Can you sell a salvage car?
In general, yes. However, to do so lawfully, a new title has to be issued, usually called a "salvage title".
If your car is financed you cannot sell it to a salvage company. Even if the car is beyond repair it does not technically belong to you until you have finished paying for it. Once you pay the finance company off you can sell it to anyone you please. The salvage company won't or shouldn't purchase that vehicle without a clean title.
Yes, you can sell a car with a salvage title. However, in most states the title will forever be identified as "salvage" which makes the car less desirable. Also, in many states the car will need a special state inspection before it can be registered, to make sure it was properly repaired and has required equipment for safety (e.g., airbags) and emissions (e.g., catalytic converter).
Depending on the state the answer is no. If you are in CA, AZ, CO, NY I know you must disclose that the vehicle has a salvage title. As a private seller you are selling the car as-is but if your car was recently totaled/salvaged but you sold the car with the old clean title, that would be unethical. If I purchased the car from you and later could prove you knew of the salvage…
Not sure about all 50 states but in the state of Illinois it is a misdemeanor for a dealer to sell a car and not have the buyer sign a form provided by the state which the buyer is acknowledging that the car is a salvage/rebuilt vehicle. Repeat offenders are felonies. Contact your states DMV to find out what your law states where you live.
You bought a used car and when you tried to trade it in they said it has a salvage title six months after you bought the car?
That means that at some point the car was wrecked so severely that the cost to repair it exceeded 75% of the value of the car. The car was therefore totaled and sold to a salvage yard. The salvage yard sold the car to someone who repaired it and sold it with the required salvage title. You should have noticed the salvage title when you bought the car.
Most banks or independent title loan companies will NOT give you an AUTO loan or consider the car as collateral on a Salvage title car. Some dealerships have been know to sell salvage title vehicles and submit the title for a loan, unbeknownst the bank or the vehicle's owner. This is not illegal in some states. Always ask to see the title when purchasing a used car from an unknown dealership.
Your car was totaled and now has a salvage title you were paid the amount of your cars worth am you still able to sale it Or do you have to give it to a tow yard?
Unless you have made other arrangments, as in buying the wrecked car yourself, once your insurance company totals your car and pays you the fair market value, then they own the car, and not you. They will sell it to a salvage yard. Remember they own the car now. Call them and tell them to remove the car from your property.
Its my opinion that a salvage vehicle that has been repaired properly and is determined to be safe should sell for about 25% less than its book value. I am a salvage dealer and have found this to be fair to the buyer and seller.Just make sure the vehicle has been repaired properly as there's a lot of shoty people out there trying to make a quick buck off your ignorants. example an $8000 car…
This is possible. For example: I drive a old Grumpy old Pick up truck to do chores. It has a working sale value of less than $2000. This is because it has some things that would need to be repaired before passing a safety inspection. The engine and other drive line components could be sold as salvage for as much as $4,000 because in working condition there is a demand for them.
Can a dealer ask you to return a new car if your trade-in is later found to have had a salvage rebuilt title?
Well, if you knowingly traded in a salvage/rebuilt car with a wrong/clean title he has the right to sue you for the extra money he gave you for your trade in since a salvage car is worth roughly 40% less than a comparable clean titled car. Did you sign over a salvage title when you traded the car in? If so, he has no legal recourse since the salvage title is clearly marked and it's…
You do not need a special license in New Mexico to junk or sell a truck. It is not legal in New Mexico to sell a salvage vehicle without a branded title. You need to notify the MVD if you are junking a car or truck. You can sell the car to a licensed dismantler or auto recycler who will part it out or scrap it.
When car shopping, it is important to always inspect a car thoroughly regardless of its title, some vehicles could have been in accidents never reported or involved in a buy back program. But keep in mind that if you buy a salvage title car, the chances of selling it to someone else and recouping your money are very slim. You might save $3,000, $4,000, $5,000. But you will lose that right off the top when…