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How it works:
If you have an outstanding loan balance, the dealer you select will be able to pay that off as part of your new or used vehicle replacement transaction. We provide you with a Bill of Sale and DamageMAX Purchase Agreement to prove that your vehicle is pre-sold. Your dealer will assign an actual cash value (ACV) to your trade and potentially give you more allowance + discount. Since you will be trading your vehicle for the purposes of the transaction, you will benefit from tax savings on the cash difference.
For example, DamageMAX values a wrecked 2005 Honda Accord EX 4 Cyl for the trade-in at $3,000 - see how it saves you money on a new 2012 Nissan Altima:
|2005 Honda Accord EX -4 cyl Sedan||85,000 Miles||85,000 Miles|
|NADA Clean Retail||$11,550||$11,550|
|Insurance payment to body shop, or||$5,600||$0|
|plus: put insurance payment in your pocket||-||5,600|
|plus: DamageMAX buyout of your vehicle||-||3,000|
|Cash in hand||$0||$8,600|
|NADA Trade-in value||$8,950|
|less: Depreciation for accident||($2,500)|
|Trade in allowance||$6,450||$8,600|
DamageMAX puts an additional $2,050 in your POCKET! - that is $59.13 per month! Plus finance approval is easier with better Loan to Value ratio with Cash from repairs not performed plus DamageMAX buyout!