Buying back stolen car, insurance settled

Buying back stolen car, insurance settled

Author
Discussion

enginebuilder

55 posts

98 months

Monday 8th January 2018
quotequote all
I would check Copart's selling fee's for a single private buyer, it will go on its selling hammer value, its got sliding scales of charges, loading fee's etc, if you supplied the book pack & service history & 2nd key, don't expect them if you buy it, Copart has got very expensive in the last few years, hence I no longer buy from them.

sonnenschein3000

710 posts

89 months

Monday 8th January 2018
quotequote all
eatontrifles said:
I'm working on the presumption that the cost of buying a car categorised as stolen/recovered through Copart is going to be far less than buying one from a forecourt, or even a private seller which is why I was curious about the value. Can you assist with that? Do you buy vehicles through Copart?

The car is still under manufacturers warranty so that isn't a worry. As I mentioned earlier we know exactly what has happened to the car and where it went after it was stolen (we've also seen it and it is not damaged) and as a result we would have no problems buying it back.
Oh I can see where you're coming from now.

TallPaul

1,517 posts

257 months

Monday 8th January 2018
quotequote all
I can understand you not wanting to reveal the car or the auction location/date for fear of bumping up the price but once its sold can you report back with the details? I'm going to guess if its German, pretty much undamaged and just stolen recovered, it'll sell for 20% below top retail plus fees, maybe more...

ZOLLAR

19,908 posts

172 months

Monday 8th January 2018
quotequote all
So said:
Stolen / recovered usually shows on car checks doesn't it?
Not presently.

So

26,271 posts

221 months

Tuesday 9th January 2018
quotequote all
ZOLLAR said:
So said:
Stolen / recovered usually shows on car checks doesn't it?
Not presently.
Interesting.

Does that assume zero damage? Does it have an appreciable impact upon value?

ZOLLAR

19,908 posts

172 months

Tuesday 9th January 2018
quotequote all
So said:
ZOLLAR said:
So said:
Stolen / recovered usually shows on car checks doesn't it?
Not presently.
Interesting.

Does that assume zero damage? Does it have an appreciable impact upon value?
If the vehicle is stolen and recovered but sustained sufficient damage to write it off it'll be classed as category A,B,S,N.

If the car is stolen and recovered with damage (say a dented bumper) but economically repairable to the insurer then it will be repaired and there is a separate option to specify stolen and recovered.

Basically the same as a car involved in a low value accident, the car can be repaired and no one would be the wiser.

Edited by ZOLLAR on Tuesday 9th January 08:40

So

26,271 posts

221 months

Tuesday 9th January 2018
quotequote all
ZOLLAR said:
So said:
ZOLLAR said:
So said:
Stolen / recovered usually shows on car checks doesn't it?
Not presently.
Interesting.

Does that assume zero damage? Does it have an appreciable impact upon value?
If the vehicle is stolen and recovered but sustained sufficient damage to write it off it'll be classed as category A,B,S,N.

If the car is stolen and recovered with damage (say a dented bumper) but economically repairable to the insurer then it will be repaired and there is a separate option to specify stolen and recovered.

Basically the same as a car involved in a low value accident, the car can be repaired and no one would be the wiser.

Edited by ZOLLAR on Tuesday 9th January 08:40
Thanks Zollar that's interesting. I always thought that if a stolen car was paid out by insurance, it would forever have an HPI marker.

Thinking logically, though, given that insurers will always want to maximise their asset value I am not surprised that they can effectively hide the car's history to make the resale value higher.





ZOLLAR

19,908 posts

172 months

Tuesday 9th January 2018
quotequote all
So said:
Thanks Zollar that's interesting. I always thought that if a stolen car was paid out by insurance, it would forever have an HPI marker.

Thinking logically, though, given that insurers will always want to maximise their asset value I am not surprised that they can effectively hide the car's history to make the resale value higher.
It's not the insurer's decision to show or hide that information, insurer's are required to record the information on MIAFTR, HPI decide what information is then shared.
Which is why I mentioned it could always change in the future.

Further to this the insurer will have an agreed % settlement with the salvage agent based off Glasses, caps etc so the final resale value of the car has no relevance to the insurer only the salvage agent.

MIAFTR is run by IDSL and MIB who are separate organisations to the ABI.

eatontrifles

Original Poster:

1,442 posts

233 months

Tuesday 9th January 2018
quotequote all
TallPaul said:
I can understand you not wanting to reveal the car or the auction location/date for fear of bumping up the price but once its sold can you report back with the details? I'm going to guess if its German, pretty much undamaged and just stolen recovered, it'll sell for 20% below top retail plus fees, maybe more...
It finally appeared on the Copart listings yesterday so I had a chat with my parents about whether they were still interested in buying it, and they've decided that the time isn't quite right for my mum to move on from her current car so they will be giving it a miss.

It's a 2016 Mazda CX-3 and is the only one listed on the site currently if anyone wants to view, it will be going to a physical auction on Friday. Since we saw it around four weeks ago it seems to have lost a piece of trim from the side. The lot number is 50658777.

So

26,271 posts

221 months

Tuesday 9th January 2018
quotequote all
ZOLLAR said:
So said:
Thanks Zollar that's interesting. I always thought that if a stolen car was paid out by insurance, it would forever have an HPI marker.

Thinking logically, though, given that insurers will always want to maximise their asset value I am not surprised that they can effectively hide the car's history to make the resale value higher.
It's not the insurer's decision to show or hide that information, insurer's are required to record the information on MIAFTR, HPI decide what information is then shared.
Which is why I mentioned it could always change in the future.

Further to this the insurer will have an agreed % settlement with the salvage agent based off Glasses, caps etc so the final resale value of the car has no relevance to the insurer only the salvage agent.

MIAFTR is run by IDSL and MIB who are separate organisations to the ABI.
The problem this creates - on the face of it at least - is that a S/R vehicle may have been ragged stupid or otherwise messed with. It seems that it can currently be reintroduced into the market with the buyer believing that it's had no adverse history.

ZOLLAR

19,908 posts

172 months

Tuesday 9th January 2018
quotequote all
So said:
The problem this creates - on the face of it at least - is that a S/R vehicle may have been ragged stupid or otherwise messed with. It seems that it can currently be reintroduced into the market with the buyer believing that it's had no adverse history.
True, but as discussed in the recent "Rental cars sold on without new owner knowing the history" threads the same could be said of all used vehicles purchased.
I agree though, it should show up on the history and I feel it's likely to change at some point.

For what it's worth stolen vehicles aren't always "ragged" otherwise they'll stick out like a sore thumb, many people appear to equate modern day thefts with the joyriders of the 90s but they're two different types of thieves.

Modern cars are product tested to an incredible level so if the thief were to give it the beans so to speak it would unlikely have a noticeable difference over the lifetime of the car, more likely consumables would be affected or paintwork/alloy damage.

boyse7en

6,671 posts

164 months

Tuesday 9th January 2018
quotequote all
So said:
The problem this creates - on the face of it at least - is that a S/R vehicle may have been ragged stupid or otherwise messed with. It seems that it can currently be reintroduced into the market with the buyer believing that it's had no adverse history.
Surely any used car can have been ragged stupid or messed with? You have no idea whether any car has been rallied every week or only driven to church on Sundays.

So

26,271 posts

221 months

Tuesday 9th January 2018
quotequote all
boyse7en said:
So said:
The problem this creates - on the face of it at least - is that a S/R vehicle may have been ragged stupid or otherwise messed with. It seems that it can currently be reintroduced into the market with the buyer believing that it's had no adverse history.
Surely any used car can have been ragged stupid or messed with? You have no idea whether any car has been rallied every week or only driven to church on Sundays.
I am assuming that the V5 will still show a single owner, for example Mrs Dorothy Dobbs of the Old Rectory Little Upping. Now of course Mrs Dobbs might be a track-day supremo and / or someone who removes and refits panels in her car to conceal drugs. An extreme analogy, but you get my drift.