Can you sell/trade-in a car that has been "flooded" or "totaled" by insurance?

seifseif NJMember Posts: 48
edited May 2018 in General
Here is the rundown...

My 2006 Acura MDX (80K miles) was in some serious rain/flooding. Water got in the car when I went to rescue it and had to open the door. Not too much got in and the car never stopped running. That being said, I contacted insurance and they "totaled" the car, saying the repairs were more than the value. They sent me a decent check AND let me keep the car. I have been driving it since, with the only issue being electrical, in that some dashboard lights go on sometimes, off sometimes. I went to a Honda dealer and asked them what they would give me for trade-in and they came back and asked about the flooding. They said they'd give me $1000.

The car is fine for driving - my mechanic looked it over. I am considering taking the cash they gave me and selling the car or trading it in towards a new MDX, but $1000 won't cut it. I could drive the car for another few years, for sure. What I am looking to find out is, are there other options for selling or trading in this car and getting more value? Or what would I have to do (repairs, etc) to erase that CARFAX "flooded, salvaged" notation? Thanks for any help!

Answers

  • seifseif NJMember Posts: 48

  • kyfdxkyfdx Moderator Posts: 187,667
    I would think that your title is "branded" as rebuilt or salvage, as well. Not just the Carfax.

    Before you sell it, check with your local DMV, to make sure someone else can register the car. If so, you have to disclose it, and the new owner likely wouldn't be able to finance it, so it would be a cash only deal.

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  • volvoxc60bostonvolvoxc60boston Member Posts: 1
    My son hit a stone wall at 20 mph (at night, on a dark country road), in my Volvo XC60 (2015 with about 33,000 miles); airbags did not deploy. The car was towed to my local collision repair place. Collision repair center estimates it will cost about $9K to repair. My insurer, USAA, has "totaled" the car and offered two options to me: (1) a payment of about $17K to me and USAA assumes possession of the car; or (2) a payment of $13K to me and I keep the car. USAA is not clear regarding why it would prefer to give me $13K and the car, instead of spending $7K (I have a $2K deductible) to repair the car. It seems that the car would have a "salvage" title, and that brings about a whole set of issues in my state of MA, at least.

    Any thoughts? Thanks!
  • kyfdxkyfdx Moderator Posts: 187,667

    My son hit a stone wall at 20 mph (at night, on a dark country road), in my Volvo XC60 (2015 with about 33,000 miles); airbags did not deploy. The car was towed to my local collision repair place. Collision repair center estimates it will cost about $9K to repair. My insurer, USAA, has "totaled" the car and offered two options to me: (1) a payment of about $17K to me and USAA assumes possession of the car; or (2) a payment of $13K to me and I keep the car. USAA is not clear regarding why it would prefer to give me $13K and the car, instead of spending $7K (I have a $2K deductible) to repair the car. It seems that the car would have a "salvage" title, and that brings about a whole set of issues in my state of MA, at least.

    Any thoughts? Thanks!

    They aren't offering to fix it, so you only have the two options.

    I don't think I'd want the car for $4K, if it still needed $9K of work, and would then have a salvage title. Your choice is pretty easy, I think. Take the $17K

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