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Can Total Loss car be resold in the market?

Roadhogger

By Roadhogger,
in General Car Discussion

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Aeromania

Aeromania

1st Gear

Ur car may still be repairable but u decided declare total loss. Total loss means your insurer compensate you and the car is theirs liao so it's up to them to do whatever they want. Eh curious leh, how u crash ur car? Not trying to be funny just want to hear some story.

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Aeromania

Aeromania

1st Gear

Yeah it's possible

 

Even if they don't re sell in local market, they can export it to other markets after repairing it.

 

The law doesn't make it that total loss means total scrap.

 

chassis wai already still can export meh? i tot no matter how u repair, so long as chassis wai wun be 100% straight liao and export market wun accept. Maybe I not familiar with the export market.

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Darryn

Darryn

Turbocharged

The other thing is that maybe the workshop buy and repair.

 

They could keep it as a "project car" for when their staff not busy. So the repair cost (to the workshop) may only be 50% (just to pull number) of what it is to insurance company.

 

 

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Thinthin

Thinthin

Neutral Newbie

 

 

i bought a car some years ago becoz it was cheap ... later someone told me that, it was a total loss car previously ......... , [bigcry]

But on 2nd thought :

 

there were more good than bad .... the way i c it .... [rolleyes]

Bad becoz it was a wreak previously ..... :angry:

Good becoz almost everything was new !!!! [laugh]

Apart from a twisted main frame .... everything was new !!!!

 

so from $ and sense point of view .... i actually paid less and got more ..............instead

 

The Car did not give me any problems at all in the 3 years that i have owned it !

Road handling was surprisingly good ... did not wish to try high speeds as there was no need for that ....

i mean i drive decently never crossing the 110 km limit ......

no rattling , no swaying , no engine growls ... everything was near perfect !!!

 

Years later i even owned a wrecked E200 .... i took it to KL ...

i tell u , it was so well done that u wouldnt even believed it was a total wreck !!! [:p]

 

The mechanic must hv done a good job in the rebuilding ... i checked the undercarriage and joints very regularly and did not hv any problems with corrosion at all ....

conclusion : i was happy though ..... value for $ [;)]

 

 

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Good-Carbuyer

Good-Carbuyer

1st Gear

Hi, I was involved in a accident months back, and had my car total loss. I was compensated market value by insurer. I noticed that the car is back in the resale market. Is this legitimate?

I believe the current COE make it profitable to compensate you for total loss then sell it back into the used car market for profit.

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Good-Carbuyer

Good-Carbuyer

1st Gear

Hi, I was involved in a accident months back, and had my car total loss. I was compensated market value by insurer. I noticed that the car is back in the resale market. Is this legitimate?

I believe the current COE make it profitable to compensate you for total loss then sell it back into the used car market for profit.

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Excellion

Excellion

Neutral Newbie

sorry to pull out this old thread.

 

got a question on total loss.

 

supposed the car was declared total loss and so the insurance company pays off the owner. the owner still has an outstanding loan with his bank.

 

my question is that can the owner continue to pay monthly installments to the bank or must the owner repay the full sum of the loan immediately as the car has been scrapped?

 

appreciate the clarifications.

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SimonTan

SimonTan

2nd Gear

Of course must repay full lah!!

 

But now....with the high Coe....I don't think there are any cars with lower market value than the loan.

 

 

The total loss thing is only from the insurance point of view.

 

Just like you may think a spoilt laptop or HP is total loss....but some IT guy will tinker with it, change some parts...and the item is fully functional again!!

 

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Galantspeedz

Galantspeedz

Turbocharged

sorry to pull out this old thread.

 

got a question on total loss.

 

supposed the car was declared total loss and so the insurance company pays off the owner. the owner still has an outstanding loan with his bank.

 

my question is that can the owner continue to pay monthly installments to the bank or must the owner repay the full sum of the loan immediately as the car has been scrapped?

appreciate the clarifications.

 

 

the bank can choose to ask you pay in full or sue you or they can choose to allow you to pay in installments.

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Hiphiphoray

Hiphiphoray

6th Gear

The bank will definately be notify and cum ask for full payment from you.

 

The second you drive out a new car, the market value discount at least 10-20% liao.

 

If sway sway total loss..........ohohoh.....prepare to lose 5 figure sum lor.

 

 

sorry to pull out this old thread.

 

got a question on total loss.

 

supposed the car was declared total loss and so the insurance company pays off the owner. the owner still has an outstanding loan with his bank.

 

my question is that can the owner continue to pay monthly installments to the bank or must the owner repay the full sum of the loan immediately as the car has been scrapped?

 

appreciate the clarifications.

 

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Picanto

Picanto

3rd Gear

Hi, I was involved in a accident months back, and had my car total loss. I was compensated market value by insurer. I noticed that the car is back in the resale market. Is this legitimate?

 

please post the car number so that that potential buyers can avoid it

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Ladykillerz

Ladykillerz

4th Gear

Hi, I was involved in a accident months back, and had my car total loss. I was compensated market value by insurer. I noticed that the car is back in the resale market. Is this legitimate?

 

yes, it's possible.

i saw my past totalled car is now driving by an indian man living at Seng Kang.

car color is the same, nevermind. even the number plate is also the same. [laugh]

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francislwp

francislwp

Neutral Newbie

Yes, it's legal.

The insurance firm paid you the full value for total lost at time of market pricing & called for an auction and workshop (s) or dealer (s) won the bid and repair / replaced part at their own costs, passed LTA inspection and transfer under their new onwership & re-sales in the market as usaul BUT if the buyer don't know how to check the used car, then it became of transfer of this "problem" car under his / her onwership (If the buyer didn't get the STA / VICOM evalution report (If evaluated, then if the new owner happen to find out, he orhe could sue both the dealer & STA / VICION for the damages - price differences).

 

Hi JefKKing

so you mean we can sue the dealer for the compensation?

or shall we just get back the amount we paid to get the car from them?

tq

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