Compensation for value of new car

[gardendeb]

What is the name of your state (only U.S. law)? Missouri
How do I get compensated for value of new car. It was hit before I made the first payment. We had a loan for 22,000 and Hyndai says they cannot cerity as used car due to core damage. They could only give us 13,000 for the new car. Would like payment for the difference.

 

[latigo]

What is the name of your state (only U.S. law)? Missouri
How do I get compensated for value of new car. It was hit before I made the first payment. We had a loan for 22,000 and Hyndai [sic] says they cannot cerity [sic] as used car due to core damage. They (?) could only give us 13,000 for the new car. Would like payment for the difference.

Who, what or which is "they"?

 

[gardendeb]

compensation

Who, what or which is "they"?

They being the dealership because Hyndai will not certify the car because of core damage, which is related to the frame.

 

[Just Blue]

They being the dealership because Hyndai will not certify the car because of core damage, which is related to the frame.

What does your insurance say about this?

 

[TigerD]

When you accepted the $13,000, did you sign something? Perhaps something called a release?

You really need to talk to your insurance company and possibly a lawyer.

DC

 

[Zigner]

What does Hyundai's "certification" have to do with this? Are you trying to trade this in to a Hyundai dealer?

 

[gardendeb]

Compensation

What does your insurance say about this?

I did not sign a release of any kind except to have car repaired.
So far my insurance company has not helped one bit.
The certification was important because we did trade it in, not to mention a car fax will be generated, I'm sure.
Will a lawyer take a case such as this?

 

[tranquility]

Why would Hyundai be liable for your damages?

If they can't re-certify it to their standards, they can't. How can you think that criteria would lead to them owing you money?

I believe your problem is that you did not get "gap" insurance for your vehicle that was worth less than the loan on it. That is not the car dealer's fault.

 

[gardendeb]

compensation

Why would Hyundai be liable for your damages?

If they can't re-certify it to their standards, they can't. How can you think that criteria would lead to them owing you money?

I believe your problem is that you did not get "gap" insurance for your vehicle that was worth less than the loan on it. That is not the car dealer's fault.

No, no I don't think they(the dealership) owe me money. I want the driver who hit my car to pay us the difference. The car was valued at 21,000, now it is 13,000. That's all we got as a trade-in. The dealership is writing us a letter so we can sue either his insurance company or him personally.

 

[Zigner]

No, no I don't think they(the dealership) owe me money. I want the driver who hit my car to pay us the difference. The car was valued at 21,000, now it is 13,000. That's all we got as a trade-in. The dealership is writing us a letter so we can sue either his insurance company or him personally.

"Trade-in" value of a car is not the same as fair market value. Had you sold this vehicle on the open market, you could have gotten considerably more.

 

[tranquility]

Again, it seems the key is gap insurance. Your vehicle was not worth the loan amount, but the fair market value at the time of the accident. As soon as you drive it off the lot, the vehicle is not worth any where near what it was "new".

The trade it value is not really relevant unless you can prove it was what the vehicle was worth after the accident. The fair market value of the vehicle just before the accident less the fair market value just after (Which might be the trade in value, but not necessarily.) is the amount of your damages.

 

[gardendeb]

Again, it seems the key is gap insurance. Your vehicle was not worth the loan amount, but the fair market value at the time of the accident. As soon as you drive it off the lot, the vehicle is not worth any where near what it was "new".

The trade it value is not really relevant unless you can prove it was what the vehicle was worth after the accident. The fair market value of the vehicle just before the accident less the fair market value just after (Which might be the trade in value, but not necessarily.) is the amount of your damages.

So, do we hire an attorney to recover our losses? And if so, what would I look for in an attorney? I guess I need one that has experience sueing large insurance companies, like Shelter.

 

[TigerD]

So, do we hire an attorney to recover our losses? And if so, what would I look for in an attorney? I guess I need one that has experience sueing large insurance companies, like Shelter.

1. Who paid $13,000?
2. To whom was the $13,000 paid.
3. How long ago?
4. Can you afford to refund the $13,000.

Please answer the questions. If I read your post correctly you claimed $13k was paid to somebody - either you or your lender. That money would never have been released without you signing something. Because you are in Missouri and I looked into this rather recently for another purpose I might be able to answer your questions -- but you have to answer mine first, because the answers are critical to advice you seek.

DC

 

[Zigner]

The OP just traded his car in and got $13k for the trade instead of the $22k that the OP feels he should have gotten. Gap insurance has no bearing on this because this is not a total loss.

 

[TigerD]

The OP just traded his car in and got $13k for the trade instead of the $22k that the OP feels he should have gotten. Gap insurance has no bearing on this because this is not a total loss.

Regardless, if there was an accident, and the car was repaired, somebody paid something to somebody. And the OP would have had to sign something.

DC