Wreck

Fredkrueger100

Come to Freddy!!
Supporting Member
Special Hen Supporter
Joined
Aug 16, 2012
Messages
7,071
Reaction score
4,638
Location
Shawnee, OK
I checked around and the ones that are higher amounts than mine have quite a bit less miles. But none of them came close to being as nice as mine. I’ll probably just wait to get something. I did type in my vehicle and KBB said it was around $19,750. I paid $21,000 for it about 9 months ago.
 

MilitantBEEMER

Sharpshooter
Supporting Member
Special Hen Supporter
Joined
Mar 9, 2019
Messages
2,416
Reaction score
3,985
Location
Tulsa Oklahoma
I checked around and the ones that are higher amounts than mine have quite a bit less miles. But none of them came close to being as nice as mine. I’ll probably just wait to get something. I did type in my vehicle and KBB said it was around $19,750. I paid $21,000 for it about 9 months ago.
Remember. It is about what it would cost you to replace today with same vehicle type, features and miles. KBB will always be low.
 

SlugSlinger

Sharpshooter
Supporting Member
Special Hen Supporter
Joined
Apr 14, 2009
Messages
5,788
Reaction score
3,915
Location
Owasso
I checked around and the ones that are higher amounts than mine have quite a bit less miles. But none of them came close to being as nice as mine. I’ll probably just wait to get something. I did type in my vehicle and KBB said it was around $19,750. I paid $21,000 for it about 9 months ago.
We are in a rare historical situation currently. Used vehicles have gone up in value for multiple reasons. Think of it this way, the 21,000 of purchasing power a year ago would take at least 23,100 (a 10% rate of inflation) to make the same purchase today.
 

leemozoid

Sharpshooter
Special Hen
Joined
Mar 5, 2013
Messages
759
Reaction score
131
Location
Blanchard
Geico called me today and informed me that my truck is totaled. Said they will give me $22,000 for it. I have gap insurance anyway but that will pay it off but I will not have anything in my pocket as I owe about $22,000 on it. Geico is wanting me to sign my title over to them, sign a power of attorney form and another form. I don’t understand why they need me to sign the power of attorney. Here is the forms they sent me to sign. I know there are some lawyers on here that can comment so please do. I don’t know if I should ain’t these or not.
View attachment 240564View attachment 240565
Whose insurance is this? Yours or the striking vehicle owner's? Never take the first offer. Do your research, but remember they will be using auction comps not retail comps. They won't be intimidated by attorneys so if you mention lawyering up, be prepared for them to shut down. The person you'll be talking to is likely an hourly employee and will jump at the chance to kick your claim to legal and move on to the next one. Insurance is a racket. Everybody gets screwed in the end, except the insurance company.
 

Fredkrueger100

Come to Freddy!!
Supporting Member
Special Hen Supporter
Joined
Aug 16, 2012
Messages
7,071
Reaction score
4,638
Location
Shawnee, OK
So I got an email last night from Geico saying they have paid Tinker Credit Union $22,300. I never signed anything and haven’t talked or anyone besides the one time talking to the adjuster. They were supposed to send me the breakdown of why they were giving me what they were giving me. I never received it. I don’t see how they can legally do this.
 

Fredkrueger100

Come to Freddy!!
Supporting Member
Special Hen Supporter
Joined
Aug 16, 2012
Messages
7,071
Reaction score
4,638
Location
Shawnee, OK
Whose insurance is this? Yours or the striking vehicle owner's? Never take the first offer. Do your research, but remember they will be using auction comps not retail comps. They won't be intimidated by attorneys so if you mention lawyering up, be prepared for them to shut down. The person you'll be talking to is likely an hourly employee and will jump at the chance to kick your claim to legal and move on to the next one. Insurance is a racket. Everybody gets screwed in the end, except the insurance company.
It is the guy that hit me. It’s his insurance.
 

SoonerP226

Sharpshooter
Special Hen
Joined
Jan 1, 2013
Messages
9,279
Reaction score
5,827
Location
Norman
I’m no expert but I would think since the vehicle technically belongs to the bank the bank would have some say in the settlement.
The bank doesn't own it, they just have a lien against it (although the terms of the loan do give them some rights). All they'll get out of the deal is the loan payoff, and they'll get that regardless (getting hit doesn't eliminate the debt), so they don't really have a dog in the fight.
 

SlugSlinger

Sharpshooter
Supporting Member
Special Hen Supporter
Joined
Apr 14, 2009
Messages
5,788
Reaction score
3,915
Location
Owasso
So I got an email last night from Geico saying they have paid Tinker Credit Union $22,300. I never signed anything and haven’t talked or anyone besides the one time talking to the adjuster. They were supposed to send me the breakdown of why they were giving me what they were giving me. I never received it. I don’t see how they can legally do this.

I would be contacting TCU and ask what is going on. Gieco cannot just payoff the truck and take it. Do you have the title in your possession or does TCU? If you haven’t signed anything they are stealing your truck. How did Gieco know you had a loan and how much was owed on the truck? Where is the truck?
 

SoonerP226

Sharpshooter
Special Hen
Joined
Jan 1, 2013
Messages
9,279
Reaction score
5,827
Location
Norman
I would be contacting TCU and ask what is going on. Gieco cannot just payoff the truck and take it. Do you have the title in your possession or does TCU? If you haven’t signed anything they are stealing your truck. How did Gieco know you had a loan and how much was owed on the truck? Where is the truck?
Any active liens and lien holders are listed on the title. I don't know what it takes to do a title search here, but I'd guess it's pretty easy for an insurance carrier.

The one time I dealt with Geico (their insured hit my truck), it seemed like they made a lot of assumptions and took a lot for granted.
 
Top Bottom