My wet Roush Raptor

[2014RubyRed]

Did someone say they needed a Stage 4?

Reviewing insurance policies......lol

 

[lesharleyroushraptor]

The numbers are this..
I can walk away and they will payout $65,023 . Bank gets $42,500 of that because that is what I owe. I get the rest and have to go find another ride.
I can keep the truck as salvage and they will payout $49,468 . Bank still gets $42,500 of course. So, I then have my wet R Raptor with $7k or so for repairs and no truck payment.
Which way I go will rest on the results of the dealer replacing the inside fuse box. That's the $560 repair I spoke of. Hope to hear the results of this repair on Friday...

 

[Jimbo]

I think if you owned it free and clear, I'd buy it back. Since you don't, I'd take the check and run.

 

[t_j]

Not to mention you will end up with a salvage title which will kill your resale value, make it harder to sell, and possible make it more expensive to insure.

 

[Jimbo]

Not to mention you will end up with a salvage title which will kill your resale value, make it harder to sell, and possible make it more expensive to insure.

And not having a nice lump of cash to fix any unforeseen issues.

 

[t_j]

And not having a nice lump of cash to fix any unforeseen issues.

Yeah, guessing a salvage title would probably void both the bumper to bumper and power train warranty. The long term costs of keeping it are possibly huge, compared to running away from it.

 

[Deleted member 12951]

What determines a salvage title or not?
Edit: nevermind, I wikipedia it.

 

[Jimbo]

What determines a salvage title or not?

When the car is declared a total loss, which his would be. You can then get a salvage title issued if you choose to repair it. After hurricanes, you'll see a ton of flood salvage cars come to market for cheap.

 

[cbcgeneral]

The numbers are this..
I can walk away and they will payout $65,023 . Bank gets $42,500 of that because that is what I owe. I get the rest and have to go find another ride.
I can keep the truck as salvage and they will payout $49,468 . Bank still gets $42,500 of course. So, I then have my wet R Raptor with $7k or so for repairs and no truck payment.
Which way I go will rest on the results of the dealer replacing the inside fuse box. That's the $560 repair I spoke of. Hope to hear the results of this repair on Friday...

With what you've explained and understanding that you still owe a bit to the bank I wouldn't take a chance especially like everyone has said about your resale value taking a huge hit. I know it sucks and it's a pretty hard decision that I wouldn't want to have to make but in the long run I honestly think taking the total loss is your best option. Good luck with whatever you decide and if you wind up keeping it under the salvage title I wish yo luck that you don't have any future issues.

 

[lesharleyroushraptor]

Yes. A tough one for sure. If kept it the vehicle would be paid off and I'd still have 5k to work with. My inclination is to run but I gonna pay the $560 to see what Ford says and how things look after the fuse box replacement. Unless it starts up AND doesn't appear to have any other obvious issue I will take the money and run... AND WAIT until next fall for new ones...
Is that still the target date for the new raptors?