Diminished value of vehicle

[Creditplz]

Ummmm so not sure where to post this, but I took my 992 Porsche GT3 to my dealer for break in service..... service tech took it for a drive after oil change and they crashed it, went up a curb... rim is bent, tire exploded... front bumper is coming off and undercarriage is leaking fluids.... 

yes they crashed my 300k car... lol. Ummm they said they can repair it and make it look new... 

I called my lawyer up, he said we need a payment from them for diminished value, we hopped on a call with the GM, gave them 2 options... buy the car from me for the $295k we value it at, or pay us diminished value and fix my car (which I will now sell regardless). 

What can anyone here recommend I do?. I know this is a credit forum but I need advice people!

[SweetCreditObsession]

I'm so sorry that this happened to you, especially with getting a car these days being a hassle.

Since you want to sell it if it gets repaired, would taking the $295K pay off what you owe and position you to get the car that you want? If yes, what's holding you back from doing that?

If not, you might want to ask your lawyer if you have other any other options to get more money.

[Creditplz]

@SweetCreditObsession i paid $238k for the car, I currently owe $172,120 with PFS. 

the car pre accident was easily worth 280k, market value is 295k and they have one in stock for $299k with 140 more miles then mine.. 

I just want the fair value of the vehicle, cause simply putting it, this car will have major issues down the road if it's fixed, paint will never match as it'll be done in a body shop. 

to be honest, I'd even be willing to take what I paid for the car at this point so long as they give me another allocation. 

My lawyer said we will wait till Monday for the GM to review our proposals and take it from there.. but he agrees any value from before has significantly taken a dive.

has anyone here dealt with diminished value? 

[cashorcharge]

Despite them willing to fix it, I would never take the car back. You're exactly right that it will never match, it will never be the same and whether you decide to keep the car for six months or six years, it will always be a stigma and you will never know exactly what that lost value will be when the time comes for you to get rid of the car. I would let it go now and make them take the loss.

And find a new Porsche Dealer!

[Shooting-For-800]

They are a dealership, have them sell it.

Give me fair market value plus attorney fees plus $10% inconvience.

You can't buy a replacement for what you paid, right?

Why should you suffer for their problem.

They have insurance and make plenty of money.

[disdreamin]

I'm with the crew saying let the dealership offload it, they wrecked it. They should pay you the true market value of the vehicle, no sense in taking anything less. Let them repair the vehicle and sell it, you shouldn't be forced to deal with selling it due to their error.

You may have already seen this, but the website below was an interesting read related to your question:

https://www.pca.org/news/diminished-value-an-insurance-industry-secret

[Creditplz]

Today after being contacted by The Drive & Jalopnik they agreed to buy the car for $295k with a NDA & "settlement & release agreement" saying I will not name them. 

We agreed... and they sent the payoff to PFS, and wrote me a check for the difference. 

At first the GM came at me saying, we gave you an allocation at cost (not true) and the car should be sold back for what I owe on the loan... then when I showed him the journalist who have contacted me etc.... yeah.... they caved in 3 seconds looool.... needless to say I probably won't get an allocation for a GT3RS anytime soon... 

this probably costed the dealer $160k+ 

[cashorcharge]

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@Creditplz wrote:

Today after being contacted by The Drive & Jalopnik they agreed to buy the car for $295k with a NDA & "settlement & release agreement" saying I will not name them. 

We agreed... and they sent the payoff to PFS, and wrote me a check for the difference. 

At first the GM came at me saying, we gave you an allocation at cost (not true) and the car should be sold back for what I owe on the loan... then when I showed him the journalist who have contacted me etc.... yeah.... they caved in 3 seconds looool.... needless to say I probably won't get an allocation for a GT3RS anytime soon... 

this probably costed the dealer $160k+ 

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I wonder how "the Drive" and "Jalopnik" got wind of the accident?

I am glad you held your ground and got what you should have.  Had they fixed the car, you would likely not see that kind of future payoff and I was thinking about 'gap insurance' but I don't know if PFS offers that...plus getting that to pay out would have been lots of drama.

[pizzadude]

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@Creditplz wrote:

Today after being contacted by The Drive & Jalopnik they agreed to buy the car for $295k with a NDA & "settlement & release agreement" saying I will not name them. 

We agreed... and they sent the payoff to PFS, and wrote me a check for the difference. 

At first the GM came at me saying, we gave you an allocation at cost (not true) and the car should be sold back for what I owe on the loan... then when I showed him the journalist who have contacted me etc.... yeah.... they caved in 3 seconds looool.... needless to say I probably won't get an allocation for a GT3RS anytime soon... 

this probably costed the dealer $160k+ 

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I heard of a similar situation a few years ago.  A dealership parked cars awaiting service in an open lot adjacent to the service area, left the keys in the ignition, so somebody just hopped into a Mercedes and drove away.    The police found the car a month or so later, and the owner negotiated the following with the dealership:   a very large check for diminished value, another large check for the stolen contents of the car ( golf clubs, electronics,...),  full repairs, new tires & rims, 100% service & warranty coverage for as long as they own the car.

I'm sure the dealership has insurance for situations like this and it's laughable that they'd try to lowball you on the buyback, I'm sure they'll have no trouble selling it once it's repaired.

[FLLGuy]

If not in CA someone in FL will always buy that car.  Exotic rebuilt titles are very hot here in South Florida, i'm sure the dealer will get their money back after they genersouly take care of you first.