Quote:
Originally Posted by motion
.... (how do they determine the salvage value?)...... !
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In the case of my wifes truck, KBB or some other industry standard for valuation puts it at ~$8k.
Repairs are $4,200.
If estimated repairs were $4,500+ they would have totaled it.
Auction value of the vehicle is at least ~$3,500.
$4,500+$3,500 is $8k.
So if they total it they give me $8k and they hope to get more than $3,500 at auction. (appraiser told me if I stick it on the street with a price tag of $6,000 firm it'll be gone before the weekend.)
So if they had totaled it and I opted to buy it back they would simply cut me a check for $4,500.