed they had my car for nearly 3 weeks. Am I being anal about this? They promised me it was going to look brand new like nothing ever happened. There is obviously scrapes and I touched it and it's not smooth at all. Can see bubbles in the paint and looks like they even dented it. There is a scratch inside the car door too that wasn't there. It must've been when they replaced the car door. I called and told the receptionist immediately after seeing this crap job and she said since it was closing time and the rental car was already closed I had to bring my car in the next morning. Such a big hassle because I work a schedule from 8 to 5 pm every Monday through Friday! Whoever painted this car did a bad job and it's funny because when I asked why my car wasn't ready the day they promised to deliver it's because they were "detailing" the car. Yeah there's all that white crap over the door what a freaking joke.

 

[aegeanbluecivic]

Positive equity from a lease? Has this ever happened in the history of mankind? If it's a lease, who cares about damage. Insurance takes care of it, and you return the car at the end of the lease. Accidents are more an issue if you own the car, because you're living with it forever.

Yes it does happen, the car ends up being worth more than residual not saying it would've been guaranteed for the civic but I drive very low miles. There are many cases bro you need to look around. The reason why I care is I'm driving this car for the next 2-3 years and even though I don't technically own the car it still upsets me I was involved in an accident and had to go through with looking at that huge dent in my car while driving waiting for the collision center to get the parts needed to get started on my car. Maybe I'm just nit picky about the situation but life happens I suppose.

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