Update---Truck totaled. 6k miles on it. Help.

[gb7FRz26]

Hmm I don’t think the 5th amendment protects you against physical evidence. That’s why the state has subpoena power. Altering the video could be obstruction. Fwiw.

Ah you're right, oral testimony only, how about that. Had that wrong in my head for a long time, thank you for correcting me.

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[towpro]

After my accident on a motorcycle where some idiot on another motorcycle side swiped me and threw me over the bars I learned:

1) Uninsured, underinsurned motorist. I had plenty of this.. it covers past where the other persons insurance stops.

2) Stacked coverage. I had no idea what this meant, but I had 4 motorcycles insured with stacked coverage. it turned out that this means that if I had an accident, I could use the total payout that all 4 policies stacked would add up to.

 

[Bigscott]

Someone crossed into my lane and I swerved to avoid a head on collision. We were both going about 40mph. This was the result...

I'm waiting on insurance but Im 99% sure its totaled. Now I get to listen to the ridiculous payout offers on the car... The problem is that they most likely won't find 3 other trucks with similar options and build to compare. Mine is the 157 wheelbase with HDPP.

Based on my research there is only one for sale within a 100 mile radius. Its a 2022 XL model as well with very similar build and package except for color and a few interior differences that I can deal with.

The other problem is in SC the minimum liability required is $25k. Assuming the other driver has that, how am I going to get a "made whole" payout? I'm pretty freaking pissed at the other driver since I had 6 months of plans and vacations with the kids already reserved. It'd be a miracle to find a replacement truck without paying out the rear for a brand new one or ordering a new one that will take 3-6month to deliver and is going to cost $4-5k more because "reasons". Not to mention my apr on the truck loan was 1.9%. Guess what the lowest rate is now? FML

Sorry for your loss. But as long as everyone is ok that's the important thing

 

[alkoser]

Update:
Its been totaled officially. I got the first round of appraisals for the truck and its looking hopeful. The initial valuation from this morning is $50k. The report did not have correct options/packages so I sent the corrections so they could revise it. If they follow through, Im looking at $51-54k payout. That amount more than covers my total costs/expenses so I'm happy.

I did go through my insurance so I'm not sure how theyre handling policy limits/coverages but I wasn't told anything as of yet. Hopefully it goes smoothly.

Btw, If anyone is interested in a totaled 2022 F150 for sale, here's it is at the auction lot:
2022 FORD F-150 XL/XLT/LARIAT for Auction - IAA (iaai.com)

 

[Henfield]

Update:
Its been totaled officially. I got the first round of appraisals for the truck and its looking hopeful. The initial valuation from this morning is $50k. The report did not have correct options/packages so I sent the corrections so they could revise it. If they follow through, Im looking at $51-54k payout. That amount more than covers my total costs/expenses so I'm happy.

I did go through my insurance so I'm not sure how theyre handling policy limits/coverages but I wasn't told anything as of yet. Hopefully it goes smoothly.

Btw, If anyone is interested in a totaled 2022 F150 for sale, here's it is at the auction lot:
2022 FORD F-150 XL/XLT/LARIAT for Auction - IAA (iaai.com)

Your policy limit for Collision is whatever is the value of the truck.

Please don't mistake Collision and comprehensive for liability limits for Bodily injury and property damage. Those limits will have nothing to do with this accident on your insurance. Your insurance company will settle with you, payoff the lien, give you the remaining cash. Then they sell your truck, and go after the other guy's insurance.

Hope you can find what you want on the dealer lot quickly.

 

[alkoser]

Your policy limit for Collision is whatever is the value of the truck.

Please don't mistake Collision and comprehensive for liability limits for Bodily injury and property damage. Those limits will have nothing to do with this accident on your insurance. Your insurance company will settle with you, payoff the lien, give you the remaining cash. Then they sell your truck, and go after the other guy's insurance.

Hope you can find what you want on the dealer lot quickly.

Makes sense. Thanks.

I am sadly probably going to hold off on a replacement due to current interest rates and general ridiculous price increases. May look for a cheap used small truck until the market improves. Will get back to RV camping and heavy hauling in a year or two.

 

[rdr854]

Makes sense. Thanks.

I am sadly probably going to hold off on a replacement due to current interest rates and general ridiculous price increases. May look for a cheap used small truck until the market improves. Will get back to RV camping and heavy hauling in a year or two.

If you are getting more for Your truck than you paid for it, you will have tax consequences unless you use all of the proceeds on a new vehicle. I had that situation about 4 years ago. I think the IRS gives you two years. You should check with your tax advisor.

 

[Kodiak]

If you are getting more for Your truck than you paid for it, you will have tax consequences unless you use all of the proceeds on a new vehicle. I had that situation about 4 years ago. I think the IRS gives you two years. You should check with your tax advisor.

I may be wrong but I think the formula is that you must pay the profit portion of the sale in taxes if you do not spend that amount of money on a new vehicle.

For example if you bought a truck for $58k and sold it for $60k that would give you $2k profit. You will not pay tax on that $2k profit as long as you spend at least $2k for a new vehicle. You do not need to spend the full sale price as most of that money was already your own already taxed money.

 

[rdr854]

I may be wrong but I think the formula is that you must pay the profit portion of the sale in taxes if you do not spend that amount of money on a new vehicle.

For example if you bought a truck for $58k and sold it for $60k that would give you $2k profit. You will not pay tax on that $2k profit as long as you spend at least $2k for a new vehicle. You do not need to spend the full sale price as most of that money was already your own already taxed money.

I did not mean to imply that the full amount was taxable. Only the portion that is above one’s basis in the totaled vehicle. That said, where the loss is catastrophic rather than a normal sale, my understanding is that if a more expensive vehicle is purchased, there is no tax consequence. This is what happened to me when we totaled our 19 Ford Fusion and bought an 18 Volvo wagon. This was because insurance gave us more than we paid for our 19 Fusion. Had we bought a cheaper car, short term capital gains tax would have been due on the delta. Our tax advisor also told us we had 24 months to replace the car.

 

[DEEPDOWN]

Someone crossed into my lane and I swerved to avoid a head on collision. We were both going about 40mph. This was the result...

I'm waiting on insurance but Im 99% sure its totaled. Now I get to listen to the ridiculous payout offers on the car... The problem is that they most likely won't find 3 other trucks with similar options and build to compare. Mine is the 157 wheelbase with HDPP.

Based on my research there is only one for sale within a 100 mile radius. Its a 2022 XL model as well with very similar build and package except for color and a few interior differences that I can deal with.

The other problem is in SC the minimum liability required is $25k. Assuming the other driver has that, how am I going to get a "made whole" payout? I'm pretty freaking pissed at the other driver since I had 6 months of plans and vacations with the kids already reserved. It'd be a miracle to find a replacement truck without paying out the rear for a brand new one or ordering a new one that will take 3-6month to deliver and is going to cost $4-5k more because "reasons". Not to mention my apr on the truck loan was 1.9%. Guess what the lowest rate is now? FML

....."Not to mention my apr on the truck loan was 1.9%. Guess what the lowest rate is now? FML"
Not sure what the rules are in your state, but in Canada, Ford Motor Credit (other lenders, would not) would allow a "Collateral Substitution" on an existing loan, provided original terms weren't changed (meaning you would have to make up any shortfall, vs the current loan balance). The problem here of course, is that the insurance company, is bound to pay off, the lienholders, on the original loan, but if a substitute vehicle of equal value can be found, it may not hurt to ask.

 

[Oakstone]

....."Not to mention my apr on the truck loan was 1.9%. Guess what the lowest rate is now? FML"
Not sure what the rules are in your state, but in Canada, Ford Motor Credit (other lenders, would not) would allow a "Collateral Substitution" on an existing loan, provided original terms weren't changed (meaning you would have to make up any shortfall, vs the current loan balance). The problem here of course, is that the insurance company, is bound to pay off, the lienholders, on the original loan, but if a substitute vehicle of equal value can be found, it may not hurt to ask.

I am in the same boat in Canada where, if they total-loss my truck that was hit 16 days after delivery, I'll have a very different total cost of ownership. I'm at 1.99% over 72mo vs. 4.99/72 or 5.49/84 that they are offering on a new order. I have sent the info to my dealer, who hadn't heard of the Collateral Substitution before, so fingers crossed that they will do it and my dealings with ICBC won't have to include the ownership cost battle. To their credit, the insurance folks have been super nice so far. We'll see if that holds up down the line, but I am just going to stand fast with "I just want a new truck, the same as my old truck, in my driveway for the exact same payments/terms" and hope that works out.

 

[DEEPDOWN]

I am in the same boat in Canada where, if they total-loss my truck that was hit 16 days after delivery, I'll have a very different total cost of ownership. I'm at 1.99% over 72mo vs. 4.99/72 or 5.49/84 that they are offering on a new order. I have sent the info to my dealer, who hadn't heard of the Collateral Substitution before, so fingers crossed that they will do it and my dealings with ICBC won't have to include the ownership cost battle. To their credit, the insurance folks have been super nice so far. We'll see if that holds up down the line, but I am just going to stand fast with "I just want a new truck, the same as my old truck, in my driveway for the exact same payments/terms" and hope that works out.

Caveat: I worked as Finance Manager for 30 years (mostly Ford), but been retired for 5 1/2 years. Whether or not, this is still available, I'm not certain, but at one time is was an advantage that FMCC had over other financial institutions, other than exclusivity with low rate (subvented) APR. Also they allowed another individual (often used for straw A/Z/X Plan purchases), to assume the vehicle and the remainder of the low/zero rate loan. My son took over my 2008 Focus SES this way.

 

[Oakstone]

Caveat: I worked as Finance Manager for 30 years (mostly Ford), but been retired for 5 1/2 years. Whether or not, this is still available, I'm not certain, but at one time is was an advantage that FMCC had over other financial institutions, other than exclusivity with low rate (subvented) APR. Also they allowed another individual (often used for straw A/Z/X Plan purchases), to assume the vehicle and the remainder of the low/zero rate loan. My son took over my 2008 Focus SES this way.

Thanks for the heads up, even if it's not a thing anymore Can't hurt to ask!

 

[HeadBanger]

Sounds like it's working out for you. I keep hearing that Ford is having a tough time selling trucks at any price. Guess that's not true?

 

[Nasto]

After all this you may want to look into a dash cam--that can save your Buttt! I got this one and it has amazing clarity and simple to use!!

DASH CAM--

I just went ahead and purchased that model dash cam. Any chance I can see a pic of how it looks in your truck, such as placement and cabling for power? Thanks!

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