An accident is never a good thing, and when it results in a mangled truck, it means you have to figure out how to get rid of it and replace it. Fortunately, even if it’s considered a total loss, there are still some ways you can make cash from it.
Assess its value.
If your truck is covered by insurance (whether by the other party’s insurance or by yours), the insurance company will determine whether it’s fixable or not. In Texas, it will be considered to be totaled if the cost of the repairs is 100 percent of its actual cash value (ACV). The ACV is what your truck was worth as of the date of the loss.
If the insurance company declares your truck to be totaled, they will offer you a cash settlement. First, make sure they’re offering you a fair settlement. Then, take the settlement and request to have the truck returned to you. They will deduct a salvage value (i.e. the amount they think you could get for it at a junkyard) and pay you the difference. Hint: You’re likely to make more if you sell the wrecked truck yourself. Insurance companies are the middlemen and tend to go for the lowest settlement possible.
Check to see if your truck is covered by the Texas Lemon Law.
If the accident occurred because your truck was malfunctioning and it meets the requirements of the Texas Lemon Law, you could get more cash by applying for this coverage. Generally, the truck must be from a recent year and must have undergone several repair attempts. The application only costs $35—it’s worth the effort to find out.
Obtain the title.
In certain cases, you can sell your truck to a junk car buyer without a title, but you’ll score a higher price if you have the title. If you’ve simply lost the title, you can apply for a replacement through the Texas Department of Motor Vehicles. You will need to get either a “Salvage Motor Vehicle” title or a “Nonrepairable Motor Vehicle” title.
If you don’t have the title because the truck is on a lien, you’ll need to negotiate with your bank. Any settlement from an insurance company will first be applied to your loan. If you find yourself in the situation where you still have a remaining lien after the settlement, you can either a) arrange a new loan with the bank or a generous family member or friend to cover the difference or b) come up with the difference yourself. If neither of those options is possible, you can ask a junk car buyer if he would be willing to purchase the truck with a lien,
Leave aftermarket accessories in the truck.
Yes, we know you spent a pretty penny for those rims and speakers, but if you’re not going to need them for your new set of wheels, you’ll make more if you leave them in the truck. Maybe it’s time you upgraded to a better radio anyway.
It’s never fun to deal with a wrecked vehicle. But with these strategies, hopefully you’ll be able to cover any leftover lien amounts and have some left over for a new truck. Contact us to find out how we can help you sell your wrecked truck!