Perfect example of why you should lease, the diminished value is the banks problem, not yours
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It may just be as simple as they don’t want a car that’s been an in accident. No matter how small it may have been, the integrity of the vehicle does come into question along with the work to it. That does affect the blue book value
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Exactly this. You pay the disposition fee and walk away without worrying about equity.
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It is a lease - i’m just bored of the vehicle and want out of it.
Looks like you’re staying in it.
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It’s also interesting because I got the Carfax report which has a trade-in value for the vehicle based on the history report (includes accident) and the value Carfax has is $32,500…
So when is CarFax picking it up? To me values stated by sources that won’t actually buy it, are fairly worthless. You could always go to a dealer and play dumb about the damage and see what they offer, CarFax will probably hose you though.
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I had a guy come out of LF yesterday off Craigslist and offer me a 1k over what Carvana offered me. I took it but I checked KBB I wasn’t aware how much my car 18’ Red Sport shot up in value. I figure I’d take his offer and cash instead of having to deal with these companies.
If that was true then even the KBB value would be worthless yet it’s what is most commonly used. I mean, the reality is that until I bring in the behicle to a dealership I won’t get a realistic offer anyways.
There’s a Jeep dealership about 10 miles away from my house that has a Grand Cherokee same model year, about 30k miles MORE then mine, and an original MSRP that was $3k lower then mine and they’re asking for $35k for that one…and it was also involved in an accident.
I guess I could argue that angle with the dealership if they try to give me a lowball offer?
You can argue as much as you want to. It will not change anything - free market. No one owes you anything.
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Today I went to the local Carmax and they offered $44,000
I did a KBB Cash Offer quote and offer was $45,026 by local Ford and Toyota dealers…if they bump it to $46K I will take it localy-if not Autonation Ford in Valencia it is… 
Just a quick question for you guys who have sold to Carvana/Carmax/Vroom. I did a One Pay lease on my current Tacoma. Looking at my lease agreement, my Residual Value and my Purchase Option at End of Lease Term is the same amount of $25,844. But when I’m on my Toyota Financial website, it shows my purchase amount as $25,051 valid through 7/27/2020. I’m currently on hold with Toyota Financial to see what exactly the dealer payoff amount would be (I’m thinking the $25,844 number). Carvana offered me 29k for the Tacoma, and I paid 4k for the 1 pay lease, so if I could get rid of the truck and get 3k back, meaning I only spent 1k for a 14 month (so far) lease, I’d be a happy camper. If It’s the 25,051 number, I’d be even happier!
Thanks
Daniel
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I just tried similiar manipulation and vroom offered me $22456 with my payoff quote being $20618. However when I called my leasing company they told me third party buyout is $23678 so go figure. They will be making money every step of the way.
What is the leasing company?
Cal automotive
I’m not advocating one way or the other. However, the way I’m interpreting the language on the documents along with how it’s written on their site, it seems like they only want to know about the accident if there is a reported event on Carfax or if the damage exceeds 25% of the vehicle at the time of the accident. Beyond that, if your accident doesn’t meet that criteria, do they need to know about it?
It showed up on Carfax about 5-7 days after the accident happened. No, it was not 25% of the value…not even close.
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I sold a gmc to vroom a few years back that was a one pay. In addition to the check for equity I got from Vroom I later got a check from GM for unused rent (they might have used different terminology) was a nice surprise.
apparently (per watching CNBC) used card sales are up 17%. That may be part of the reason. car sellers were scared their sales were going to drop big, but they are actually up…so no need to lower the values anymore (which we know they were doing)
in some states there’s the possibility of filing with the insurance for the dimished value. I’m not saying it’s something easy to get, but it might be worth a try (specially if you were not at fault)