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My car is financed but is beyond repair an I need to know if I c an I sell it to a salvage company?
Wiki User
∙ 9y ago
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.
Wiki User
∙ 9y ago
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What percentage of car has to be damaged to be considered salvage?
here in nys, if the damage is more then the value of vehicle, then its toast. unless you want to pay beyond insurance and have vehicle repaired. but most people just salvage car if it is beyond repair.
What does the value of the repair has to be in order for the vehicle to require a salvage certificate. ?
The repair cost, has to be more expensive than the insurance company believes the car is worth.
What is the purpose of salvage vehicles?
Salvage vehicles are those which have been declared to expensive to repair by an insurance company. They can be re-registered if fully restored however there are many regulations that one must comply with in order to do this legally.
Can you get insurance money instead of repair?
If the car is not financed-Yes
When was Beyond Repair created?
Beyond Repair was created in 1998-12.
What does the car insurance do after they totaled the car?
According to most auto insurance policies, the company will repair, replace, or pay the actual cash value of the vehicle insurance if you have the appropriate coverage. If the vehicle is deemed a total loss, which means that the cost to repair is close or over the actual cash value of the vehicle, the company will pay the value of the vehicle to your finance company or bank if it is financed, and will pay you any amount over the amount owed to the bank or finance company, if it is financed. At this point you have in effect, sold them the vehicle so they will take what is left of the car.
Can you fix a diamond shattered on the inside?
Take your diamond to a diamond cutter and ask for an opinion as to the best way to salvage what can be preserved from the shattered diamond. It is possible that it is beyond repair, but sight-unseen, no opinion is valid.
What crushes a man's ego beyond repair?
nothing crushes it beyond repair you just got to get out there and do what you love to do
Do you have to have buldings insurance on a mortgaged property by law?
I doubt that the law requires it, but your mortgage company certainly does - if your house is damaged beyond repair and you depart, the company will want the means to get its money back.
What is constructive total loss under engineering insurance?
In terms of motor vehicle insurance, when an insurance company writes a vehicle off, they have a dedicated salvage agent, who will give them back a certain percentage of its market value (pre-incident) for every damaged vehicle sold to them. If the cost to repair the vehicle is greater than its market value minus the percentage the insurance company receives, it is known as a constructive total loss (category D), as it is more economic for the insurance company to write the vehicle off than repair it. Equation: Cost to repair > Pre accident value - Salvage percentage return = Constructive write off
What does rebuilt salvage title do to value of car?
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.
How do you salvage a car?
You salvage a car by saving it from the ruthless owner, how does not know the value of the car. Baby it and bring it to life again through repair, maintenance and proper use.
