Here are a few links that discuss salvage vehicle deals: * http://www.ohiolemonlaw.com/state-farm-salvage.shtml * http://www.vehicleinfo.com/articles.php?id=26
I've always been lucky and they've cashed me out for about the same price I paid for the car when it's been totaled. To make sure you're getting a good cash out, check kbb.com and nada.com to get a general idea of the car's value but, depending on where you live, the car might be worth more if it's in demand, so check the local classifieds, too. If you have a branded car that was again totaled you will get roughly 60% of the actual cash value of a comparable clean titled car. This is a rough estimate.
Once a salvage title always a salvage title. You may get totaled/reconstructed or some other wording but the car will never be clean again, it will remain branded and it is illegal to do otherwise.To remove the 'salvage' on the title would defraud the next buyer. It would be unethical and probably illegal.
You cannot. Once branded salvage or totaled, the title remains as such. There are illegal ways to convert a branded title (called title washing) but no legal way. Sorry! It depends on what you are really asking with your question. It is true that once the brand is on the vehicle that it was salvaged it will remain on the vehicle forever. But if you mean converting from a salvage title to a salvage rebuilt title which looks like a "clean title" but still has the brand on it that is different. If you live in Texas you will need a rebuilt affidavit completed by the owner and the person who made the repairs, you will need the title completed by the new owner and the salvage dealer or insurance company that sold them the vehicle, you will also need the form 130u which is on the txdot website completed by the dealer or insurance company and the new owner, and the new owners insurance. Please call me if you need help 2815363857 or email me at tishafranks@AOL.com
Salvage Agreement(Download)___________________, referred to as OWNER, and ________________ _______________, referred to as SALVAGE COMPANY, agree:On ____________________, OWNER suffered a loss due to __________ which damaged items generally described as:________________________________________________________________SALVAGE COMPANY agrees to take immediate custody of the salvage items and to take and sell the same in a manner, which SALVAGE Company deems most advantageous. If SALVAGE COMPANY determines that as to any part of the items, the cost of removal will exceed the probably recovery, SALVAGE COMPANY shall give notice of intent to abandon.SALVAGE COMPANY shall receive a commission of ____% of the sale proceeds and shall retain the same until directed by OWNER as to distribution of the same.Dated: ___________________________________________________________Owner____________________________________Salvage CompanySalvage AgreementReview ListThis review list is provided to inform you about this document in question and assist you in its preparation. This is a well care document that protects a company put in the position of salvaging an item, such as a vehicle or other piece of equipment, from becoming responsible to the Owner should potential costs exceed the profitability of the transaction.1. Make multiple copies. Give one to each signatory. Keep one with the transaction file.
Yes you can. To add to the answer yes you can, it comes with a caveat. A vehicle with a branded title is worth 35% less than that of a non-branded title as it relates to fair market value. So, if you have a comprehensive or collision claim, it must be realized that the car does not have the same value as a vehicle with without a branded title. These vehicles are more apt to go total in the event of the claim. The insurance company only has to make you whole and not better you.
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.
A salvage title can lower a vehicles value by 50% of KBB. Part of the mystery of buying a used car is uncovering the auto's "story". A car that is accident free, theft free, and has a low number of owners is worth more than the opposite. Vandals, thieves, and the 10th owner tend to care less about the vehicle than the person who proudly picked it up new from the dealer. Make no mistake, a salvage title is issued by an insurance company because of money. It either costs less to replace it rather than repair, or it can't be fixed economically enough to justify it. Other situations include theft. If a car is recovered after the insurance policy has paid the owner the title can be branded as salvage. The insurance company then retains ownership of the vehicle and it is often auctioned. So then why does a salvage title lower value so much? Because you, the uninformed consumer can't tell why it was branded salvage. You can be told anything, but the title only says salvage. Its up to you to decide its value. As with anything buy with caution and know that it will also change your resale value. Also, check with your insurance agent because the second total loss could be yours.
what happens if you buy a car unaware of salvage title? well, if it was from a dealer you have recourse. if it's from a private seller, too bad...UNLESS they sold you the car with a clean title when they knew it was salvage. did you look at the title before you bought the car? if it was clearly branded as salvage or totaled you're out of luck but if it was a clean title when it actually wasn't you can try and get a refund from the seller or sue. If you sue you will have prove the seller knew the title was salvage at the time of sale. good luck!!
The insurance company will determine the acv (actual cash value) of your vehicle in pre loss condition. They will tell you this amount and if you disagree you will need to explain why, they likewise will need to explain how they arrived at this amount. Once that is done, you will need to decide if you want to retain the salvage or allow the insurance company to obtain the salvage. If you decided to keep it, it will become a salvage or branded title (making it worth less generally), and they will deduct the 'salvage amount' from your settlement. The company will then pay you, or you and your lien holder, less any deductible. They will also owe you (dependent upon the state laws), some sort of sales tax rebate, actual dollar amount, or an sales tax credit, as well as title or licensing fees. If you have a particular question please ask and I'll see if I can be of more assistance to you.
Depends on the existing title, if the salvage company owns the vehicle and it does not have a salvage title then they would be just another owner like anyone else and this vehicle would have a clean title assuming that there are no lean holders. On the other hand if the vehicle in question has already received a salvage/non repairable or similar title then salvage/non repairable or similar title would follow the vehicle not a clean title.
You first need to change the title to a salvage tile. You can go from salvage to rebuilt but with a Junk title you can not. to get a salvage tile for a Junk you need to find a state that converts Junk to salvage. Usually because the state does not have a junk title. after it is salvage you need to have it inspected in your State to make sure it meets all Vehicle title Service company that has a guaranteed title service. they will have experience with this process.
A rebuilt salvage title is issued when a vehicle has been declared a total loss. When that happens, the original title is "retired", and the salvage may be sold--often by an insurance company that paid the owner and acquired the salvage. As a way of recovering some of what it paid, the salvage will be sold by the insurer. The buyer of it may then repair the vehicle to make it road-worthy. The repaired vehicle is then issued a rebuilt salvage title in order to be "legalized" and used as a vehicle. The fact that it has a rebuilt salvage title will generally reduce the value of the car, because any buyer will know that the vehicle has at one time been totaled.
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