I have a leased car on which I got a quote from vroom to be sold for 24k. My car was rear-ended 7 days after I got the quote. Now when I get a new quote after repairing vehicle I get 19.5k quote. I sent both to the insurance company and got this reply back “Getting quotes on your vehicle is not proper diminishment in value supports”.
Anyone had this issue before? How to resolve this?
Can you even claim diminished value on a lease? You aren’t the owner per se
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I recommend speaking with a lawyer that specializes in diminished value claims (they exist).
The money you’d pay them is worth it to claim the difference in value from the insurance, potentially in the thousands
With that being said, I’m pretty sure the captive owns the car, not you. Diminished value is usually paid out to the owner of the vehicle.
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What exactly are you trying to accomplish here? Please add more context and details.
I was going to sell this car as it is leased and I am over my mileage by 15k. I owe 25k on the car, I was ok to take a hit of 1k. But now I cannot sell it as hit I take will be about 5.5k. I just want to sell my car at the price vroom wanted to buy before the accident.
Like others said, since you don’t own the car technically you didn’t loose any value. Imagine if insurance company paid out simply on the Vroom quote difference and you just pocketed the money and never went through the sale. I went through this a while ago when my Civic got $12k of damage two months prior to lease return. I tried to claim the diminished value, however, insurance had none of it. On the plus side, the bank offered a discount on buyout once they learned about the accident. I think this is the only time I heard you could negotiate the residual. Call your bank, asked them if the accident affects the residual.
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What you mean by call the bank? My lease is through Toyota so I should call them and ask if residual value will be lower after accident?
All insurance claims are negotiable…until you cash the check.
But you will need to provide way more evidence than a Vroom quote.
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yes, exactly that.