0
It means the car was wrecked, or flooded, so badly that it was sold for salvage. The cost of repair was 80% of the value of the car. The car was then bought by someone and repaired. Thus the salvage title. Run from this vehicle as fast as you can. == At resale time a salvage/reconstructed vehicle will net 60% of the value of a comparable car with a clean title. Cars are totaled when repairs top 75% of its real market value. An older salvage car can be a fine purchase since they are worth less and it doesn't take much to total them (even a little side swipe will total an otherwise fine car and it will drive fine). Avoid flood damaged cars as they can have a lifetime of quirky electrical problems.
Don't believe the scaredy cats that say RUN from a salvage car--if the salvage/reconstructed car is in good condition and passes a pre-purchase inspection it can be a great deal.
What else can I help you with?
What happens if you buy a car unaware of salvage title?
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!!
How do you declare the title of a vehicle you own as salvage?
can be done by insurance company at time it is totaled out by them
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.
Can a New Mexico Salvage title vehicle be registered in Texas?
Yes it can, we buy cars from Florida to California that are salvage and sell them in Texas all the time.
I bought a car with a clean title then when I went to get it registered they said they sent him a letter to tell him to send in the title to get it changed to salvage and he never did so what do I do?
If you want the car then you retitle it with a salvage title. If you don't want the car then you go back to the seller and explain that he defrauded you by not presenting you the proper 'salvage' title. If it's worth the time and hassle to you then you may need to contact an attorney and sue.
Can a salvage title be due to theft?
Assuming that the vehicle was stolen and not recovered for more than 6 months, then yes you can have a salvage title on a stolen automobile because the insurance company would write it off as a total loss after six months just as if it was wrecked. My truck currently has a rebuilt title due to this exact reason. It was not recovered for 8 months and by that time the insurance company had written it off. That being the case I got a heck of a deal on a nearly new truck and while the resale value will be less, the price I paid for it was a lot less than a clean title would have been so it averages out.
What does salvage date mean?
The salvage date refers to the specific point in time when an asset or item is deemed to have little or no value due to damage, obsolescence, or market conditions, making it more cost-effective to dispose of rather than repair or maintain. This concept is commonly used in insurance and accounting to determine when a loss is recognized and how to handle the asset's depreciation or disposal. It can also apply to inventory, vehicles, or other items that are no longer viable for use or resale.
Can a car with junk title be sold in California?
Well. you gotta do something with 'em, right? I take it by "junk" you mean SALVAGE title. http://www.leginfo.ca.gov/cgi-bin/displaycode?section=veh&group=11001-12000&file=11500-11541 (h) (1) A salvage certificate issued under this section shall include a statement that the seller and any subsequent sellers that transfer ownership of a total loss vehicle pursuant to a properly endorsed salvage certificate are required to disclose to the purchaser at, or prior to, the time of sale that the vehicle has been declared a total loss salvage vehicle. (2) Effective on and after the department includes in the salvage certificate form the statement described in paragraph (1), a seller who fails to make the disclosure described in paragraph (1) shall be subject to a civil penalty of not more than five hundred dollars ($500). IF you mean REGULAR title and junk car, you should be able to sell "as-is" to the highest bidder. LOL
What services exist for finding rates on time share resale?
There are many services that exist to help people with finding rates on time share resale. One of the best website to find rates on time share resale is the Time Share Broker Services website.
If you have to register your car with a salvage title do I have to get new license plates and pay for a dmv sticker that matches the new license plate?
The question shows a misunderstanding of what is required to register a vehicle with a salvage title.MOST places require a very detailed inspection the first time the car is registered after the title being "Branded" as salvage.After that the procedure is identical to all all other cars.
What is resale?
Resale is when you sell any item for a second time. Example: If you purchased items as bulk or a piece, and then sell them again (bulk or piece by piece), that's resale.
What are the pros and cons of a salvage title vehicle Im am thinking of purchasing a vehicle with a salvage title but Im not familiar with this kind of purchase. FYI the car is a 1993 Lexus SC400.?
A salvaged title vehicle cannot be re sold in retail transaction or auction. It can be sold at a salvage aution, for scrap/junk vehichles or "parted" out. The cons: If it's newer avoid, an older car is easily salvaged with only cosmetic damage, a newer car with a salvage title could have sustained over $15k in damage and that's major. If you don't know why it was salvaged, avoid. Before and after pics are vital. Don't take the seller's word for anything; just like buying any used car - have an independent inspection by a pro. If it was salvaged due to flooding AVOID big time. The car will never be right and a lifetime of quirky electrical problems will ensue. Insurance is not that big a deal. You can get full coverage, depending on your insurer but keep in mind that a salvage car has diminished actual cash value (roughly 40% less than a comparabale clean titled car) and you will be paid less if it's stolen or totaled a second time. Pros: If it's salvage due to theft recovery go for it! That's typically the best kind of salvage you can get, provided the thief didn't trash it. Salvage cars go for 40% less (don't pay more than that!) and if it's an older reliable car like a Honda or Volvo you could get a fine car for lots less. Make sure you run a Carfax to find out why/when it was salvaged and get a pre-purchase inspection. And drive it til you get your money's worth out of it cause they are harder to re-sell. I have owned two salvage cars and they have been terrific cars and great values. If the repair work has been done right, and the price is right, what's the big deal? Keep in mind this food for thought: a new car gets rear-ended and sustains $5k in damage - it gets to keep it's clean title. An older car with the same damage would get a salvage title. SAME DAMAGE, DIFFERENT TITLE. A clean title, therefore does not mean a clean car! Oh, and despite what you hear, once a salvage brand is given to a car it remains as such. There are illegal ways to "titlewash" and get a clean title but no legal way whatsoever.
