In reply to Snowdoggie (Forum Supporter) :
The lease (or a loan) makes this type of buy-out complex. He does not own the car alone. He "owns" it in conjuction with the finance co/bank. They will no accept the terms of having a car they can not sell for at/near its true market value in the event of a repossession.
In reply to Snowdoggie (Forum Supporter) :
I had this same thought, but wasn't sure it's an option since it's not my car. Doesn't hurt to ask I guess. I'd love to own this car for less than 15. It drives fine, the trunk shuts, just need some mounting for the tail light and done.
people are so afraid of evs. Kona's aren't even EV exclusive and it's still this way. The body panels on the ev are the same as the 1.6 combustion. That was one of the reasons I went with the Kona, so I wouldn't be stuck in the EV repair nightmare.
Snowdoggie (Forum Supporter) said:codrus (Forum Supporter) said:lnlogauge said:Final estimate is 18k, on a car that's worth according to them 29k. Somehow, that to them is totaled.
"totalled" just means that the insurance company comes out ahead by buying the car from you and scrapping it vs paying to fix it. Presumably that means they think they can make more than 11K once they pay you 29 for it.
Could you buy it back from the insurance company, wire in a cheap wrecking yard tailight and just drive it ugly? 11K actually looks like a pretty good deal for an almost new EV with a nasty quarter panel.
Come to think of it, how many "totalled out" EVs are there on Copart that are still perfectly usable and cheap because so many people are afraid of EVs?
No, it's not his to buy, it's owned by the leasing company, he has zero rights to it. It's the same reason you can't get diminished value on a leased car, you're not the owner.
In reply to Snowdoggie (Forum Supporter) :
The lease (or a loan) makes this type of buy-out complex. He does not own the car alone. He "owns" it in conjuction with the finance co/bank. They will not accept the terms of having a car they can not sell for at/near its true market value in the event of a repossession.
John Welsh said:In reply to Snowdoggie (Forum Supporter) :
The lease (or a loan) makes this type of buy-out complex. He does not own the car alone. He "owns" it in conjuction with the finance co/bank. They will not accept the terms of having a car they can not sell for at/near its true market value in the event of a repossession.
He does not own it at all on a lease. They own it, he's paying for the right to use it for x months and x miles.
Steve_Jones said:Snowdoggie (Forum Supporter) said:codrus (Forum Supporter) said:lnlogauge said:Final estimate is 18k, on a car that's worth according to them 29k. Somehow, that to them is totaled.
"totalled" just means that the insurance company comes out ahead by buying the car from you and scrapping it vs paying to fix it. Presumably that means they think they can make more than 11K once they pay you 29 for it.
Could you buy it back from the insurance company, wire in a cheap wrecking yard tailight and just drive it ugly? 11K actually looks like a pretty good deal for an almost new EV with a nasty quarter panel.
Come to think of it, how many "totalled out" EVs are there on Copart that are still perfectly usable and cheap because so many people are afraid of EVs?
No, it's not his to buy, it's owned by the leasing company, he has zero rights to it. It's the same reason you can't get diminished value on a leased car, you're not the owner.
At some point, the leasing company is going to list the car on Copart to get rid of it. Considering this is practically a new car with cosmetic damage, it could be a good deal for somebody.
In reply to Snowdoggie (Forum Supporter) :
Buy back would never make it to the lessee. When I was in the salvage industry we were part owners in the largest auction in the state and I worked for them for a minute. Almost 100% of the 2500 cars we rolled through every month were leased totals from Michigan, Indiana and Ohio. The insurance companies and manufacturers preferred they came to us.
In reply to QuasiMofo (John Brown) :
His point was that it's a good deal for someone. 8 people have chimed in that it's probably not possible for me to get it, but his point still stands. It's a good car to fix for someone.
If that's all it takes to total an EV, then that's a great deal. Enough to make me want to check out Copart for similar deals.
Lots of Tesla 3s with nothing but hail damage here in Texas for under 10K.
I'm interested.
Snowdoggie (Forum Supporter) said:Steve_Jones said:Snowdoggie (Forum Supporter) said:codrus (Forum Supporter) said:lnlogauge said:Final estimate is 18k, on a car that's worth according to them 29k. Somehow, that to them is totaled.
"totalled" just means that the insurance company comes out ahead by buying the car from you and scrapping it vs paying to fix it. Presumably that means they think they can make more than 11K once they pay you 29 for it.
Could you buy it back from the insurance company, wire in a cheap wrecking yard tailight and just drive it ugly? 11K actually looks like a pretty good deal for an almost new EV with a nasty quarter panel.
Come to think of it, how many "totalled out" EVs are there on Copart that are still perfectly usable and cheap because so many people are afraid of EVs?
No, it's not his to buy, it's owned by the leasing company, he has zero rights to it. It's the same reason you can't get diminished value on a leased car, you're not the owner.
At some point, the leasing company is going to list the car on Copart to get rid of it. Considering this is practically a new car with cosmetic damage, it could be a good deal for somebody.
This is definitely NOT cosmetic damage.
In reply to SKJSS (formerly Klayfish) :
I have driven worse as a daily.
Snowdoggie (Forum Supporter) said:codrus (Forum Supporter) said:lnlogauge said:Final estimate is 18k, on a car that's worth according to them 29k. Somehow, that to them is totaled.
"totalled" just means that the insurance company comes out ahead by buying the car from you and scrapping it vs paying to fix it. Presumably that means they think they can make more than 11K once they pay you 29 for it.
Could you buy it back from the insurance company, wire in a cheap wrecking yard tailight and just drive it ugly? 11K actually looks like a pretty good deal for an almost new EV with a nasty quarter panel.
Come to think of it, how many "totalled out" EVs are there on Copart that are still perfectly usable and cheap because so many people are afraid of EVs?
Can you do that? My assumption was that it's a lease, therefore it isn't your car, you are just paying for the right to use it. It's up to Hyundai for the standards of maintenance and repair.
I know many lease contracts require that maintenance be done to their standards to the point where if you have substandard parts installed like tires, they will charge you for the correct parts when you turn in the lease.
(EDIT: I wonder how this also affects the repair process... car is probably too new for cheap aftermarket bits but they may be specifying all new parts instead of salvaged parts)
Funny anecdote: I used to work for a major local tire chain. Had a customer about to turn in his Grand Cherokee and had us install a set of Super Rides to replace the bald old tires. (Super Rides were the cheapest tires imaginable, that we carried for people who simply couldn't afford real tires. They were like 1 ply sidewalls and a 235/75-15 had a maybe 5" tread width.) Jeep charged him for a set of four Michelins. I know this because a month later, he was back having us install a set of the cheapest tires that fit his new Grand Cherokee, and he was saving the expensive original tires for reinstall before he turned the lease in.
Snowdoggie (Forum Supporter) said:In reply to SKJSS (formerly Klayfish) :
I drive worse as a daily.
FTFY 
lnlogauge said:In reply to dyintorace :
The cop told me to sue him. He was pissed. He ended up impounding the car, as well as three tickets.
In reply to SKJSS (formerly Klayfish) :
The insurance goes after him to cover their losses, but I don't see anything prohibiting me from attempting to recover my losses. I agree I probably can't go after him for inconveniences, but I have tangible and provable losses here. I don't see why that would stop mattering as soon as I use my insurance to cover the vehicle.
I went through something similar. You can't go after anything that insurance goes after them for - kinda like a double jeopardy thing. Now, emotional turmoil, neck pain, lost wages, all that is outside my personal experience. But if you want insurance to after them and recover your deductible, going after them first will halt that.
Pete. (l33t FS) said:Snowdoggie (Forum Supporter) said:codrus (Forum Supporter) said:lnlogauge said:Final estimate is 18k, on a car that's worth according to them 29k. Somehow, that to them is totaled.
"totalled" just means that the insurance company comes out ahead by buying the car from you and scrapping it vs paying to fix it. Presumably that means they think they can make more than 11K once they pay you 29 for it.
Could you buy it back from the insurance company, wire in a cheap wrecking yard tailight and just drive it ugly? 11K actually looks like a pretty good deal for an almost new EV with a nasty quarter panel.
Come to think of it, how many "totalled out" EVs are there on Copart that are still perfectly usable and cheap because so many people are afraid of EVs?
Can you do that? My assumption was that it's a lease, therefore it isn't your car, you are just paying for the right to use it. It's up to Hyundai for the standards of maintenance and repair.
Can I do what. Buy a totaled car at auction that a leasing company is selling? I assure you I can, and I can even bid on them online without going to the auction in person. After the cash changes hands I can paint it purple and put tractor tires on it if I want.
But then, what do I know about the high finance of leasing? I'm just a dumb rube who paid cash for my last new car.
Snowdoggie (Forum Supporter) said:Can I do what. Buy a totaled car at auction that a leasing company is selling? I assure you I can, and I can even bid on them online without going to the auction in person. After the cash changes hands I can paint it purple and put tractor tires on it if I want.
Yes, but it sounds like you don't get the automatic right-of-first-refusal before it goes to auction that the owner of a car that's been totalled gets a lot of the time.
I don't understand any of this. The OP leases the vehicle which gives him the right to use and drive a vehicle legally owned by the lease or finance company (the lease company probably didn't own it, they just make money off the transaction margins).
The insurance policy surely is there to assume the risk of loss of the vehicle, and the finance company surely stipulates the coverage levels that must be maintained. The finance company won't want a payout less than fair market value of an unblemished vehicle so they don't lose financially. So in my mind they need to pursue the other driver for losses or the insurance company if the insurable company low-balls. I don't see how the OP should be out of pocket except for costs incurred as a result of inconvenience. Maybe I'm simple but I don't see how this is terribly complicated
But if you could score this at an auction, body damage and all, add a cheap trailer and the biggest Harbor Freight generator you can find to plug into the charging port, could you enter it in the Gambler 500? How strict is their $500 rule? Do they have any rules against EVs?
edwardh80 said:I don't understand any of this. The OP leases the vehicle which gives him the right to use and drive a vehicle legally owned by the lease or finance company (the lease company probably didn't own it, they just make money off the transaction margins).
The insurance policy surely is there to assume the risk of loss of the vehicle, and the finance company surely stipulates the coverage levels that must be maintained. The finance company won't want a payout less than fair market value of an unblemished vehicle so they don't lose financially. So in my mind they need to pursue the other driver for losses or the insurance company if the insurable company low-balls. I don't see how the OP should be out of pocket except for costs incurred as a result of inconvenience. Maybe I'm simple but I don't see how this is terribly complicated
The lease company does own the vehicle, they actually purchase it. OP is out his deductible, and loses his down payment. He can go after the driver for his deductible, but probably not worth it. He loses his down payment because he's paid that to the leasing company to lower his payments, it has nothing to do with the wrecked vehicle.
I've never leased a car, but this thread is eye-opening - I had no idea a totaled lease vehicle was this complicated. Hoping the OP comes out of everything OK.
I've never leased either but this doesn't sound that complicated - a person leases a car, gets in accident, then just notifies the company and his/her insurance company what has happened. Once it is totaled, they pay the insurance company whatever the deductible is and walks away, right?
possibly complicating this (but maybe not) is the op waited for a while before reporting.
In reply to jfryjfry :
I let Hyundai know the same day. They didn't really care. I kinda thought they would pick how it would be repaired, but was told it's handled the same way as any other car, and the repairs were between me and the insurance.
jfryjfry said:I've never leased either but this doesn't sound that complicated - a person leases a car, gets in accident, then just notifies the company and his/her insurance company what has happened. Once it is totaled, they pay the insurance company whatever the deductible is and walks away, right?
The piece that I hadn't thought of was the down payment. Losing the down payment wasn't something I anticipated would have happened when a car was totaled. With a purchase, the down payment reduces the amount owed, so if the car was totaled you'd effectively get it back (minus depreciation).
My leased car was wrecked last year, someone hit my wife head on. It was a long processes, but I reported within a hour of the accident, I was on top of the police to finish the police report and was able to send it to both insurance companies right away. It was clearly the other parties fault so It still took weeks to get it sorted, Eventually able to get a rental. The lease was almost 2 years old so we did get some money back which I know is rare, but the check goes to the leasing company first then to us, so then I was following up with the leasing company regularly. After a month or so for all this to take place, we decided to wait a year to decide on a car, because we have a second car (also leased). As suggested above I typically put $0 Down, our other lease is near maturity so I am debating on leasing new or actually purchasing given the used car prices are fairly crazy. Hopefully you don't get totally fleezed but I would continue to contact them to move the needle. My insurance company went to subrogation and got all the money including the deductable, but again I was calling them and asking them these questions and trying to push the needle in my favor. Best of luck to you, hopefully you can get a resolution soon.
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