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CL
@
2013 Apr 2, 4:09am
You'll have to pay the dealer the residual value.
Unless the janitor is offering to pay X amount + insurance proceeds that exceeds residual value on x date, you're better off fixing it and returning the car. Somehow, I don't think the janitor will pay you anymore than a used Camry with discount for the condition. In the end, it comes down to the offer and how much cash the insurance is willing to pay.
Yeah. I agree. I need to get hard numbers from insurance. Toyota Financial shows a payoff of 14,800. Mi Amigo says he and his wife have the cash for that as is, so now I just need to see which path makes the most sense.
If it's barely damaged, it may be better to just fix it. But I reckon the Leasing outfit will be pickier than the janitor, so that may offer some opportunity to fix it with less stringent paint and parts.
I'll update you guys soon.
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Okay--so the car that got a fake ticket the other day just got smacked by a guy pulling out near my building. Car has some bumper damage and likely needs some work on the quarter panel.
Took it to a body shop who (without taking the plastic off) figured it might be 2K or so. He couldn't verify without removing that plasticy bumper cover and he thought it might be twisted enough that he'd have difficulty putting it back on. I told him to sit tight while I think. I didn't want him to start the work and then get boxed in.
Our janitor had previously expressed interest in buying the car from me (and he still wants it). The other driver's insurance has called and claimed all responsibility for it, so there is no deductible for me.
The janitor fellow, being a janitor type guy who is good with mechanical things, wants the car as is (assuming the insurance can cut the cost he would have to spend). He and his friends can do the work themselves if it's necessary. He'd pay cash.
How do I thread this needle?