Did you know that you could possibly get diminished value of your vehicle if it was repaired?
For example: On Monday, Seller Sam puts his 2014 Toyota Camry with 35,000 miles for the sale price of $13,000. Mr. Buyer looks at the Camry. He likes it and tells Seller Sam, “if you still have this Camry by Friday and I can get ahold of $13,000, I will give you a call”. The next day, Ms. Rearender’s Corvette smacked into the back of Seller Sam’s Camry as he was dead stopped at the red light.
Super Speedy Auto Repair estimated it would cost $6,000 to repair the Camry. My-Fault Insurance Company agrees to accept liability and pay the repair bill rather than totaling out the vehicle. Super Speedy Auto Repair got the repairs done in less than three days and Sam Seller picks up the Camry on Thursday night. Friday morning, Mr. Buyer calls Sam Seller and says he is willing to buy the Camry for $13,000.
Sam Seller meets up with Mr. Buyer who has a pocket full of Benjamins (because that’s “how he rolls”). Before Mr. Buyer hands over the money or signs anything, he pulls out his superfast iPhone 10++ and checked the Camry’s Car Fax Report. Mr. Buyer 1inds out the Camry recently was in a wreck with major repairs. He now declines to pay $13,000 but will offer only $10,000 for the Camry.
Sam Seller declines and takes it to he dealership for trade-in value on the Camry. Last week, Camry of the World offered him a trade-in-value of $13,000 but now they will only offer him $9,000 because they too found out about the repairs. o Sam Seller called Mr. Buyer and sells the Camry for $10,000 o A Blue Book Value of this Camry, had it not been for the accident, was $13,000 but it is valued now at $10,000, which is a $3,000 difference —this is your car’s diminished value. We will work to recover a reasonable diminished value claim for your repaired vehicle.
The illustration above was for demonstrative purposes and the characters were 1ictional. Mr. Buyer does not carry $13,000 in cash around town or “rolls like that” around Mississippi. Diminished value claim (DV) varies from case to case. Not every repair vehicle will have a DV claim (i.e., it varies on the available insurance coverage, the fault of the parties, the make, model, and condition of the vehicle). It is important to talk to an attorney with our 1irm to determine if you have a DV claim.
If you are in a car wreck, then there is some important information that you will need to provide your attorney: Address, phone number, detail regarding vehicle repair, photographs, medical bills, information about your job, and receipts. Here are some tips that you can follow if you are involved in a car wreck: