How can I figure out the value a salvaged vehicle? #car #title #loans


#vehicle value
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How can I figure out the value a salvaged vehicle?

A car with a branded title, either salvage or rebuilt, will be worth less than a vehicle with a clean title. A vehicle with a salvage or rebuilt title can thousands of dollars lower in value than a comparable car with a clean title.

Auto and insurance industry sources report that the decrease in value of a vehicle that has a rebuilt or salvage title is typically between 20 percent up to 50 percent depending on the type of vehicle and its age.

Kelley Blue Book (KBB) notes that a salvaged, reconstructed or otherwise clouded title has a permanent negative effect on the value of a vehicle. Their industry rule of thumb is to deduct 20% to 40% of the Blue Book value. but salvage title vehicles really should be privately appraised on a case-by-case basis in order to determine their market value.

So one way you can try to determine the value of a salvage vehicle is to get a rough idea by looking up the worth of the model vehicle (with a clean title) in an automobile guide such as KBB or NADA and then take off 40 percent of the value. You may even want to take off 50% of the value since if an insurance company totals it out it is not uncommon that they will only pay out 50% of what the vehicle would be worth with a clean title (not salvaged).

Another way to determine the value of a salvaged vehicle is to ask a local dealership what the vehicle would be worth with a clean title and then if it was with a salvaged title. If you have a car that has a salvaged title you could take it to the dealership for them to appraise its value for you.

Now if your vehicle has been found by an insurance company to be a total loss and you are thinking of buying the car back for salvage value you then the amount you would owe the insurance company (or have taken out of the settlement amount) is determined by the insurance company.

There is no universal list for how much salvage value would be on any certain car, it depends upon the car and its damages and how much it is worth in its current state after being found a total loss.

In general salvage value is the amount of money the insurer would recoup when selling the vehicle through a licensed salvage vendor. So instead of selling it to a salvage vendor they are allowing you to buy your car back, get the needed repairs and drive it again.

So the salvage value in a buy back situation is the worth of the car in the condition it is in with the damages it sustained in the accident. If you wish to buy back a car from an insurance company that deemed your vehicle a total loss you should discuss the value of the car and the cost to buy it back. You can check around with local salvage yards to make sure the salvage value the insurance company quoted you seems correct for your vehicle.


Renting out your own car for cash – Jun. 19, 2012 #car #batteries #online


#car for rent
#

Rent your car for cash

NEW YORK (CNNMoney) — Neil St. Clair owns a BMW 5-series and if you want, he’ll let you drive it for $15 an hour or $75 a day.

Neil St. Clair rents out his BMW 5-series on RelayRides.

With monthly payments and insurance, I was in the black last month, he said. Basically, I have the car for free.

He made about $700 in May, he said, his first month using the site.

But for St. Clair and a lot of others, it’s not just about the money. They like the fact that their unused car is doing someone some good.

I’m glad I can help people out when the car is just sitting there as dead weight, said St. Clair.

St. Clair rents his car through a national company called RelayRides. A smaller competitor, Getaround, operates in California’s Bay Area, Portland, Ore. and Austin, Texas.

The rental companies each provide up to $1 million worth of liability insurance coverage on the cars during the times they are being rented. Getaround’s insurance coverage is provided by Warren Buffett’s Berkshire Hathaway ( BRKA. Fortune 500 ). RelayRides’ users are covered by Hudson Insurance.

To make sure customers are protected, some states have passed laws that dictate minimum insurance requirements for peer-to-peer car-sharing companies.

Besides insurance, RelayRides and Getaround require that renters submit license information and submit to a check of their driving records before being allowed to rent cars.

Also, owners have the right to decline a rental request for any reason — or no reason — at all. St. Clair said he won’t rent to people who sound unfriendly. He figures it’s not a good sign for how they’re going to treat his car.

For St. Clair there have been occasional problems. Mostly they’ve been small nuisances like a soda bottle left in the car or the lingering smell of cigarette smoke. But others have experienced much more serious issues.

A nightmare scenario: There has been at least one case, as reported recently by the New York Times. in which a car owned by a RelayRides user, was involved in a fatal wreck with damages that could top $1 million.

The case has yet to be sorted out. But because determining who pays is still unclear, the insurance industry remains leery of covering individuals renting out their cars.

We advise consumers who participate in peer-to-peer ride sharing to read their insurance policies carefully and talk to their insurance agent to make sure they know exactly what is covered, said Loretta Worters, vice president of the Insurance Information Institute.

RelayRides founder Shelby Clark said, We feel very confident that the car owner [and his or her insurance company] should not have any liability.

In a more typical sort of situation, Emily Castor of San Francisco, who rents her car out through Getaround, said the car was once returned to her with a large scratch on one side.

The company took it and had it repaired in a shop and brought it back to me, she said. They had it fixed better than new.

There are still unanswered questions, though. For instance, Worters asked, What if a crash is caused by an improperly maintained car?

But despite these issues, car rental programs are picking up steam and attracting the attention of larger corporations.

For example, General Motors ( GM. Fortune 500 ) is teaming up with RelayRides so that owners of GM vehicles will be able to use the automaker’s OnStar system to provide quick access to their car without the owner and the renter ever having to meet.

As it is now, renters and owners have to meet to hand off the keys or a separate device has to be installed on the car to allow renters access with a magnetic card.

OnStar currently has six million active subscribers and another 9 million cars have OnStar hardware installed, ready to be activated. That makes for a huge pool of available cars for potential customers, said Clark.

First Published: June 19, 2012: 7:43 AM ET


Websites Can Take the Haggle Out of Buying a New Car Before Arriving at an Auto Dealership #cars #guide


#car buying websites
#

Related

The new car purchase is easily one of the most painful and confusing of all shopping experiences. Most business relationships are built on trust, yet there s good reason to distrust nearly everything seen or heard at a car dealership, from complex financing terms, to claims that a certain figure is their absolute best price, to the original, fairly meaningless sticker price on each vehicle s driver-side window. But what if you could eliminate much of the distasteful back-and-forth and just get the car you want, at a price you know is fair?

Do car dealerships lie? Of course! Check out a recent Edmunds.com post. naming five ways car dealership ads fib. One of the most common ways they stretch the truth—or, to be more precise, mislead—is by showing a vehicle with top-of-the-line trim and features, but listing a much-less expensive price for the base model. Even worse, the base price quoted probably doesn t include any fees, the post reads. Fees, of course, add thousands of dollars to the cost of a car.

That s the sort of distortion of the truth one can expect before ever entering a dealership. Once inside, the games really start being played. For example, when a car salesman states a price that s at invoice or even below invoice, the figures being quoted probably have no relationship to what the dealer actually paid for the car. nor to what kind of profit the dealership stands to make.

TrueCar.com. a free web service that gives car buyers trustworthy estimates for a dealer s actual costs and rounds up guaranteed price offers from several dealerships, aims to put an end to some of the games. The New York Times recently reported that car dealerships have felt threatened by TrueCar, and that some have even complained that the site is breaking the law. Both of these can be read as signs that the site is doing its job well.

Dealerships either pay TrueCar a monthly subscription fee, or a flat fee of $299 for each new car it sells as a result of a TrueCar customer lead. The consumer doesn t pay anything upfront to use TrueCar. The site gathers data and states various price estimates, including good and great prices for the vehicle in question, and invites dealerships to deliver guaranteed price quotes (that don t include taxes, title fees, and some other charges) directly to the consumer.

The site doesn t eliminate every hassle and potential trickery in the car-buying experience. The Times notes:

The site may be able to ensure a fair, haggle-free price, but if that drives dealers to compete too fiercely with one another, they will be forced to find other places to turn a profit. So they may lure you into the dealership with a low price, but then make up for it by giving you a poor deal on your trade-in or on the financing.

Even so, making one major headache—haggling—disappear is a terrific service. Any way to make buying a car less stressful, less confusing, and less distasteful will be welcomed by consumers .

And, in all likelihood, more and more consumers will be using TrueCar rather than simply showing up at the dealership itching for an unseemly haggle-fest. One reason this is so is that the TrueCar logo will be flashed in front of the eyeballs of more drivers. Last month, the New York Post reported that TrueCar inked a contract making it Yahoo s exclusive partner for car shoppers:

TrueCar has agreed to pay a minimum of $50 million annually to Yahoo! for the first three years, which [TrueCar CEO Scott] Painter believes will guarantee 10 million unique visitors a month — a deal he thinks will triple the $100 million in annual revenue TrueCar now generates.

The average TrueCar customer reported pays 9.7% less than the sticker price. Under normal circumstances, paying anywhere close to 8% or 9% under sticker price is considered a pretty good deal.

How will car dealerships cope if and when most customers start demanding a standard 10% off the sticker price? It s guaranteed that they re cooking up strategies right now. One that s been tried, and will probably be tried again: Last summer, GM raised sticker prices on many vehicles, and it supposedly did so mainly so that it could later be able to offer bigger, more impressive-seeming discounts at the dealership .

Brad Tuttle covers business and personal finance for TIME. He lives in Massachusetts with his wife and four sons, and also teaches journalism at UMass-Amherst.


Five Things You Shouldn t Do To A Toyota #tricked #out #prius


#

Five Things You Shouldn’t Do To A Toyota Prius. Ever

Swedish Customized Toyota Prius

The venerable Toyota Prius has been around for over a decade now, first as an awkward but fuel-efficient sedan, then a geeky hatchback and soon a platform in its own right.

But while Toyota is now putting the Hybrid Synergy Drive technology from the Prius into a whole range of vehicles from tiny city hatchbacks to full-sized luxury SUVs, there are some things that the Toyota Prius is not meant to be.

If you dare, here are five increasingly bizarre things we’ve seen the humble Toyota Prius turned into: The convertible Prius, the Prius limousine, the “Pimus”, the Prius Pickup and the Morris Minus.

Read, enjoy and see what terrible travesties can befall someone who can weld. Just don’t copy them, okay?

The convertible Prius

Have you ever wondered why the Toyota Prius has its distinctive shape?

In a word, aerodynamics. The smooth lines help air flow over the car easily, reducing drag and increasing fuel economy.

But while replacing the roof with a bespoke, electrically folding ragtop might be nice for those days cruising down the PCH, it certainly won’t help your fuel economy.

NCE’s Toyota Prius DropTop

And we can’t imagine it was cheap either.

Which is why we have to say that this rather smartly done Toyota Prius convertible by California-based Newport Convertible Engineering — which will apparently turn anything from a Cadillac Escalade through to a Range Rover into a drop-top — earns a place on our list.

Much like the Prius limousine below, the convertible Prius is a concept we’ve seen time and time again, with varying degrees of success.

The Prius limousine

You’re an eco-minded driver with a soft spot for the 2004-9 Prius, but your family just won’t fit in a five-seat hatchback. What do you do?

Most folks would accept that the high-mpg Prius might not be the best fit and buy a larger minivan or SUV instead, but one enterprising enthusiast from Quebec, Canada, took two Prii and turned them into a six-door, eight-seat Prius limousine.

The original Toyota Prius Limo

Surprisingly, the Prius limousine cost very little to build as it was built from two wrecked Prii. The total build cost was a mere $10,000 – about the same as a five year old used Prius – and took its creator more than 200 hours of fabrication to finish.

Economy? its owner reported in 2007 that his six-door creation got between 43 and 50 mpg after the massive surgery.

While we’re a site devoted to fuel economy and green transport, we still appreciate a good custom car, be it a vintage hot-rod or a tricked-out SUV.

But some cars just don’t feel right when they’ve been completely rebuilt into a bass-pumping, light-flashing disco-on-wheels.

Which is why we’ve put this particular Prius into our list.

Swedish Customized Toyota Prius

Created by the crazy Classe’s Garage in Sweden, the fully-rebuilt Prius has been transformed from a eco-minded five-door hatchback into a two door coupe, complete with inverted Koenigsegg-style doors, 20 inch rims, and of course, a louder exhaust.

Nearly everything on the car is custom-built, from its dashboard and racing seats through to its 4,400 watt stereo system and took eight weeks to build at a staggering cost of $184,275.

Keep reading on for our final two weird Prius creations, including a Prius pickup and a Prius-powered 1960 vintage car.


Out-of-State Traffic Violations #out #of #state #traffic #ticket


#

Out-of-State Traffic Violations

Most motorists will at some point end up driving out of state lots of people drive across state borders for business and pleasure. But what happens if you get a traffic ticket while driving through another state? Do you have to go to court or pay the fine? And will an out-of-state traffic conviction affect your home-state driving record?

Laws varies by state, but generally, an out-of-state traffic citation will have the same effect as if the violation was committed in the driver s home state.

Interstate Traffic Violation Compacts

Most states are parties to one or more interstate traffic violation compacts. These compacts are agreements among the member states to share information and follow certain procedures when dealing with out-of-state traffic offenders. The Driver s License Compact (DLC ) and Nonresident Violator Compact (NVC ) are two such agreements that nearly all states are members to. (Only Wisconsin and Michigan have declined to join both the DLC and NVC.)

Driver s License Compact

In 1961, Nevada became the first state to join the DLC. All but five states are now members. The nonmembers are:

The DLC requires all member states to report traffic convictions of out-of-state drivers to the drivers home state. The home-state licensing authority (Department of Motor Vehicles (DMV) or similar state agency) is then generally supposed to treat the conviction as if it had been committed in the home state.

Take, for example, a California driver who s convicted of speeding in Arizona. First, Arizona reports the conviction to California. The California DMV then takes the same action it would take if the driver had been caught speeding in California. In other words, the Arizona conviction counts as one point the point value for a speeding violation in California against the motorist s California driving record. (Like many other states, California uses a point system to track and penalize moving violations.)

Nonresident Violator Compact

The NVC was created in the late 1970s. Currently, all states have joined except six:

The NVC helps member states ensure that out-of-state traffic offenders pay their fines and otherwise comply with the terms of their citations. If an out-of-state motorist fails to comply with the terms of a citation, the member state that issued the ticket reports the failure to the driver s home state. The home state then suspends the driver s license until the driver satisfies the conditions of the out-of-state ticket.

The Nonresident Violator Compact helps member states ensure that out-of-state traffic offenders pay their fines and otherwise comply with the terms of their citations.

Contesting an Out-of-State Ticket

If you get an out-of-state ticket, you ll first need to decide whether to fight the ticket or just pay it and move on. Generally, you can avoid having to go to court by paying the citation within a certain period of time (usually 21 or 30 days). You can typically pay by mail, over the internet, or in person at the courthouse.

Contesting a ticket. however, usually means going to court or hiring an attorney to go for you. If you re just passing through the state where you got the ticket, going to court yourself probably isn t an option. In such a case, hiring a traffic attorney might be the best way to go if your mind is set on fighting the citation. (Read about some things to consider when deciding whether to hire a traffic lawyer .)

Questions for Your Attorney

  • If I have a Michigan or Wisconsin driver s license and get an out-of-state ticket, will there be any consequences if I don t pay it?
  • When you get cited for an out-of-state moving violation, can you do traffic school in your home state to get the ticket off your driving record?
  • If another state issues an arrest warrant because of an unpaid traffic ticket, can I be arrested in my home state?
  • Do the DLC and NVC apply to parking violations ?
  • Can I hold a driver s license in two different states at the same time?

Talk to an attorney


Should I Sell My Car to Get Out of Debt – Pay Off Bills? #national #car #hire


#sell car
#

Should I Sell My Car to Get Out of Debt Pay Off Bills?

By David Quilty

How strong is your desire to get out of debt? What are you willing to give up, sell, or live without in order to meet that dream head on? Would you be inclined to sell your beloved car in order to bring your balance sheet back into the black? In many cases, selling your car and going without one, or replacing it with something cheaper, can be a great way to finally pay off your debt.

To help you make this decision, evaluate how much your car is really costing you. To do this, you must think beyond your monthly payment. Sure, your payment may only be $280 a month, but that doesn t include any associated costs like rising gas prices. car insurance. scheduled (and unscheduled) auto maintenance, and any parking permits or parking fees you have to pay for work or home. Depending on where you live and what you drive, this could add up to a small fortune every month.

Is that amount inhibiting you from paying off your debt? If so, consider selling your car. Or maybe trading in that money-pit would be the way to go for your finances. Whether or not this move makes sense will depend on your car, your habits, and your locale.

Questions to Ask Before Selling Your Car

1. How Much Do You Spend on Gas, Insurance, and Maintenance?

All cars carry at least these three expenses. Some cars are gas guzzlers, while others prefer to sip (e.g. hybrid cars ), which means big savings for you at the pump. Insurance can also be significantly more expensive for, say, a red sports car compared to a Volvo station-wagon.

Maintenance is another expense that for some cars can be significantly higher than for others. For example, does your car need specialty dealer-made parts, or are off-brands available? Can you perform DIY car maintenance tips on your own? An analysis of these factors can help you determine how much your car is really costing you, and if it s worth giving up.

2. Do You Still Owe Money on Your Car?

If you are only one year into a five-year payment plan, chances are that you owe way more on your vehicle than a buyer would be willing to pay for it (i.e. upside down car loan ). The minute you drive your new car off the dealer s lot, you lose thousands of dollars in value.

Find out how much your car is currently worth on a site like Kelley Blue Book or Edmunds. If you sold the car, could you pay off the balance directly out of the sales price? Or would you have to dig into your emergency savings to cover the remainder?

Or is the balance owed completely above and beyond your ability to pay? If you can t cover the remaining balance without borrowing more money, keep the car and continue to make payments. That said, keep tabs on the value of your car versus the balance on your loan. Once you can come close to breaking even, consider selling the car again.

3. Do You Own Your Car Outright?

When you own your car outright (i.e. you have the title in hand), you can sell it for whatever the market will bear. If it s worth $5,000 and you sell it for that, will that make a serious dent in your debt? You need to weigh the reward you get from paying down or paying off your debt against what you give up by selling your car.

If you have an extra car that sits unused most of the time, or if you can carpool with your spouse, it might be well worth it. On the other hand, if you give up your only mode of transportation to work, it s probably a bad idea to sell your car.

4. Do You Even Need a Car?

Most New Yorkers can live without a car due to the high quality public transportation system, the walkable commutes, the bike lanes to ride your bike to work. and the constant availability of taxi cabs. Los Angeles residents, on the other hand,   find it difficult to get anywhere without their own car because the city is so spread out and public transportation is only available in select areas.

If you live and work in a city that encourages residents to be vehicle-free, why not try it out for a while? And if you still occasionally need a car, check and see if your area has any car-sharing services. These services rent cars by the hour or day and include gas, insurance, and maintenance for a very reasonable price.

5. If You Still Need a Car, Can You Afford a Cheaper One?

Let s say you sell your car and put the money towards your debt, but you still need a car. Can you afford a smaller, less expensive vehicle using the monthly interest you ve saved by paying down your debt? If you d have to borrow money to buy a car again, think twice before selling the one you already own. But if you can sell your car, are able to pay off some debt with the proceeds, and can still afford to pay cash for a cheaper car, then definitely consider selling.

6. What About Lifestyle Considerations?

You don t want to find out too late that you needed the gas-guzzling Suburban and can t get along without it. For example, do you enjoy carting your daughter s entire soccer team, plus gear, to various games and events? Or, do you otherwise need to transport large loads that a 45 mpg vehicle just can t handle? In addition to expenses, examine how you use your car and how or if you could live without it, or with something different.


Renting out your own car for cash – Jun. 19, 2012 #performance #car #insurance


#car for rent
#

Rent your car for cash

NEW YORK (CNNMoney) — Neil St. Clair owns a BMW 5-series and if you want, he’ll let you drive it for $15 an hour or $75 a day.

Neil St. Clair rents out his BMW 5-series on RelayRides.

With monthly payments and insurance, I was in the black last month, he said. Basically, I have the car for free.

He made about $700 in May, he said, his first month using the site.

But for St. Clair and a lot of others, it’s not just about the money. They like the fact that their unused car is doing someone some good.

I’m glad I can help people out when the car is just sitting there as dead weight, said St. Clair.

St. Clair rents his car through a national company called RelayRides. A smaller competitor, Getaround, operates in California’s Bay Area, Portland, Ore. and Austin, Texas.

The rental companies each provide up to $1 million worth of liability insurance coverage on the cars during the times they are being rented. Getaround’s insurance coverage is provided by Warren Buffett’s Berkshire Hathaway ( BRKA. Fortune 500 ). RelayRides’ users are covered by Hudson Insurance.

To make sure customers are protected, some states have passed laws that dictate minimum insurance requirements for peer-to-peer car-sharing companies.

Besides insurance, RelayRides and Getaround require that renters submit license information and submit to a check of their driving records before being allowed to rent cars.

Also, owners have the right to decline a rental request for any reason — or no reason — at all. St. Clair said he won’t rent to people who sound unfriendly. He figures it’s not a good sign for how they’re going to treat his car.

For St. Clair there have been occasional problems. Mostly they’ve been small nuisances like a soda bottle left in the car or the lingering smell of cigarette smoke. But others have experienced much more serious issues.

A nightmare scenario: There has been at least one case, as reported recently by the New York Times. in which a car owned by a RelayRides user, was involved in a fatal wreck with damages that could top $1 million.

The case has yet to be sorted out. But because determining who pays is still unclear, the insurance industry remains leery of covering individuals renting out their cars.

We advise consumers who participate in peer-to-peer ride sharing to read their insurance policies carefully and talk to their insurance agent to make sure they know exactly what is covered, said Loretta Worters, vice president of the Insurance Information Institute.

RelayRides founder Shelby Clark said, We feel very confident that the car owner [and his or her insurance company] should not have any liability.

In a more typical sort of situation, Emily Castor of San Francisco, who rents her car out through Getaround, said the car was once returned to her with a large scratch on one side.

The company took it and had it repaired in a shop and brought it back to me, she said. They had it fixed better than new.

There are still unanswered questions, though. For instance, Worters asked, What if a crash is caused by an improperly maintained car?

But despite these issues, car rental programs are picking up steam and attracting the attention of larger corporations.

For example, General Motors ( GM. Fortune 500 ) is teaming up with RelayRides so that owners of GM vehicles will be able to use the automaker’s OnStar system to provide quick access to their car without the owner and the renter ever having to meet.

As it is now, renters and owners have to meet to hand off the keys or a separate device has to be installed on the car to allow renters access with a magnetic card.

OnStar currently has six million active subscribers and another 9 million cars have OnStar hardware installed, ready to be activated. That makes for a huge pool of available cars for potential customers, said Clark.

First Published: June 19, 2012: 7:43 AM ET


Renting out your own car for cash – Jun. 19, 2012 #best #car #deals


#car for rent
#

Rent your car for cash

NEW YORK (CNNMoney) — Neil St. Clair owns a BMW 5-series and if you want, he’ll let you drive it for $15 an hour or $75 a day.

Neil St. Clair rents out his BMW 5-series on RelayRides.

With monthly payments and insurance, I was in the black last month, he said. Basically, I have the car for free.

He made about $700 in May, he said, his first month using the site.

But for St. Clair and a lot of others, it’s not just about the money. They like the fact that their unused car is doing someone some good.

I’m glad I can help people out when the car is just sitting there as dead weight, said St. Clair.

St. Clair rents his car through a national company called RelayRides. A smaller competitor, Getaround, operates in California’s Bay Area, Portland, Ore. and Austin, Texas.

The rental companies each provide up to $1 million worth of liability insurance coverage on the cars during the times they are being rented. Getaround’s insurance coverage is provided by Warren Buffett’s Berkshire Hathaway ( BRKA. Fortune 500 ). RelayRides’ users are covered by Hudson Insurance.

To make sure customers are protected, some states have passed laws that dictate minimum insurance requirements for peer-to-peer car-sharing companies.

Besides insurance, RelayRides and Getaround require that renters submit license information and submit to a check of their driving records before being allowed to rent cars.

Also, owners have the right to decline a rental request for any reason — or no reason — at all. St. Clair said he won’t rent to people who sound unfriendly. He figures it’s not a good sign for how they’re going to treat his car.

For St. Clair there have been occasional problems. Mostly they’ve been small nuisances like a soda bottle left in the car or the lingering smell of cigarette smoke. But others have experienced much more serious issues.

A nightmare scenario: There has been at least one case, as reported recently by the New York Times. in which a car owned by a RelayRides user, was involved in a fatal wreck with damages that could top $1 million.

The case has yet to be sorted out. But because determining who pays is still unclear, the insurance industry remains leery of covering individuals renting out their cars.

We advise consumers who participate in peer-to-peer ride sharing to read their insurance policies carefully and talk to their insurance agent to make sure they know exactly what is covered, said Loretta Worters, vice president of the Insurance Information Institute.

RelayRides founder Shelby Clark said, We feel very confident that the car owner [and his or her insurance company] should not have any liability.

In a more typical sort of situation, Emily Castor of San Francisco, who rents her car out through Getaround, said the car was once returned to her with a large scratch on one side.

The company took it and had it repaired in a shop and brought it back to me, she said. They had it fixed better than new.

There are still unanswered questions, though. For instance, Worters asked, What if a crash is caused by an improperly maintained car?

But despite these issues, car rental programs are picking up steam and attracting the attention of larger corporations.

For example, General Motors ( GM. Fortune 500 ) is teaming up with RelayRides so that owners of GM vehicles will be able to use the automaker’s OnStar system to provide quick access to their car without the owner and the renter ever having to meet.

As it is now, renters and owners have to meet to hand off the keys or a separate device has to be installed on the car to allow renters access with a magnetic card.

OnStar currently has six million active subscribers and another 9 million cars have OnStar hardware installed, ready to be activated. That makes for a huge pool of available cars for potential customers, said Clark.

First Published: June 19, 2012: 7:43 AM ET


How to Rent Your Car Out for $10 #car #values #used


#how to rent a car
#

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How to Rent Your Car Out for $10/Hour

Move over Avis! You might have heard about a new trend that has been popping up over the last few years renting out your personal car for extra cash. We wanted to give you a quick rundown on how it works and what the risks are.

There are a number of websites that can help you facilitate renting out your car by giving you a free marketplace to list your wheels. A couple of our favorites are RelayRides.com  and GetAround.com .

You ll need to first apply by sharing the make/model of your car, proof of ownership, and a schedule of when you won t be needing your car. Typically the companies will not allow you to list your car if is in poor condition or older than 10 years old.

Once you are accepted, the rental companies do all the marketing and leg work. Each company is a little different when it comes to exchanging the keys, but some of them even install electronic devices that allow the renter access to your car after they have made payment online and signed a rental agreement.

How Much Can You Make?

Companies like RelayRides estimate that you can earn more than $3,000/year by renting your car out for 10 hours a week. I’m suspicious of the large number, but perhaps if you live in a large city with million of potential renters, that could be a real possibility. However, even if you’re only earning a few hundred bucks, it s certainly something to think about.

The amount that your car will earn per hour will largely depend on the type of car and its age. For example, on GetAround.com there’s an electric Tesla roadster being advertised for $50/hour, but a more common 2004 Acura is being advertised for only $10/hour.

There’s never any cash exchanged between the renter and the car owner. The companies act like a middle man by collecting the cash and sending you a paycheck.

What About the Risks?

Letting a friend drive your car is enough to make anyone nervous, let alone a complete stranger. Many of the rental companies have seem to take that concern to heart when crafting their rental agreements. To start renters are required to buy large insurance policies, often in excess of $500,000, before renting your car. If you report that any damage has been done to your car, the renter is charged a deductible and the rental company sees that your car is fixed promptly by their insurance policy.

Renters who smoke in the car or leave it dirty are also charged a fee to have your car cleaned and detailed. In fact, it seems like most of the companies are hypersensitive to protecting the car owners from negative repercussions.

What Else Can You Rent?

Renting out you personal property is a trend we’ve been following all year here at The Penny Hoarder. It seems the poor economy has made this money making trick explode in popularity. If you’re curious about some of the other things you can rent, check out these articles:


How can you find out the salvage value of a totaled car #rental #car


#value of used car
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How can you find out the salvage value of a totaled car?

Handyman2007

Answered Last

You can call some salvage or wrecking yards in your area and ask what they are willing to pay you for the totaled car. It is best to call several wrecking yards and then average the price they offer you. A reasonable estimate is 15-20% of the retail value of the vehicle at the time of loss. Keep in mind that a vehicle totaled due to front end damage will have a lower salvage value than the same vehicle totaled due to a rear impact.

A salvage yard will often pay you more than a scrap yard. It just depends on how badly damaged the vehicle is and what parts may be reusable. Salvage yards attempt to salvage usable parts that can be resold as is to body shops, mechanics and individuals and then the remainder is crushed and sold to be melted down. A scrap yard will generally only offer you based on the weight of the metal because they are just going to crush it all down to be sold as raw metal for recycle.

All insurance companies have different formulas and conditions for paying out on a total loss. For instance, I know of a few companies in Illinois that will formulate a value at time of loss based on the following factors: car’s condition before the accident, current blue book value, current dealer re-sale prices, current salvage values, and current newspaper listing prices. Taking all these sources of info into consideration, it is difficult to say the least to compose a salvage value, until the actual time of loss, and after an adjuster examines the damaged vehicle.

There are some insurance companies out there that will not do what is right toward you, but the right companies will be fair and reasonable to you. For instance, I know that The Hartford asks you what the condition of your car was prior to the accident, the adjuster who goes out to look at the vehicle looks at any prior damage on the vehicle and any mechanical malfunctions. They then go on the market (Auto Trader is used commonly) and search for vehicles in the same category condition and base your vehicles value on that value. They then retain the salvage. I know however that if you choose to keep your salvage title, they take the market value of the car and subtract with the salvage value and that’s the money you get along with keeping your car. The main point of giving you market value is so that you can go out and buy the same exact car in the same condition as your vehicle was prior to the loss. In conclusion, there are some fair companies out there. It’s the consumers sometimes that keep trying to take more because they see a no fault auto accident as a way to make money.

If you think you are being low balled by the insurance company than you may invoke the policy section where disagreements about settlement value can result in an independent appraisal/mediation. You will have to pay half of the fee for this, though.