As far as value goes, yes, and here's why:: A salvage title is an automobile title with a notation that the vehicle has been damaged in excess of approximately 75% of its previous market value. This notation gets applied to a title when an insurance company pays a total-loss claim on a vehicle, but then allows the owner to retain or buy back the vehicle at its post-damage market value, which is often negligibly low. Often a vehicle is still safely driveable even if technically considered a total loss by an insurance company, particularly with older vehicles where even minor cosmetic damage would cost more to fix than the vehicle's whole market value. A junk title is a similar notation to a salvage title, but generally indicates that the vehicle is not roadworthy. A rebuilt vehicle is a salvage vehicle that has been repaired and restored to operation. These vehicles are often severely damaged before they are rebuilt and refurbished parts are typically used during reconstruction. In most states, an inspection of the vehicle is required before the vehicle is allowed to return to the road. In the United States, Carfax is the most well-known company that sells title reports to prospective car buyers which, among other things, reveals these title statuses to potential buyers. According to Carfax's web site, a salvage title may also be used to indicate that a vehicle was stolen in the following US states: Arizona, Florida, Georgia, Illinois, Maryland, Minnesota, New Jersey, New Mexico, New York, Oklahoma, and Oregon. In essence what this means if you have an old car that you really like and don't really care about the resale value because it's a car you intend to keep forever, then you can still drive a car even though it's labeled as salvaged.
Yes, any condition that caused the car to be totaled by an insurance company could cause it to have a salvaged title. A good hailstorm can do thousands of dollars of cosmetic damage resulting in a salvaged title.
sell it.
Answerno.I have a car that is financed through a bank. I recently found out that it has a salvaged title and I am having problems with getting full coverage insurance. the bank along with me didn't know it was a salvaged title at the time so what can I do.
Nope..salvage title will stay forever
You need to get a salvaged title , talk to whatever city you are in to get a salvaged title. The State will give you a salvaged title. Soil can turn black due to excess water that causes poor drainages.
a salvaged title on the car basically means the insurance company calimed the car as a total lost. either due to a major accident or theft. clear title means the opposite, the car has no problems on its history.
Car has been damaged and rebuilt.
It depends on many aspects, however since it already has a salvaged total it will be significantly lessened than if it didn't already have a salvaged title. Your insurance company should be able to give you specifics as to why they are offering what they do.
You can ask anything you want to for it. Whether you can get it is another matter. California law requires you to tell them it is a salvaged title vehicle. If you do not tell them you have committed fraud and are subject to fines and jail time.Note: a legal salvage title will indicate that the vehicle is salvaged!
yes it is called a salvaged title
YES!!!!!!!!!
There is no law against financing Salvaged Titles. It is just that most banks and credit unioins chose not to finance these vehicles. The problem is that there can be liability if the vehicle is for whatever reason unsafe, and you sometimes do not know why a vehicle was salvaged. It could be because of frame damage or other serious damage, or it could be for water damage (i.e., Katrina), or it could be that it was just stripped by a theif, and has been rebuilt and is perfectly good, but since it was totaled by the insurance company, it is "salvaged". Some lenders will lend against a salvaged title. But they will take off 40% of the value of the vehicle due to salvaged title. So if the vehicle is worth $10,000 as a regular title, a salvaged vehicle will be worth about $6,000. I believe SafeCo might be a source for insurance. Car Cash Loans in Los Angeles (www.CarCashAuto.com) will lend against salvaged titles, according to their representatives.