Quote:
Originally Posted by Efthreeoh
The buyback situation seems odd. I'm not sure how every insurance company processes it, but when my E90 was totaled by a deer strike, I had to first make the insurance claim as a buyback, then I was sent to the department that settles buybacks and that is when I learned what the buyback amount was. So, in my case I had to make the buyback decision without knowing the buyback price. Based on the salvage value of my car at $450 (it had 350,000 on it at the time) and the repair estimate, I ended up paying about $1,765 out of pocket. A buyback quote that is on the high end of the KBB value does not seem anywhere close to being correct. Are you sure the number the insurance adjuster gave you was not the insurance company's estimate of the Toyota's retail value rather than the salvage value? The buyback value is based on the insurance company's salvage value estimate, which should be thousands of dollars less than the used retail private sale value (value).
I would double check with the adjuster. Something does not seem right; I think the number he gave you was the settlement price for the Toyota the insurance company is going to pay your parents for it. Most buyback situations end up like mine where you pay a few thousand dollars difference between the repair estimate and the buyback price you paid to buy the vehicle back from the insurance company.
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Apologies, I may be using the terms wrong.
I was only forwarded an email from the adjuster and it said:
Full Settlement = $X
Owners Retain = $Y
If you take the full settlement, I will send you directions how to get the title to us and set the pick up of the vehicle from your residence.
If you keep the vehicle, you can text me a photo of the title, front and back. Collision and comprehensive is dropped from the policy. Liability remains
The full settlement $ was what I was led to believe would be the amount they would receive in exchange of for the car. I was using buyback in the sense of the insurance buying back from us but I think you were using buyback as in buying back from the insurance company?