Good question Jo, forgot to add his comments on that topic. I did ask about the possibility of buying it back for spare parts, and he said the process is as follows:

  1. We clear it with my lienholder first (he said banks/credit unions could be "difficult" on the topic of allowing their borrower to buy the vehicle - maybe they're concerned people might wreck their vehicles in order to get out from under a loan payment?)
  2. GEICO posts pictures and a description of my VX on a national salvage auction site and solicits bids from yards for 3 days
  3. At the end of the three days I can buy the truck for the same amount as the highest salvage yard bid
  4. If I choose to buy it back, GEICO just subtracts the salvage price from the total value of the vehicle (less the outstanding loan payoff of course)

A basic example for clarification: VX is valued at $10K, I owe the credit union $5K on it, and the highest salvage yard bid is $1K. GEICO cuts a check to the credit union for $5K and a check to me for $4K and then I tow the VX back to my place.

I'm going to call my credit union tomorrow morning, and assuming they're okay with it (I really think they will be, it's a small town CU and I've been a member for over a decade) I'll have GEICO press forward with getting salvage bids. I can always refuse to buy it if the bid is too high, but there is a LOT of stuff on my VX that's in good shape and would make for either great spares or lucrative sales.