Total Loss

Jeremy  Abreu

Since the past year I have been slowly steering my team away from selling vehicles under BHPH, now for my market (Orlando) there are many leads who simply can't get financed with any of my banks so BHPH is the only option. Recently I closed a BHPH deal with one of my great clients who purchased multiple vehicles from me and have always paid on time and never gave me trouble. Now he got into an accident and the vehicle was deemed a Total loss and the insurance paid the balance off in full. Without anything extra for the client, he wants me to re-finance him another vehicle (which is more expensive) without putting anything down. My question is, has anyone dealt with a situation like this and if you have, did you take what he has invested in the previous vehicle and add it to the new one to offset the difference? 

 

Thanks 

Mark Rask

thats a tough deal

Nenad Petrovic

I wasn’t on this side as a seller, but have this experience as a client. Once I had an accident that resulted a total loss and insurance company paying off. So in my humble opinion you should ask a lawyer on whether your client claims are legitimate or not. In my case I got nothing from insurance company, i.e. whatever I invested before and lost after the accident, i.e rear subwoofer, tuning extras etc. was my problem as they said. So perhaps in my case it was the matter of the insurance company itself, so I changed it next year. You can read more on the site that helped me, but I rather quickly found the substitute. Plus the veterans can claim 10-15% discount if that applies to you, then it can be an interesting alternative.

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