QuestionI was at the grocery store I dropped my brother at the front of the store.I than parked in the back of the lot waiting for him to come out.When I saw him I pulled up to the front of the store at the intersection. As I waited for my brother to get in the car. I was rear ended by an older gentleman pulling out of a handicapped spot. He had hit my 2011 new truck .tail light, bumper brackets, some small paint damage .Totals for the the damage was $740.I was in the market to sell and I am not sure if this will effect the value of the truck.Can I sell it to the dealer/buyer without telling them there was a claim.I had a vin/ car report nothing showed up. If I do disclose this info and suffer a loss in value can I recover any money from the man that hit me?
Answer
Chad,
Thanks for the question.
Not knowing what state you’re in I am not sure about any laws governing disclosure.
In Florida for example, a dealer is mandated to disclose any damages over $600.00 and as such they will generally ask you to sign a form or affidavit regarding prior damages. This is to protect themselves from future liabilities.
$740.00 is not much damage and assuming they only replaced parts and no frame repair, body work or repainting was undertaken, then I would say you haven't lost much if anything in the way of diminished value or DV as it is commonly referred to in the auto industry.
As for if you should be candid about the loss and repair….personally, I believe is honesty is the best policy and I would disclose it to avoid potential issues later on but I see replacement of damaged hardware and trim as just good cosmetic maintenance and would say, if only parts were replaced and replaced with factory replacement parts, than your vehicle is as good now as it ever was and no loss would be incurred.
Keep in mind, a dealer will be looking for any reason to lessen his buying/trade-in price so it all comes down to part of the negotiations.
If the insurer called for aftermarket (non-original manufacturer parts) this could be a different story as such parts are not well regarded for their fit, function or longevity and use of such parts will lower the desirability and value.
If you do suffer a loss or diminution in value, Yes, you can seek recovery from the at-fault party or their insurer. Just be sure you select a qualified and competent DV Expert to assist you. Don’t select one based on price as there are those who do it very cheap but whose opinions are not well respected by insurers.
Understand too that you are entitled to all damages which flow from the loss and this could mean your expert fees and costs as well.
Hope this helps! Let us know if we can assist you further!
