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What happens to your title loan if your vehicle is stolen and wrecked?
Wiki User
∙ 11y ago
Since you have a loan you should be required by the lender to have full coverage insurance which will pay you the value of the vehicle. With out insurance you are still responsible for repaying the loan no matter what happens to your vehicle. It is not the lenders fault your car was stolen and wrecked...
Wiki User
∙ 11y ago
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What is a salvage ticket?
its when 70% of a vehicle has either been damaged or wrecked, and insurance has classified it as a total loss. in some rare cases the salvage title could be issued to a stolen vehicle
How do you get a title for a vehicle if you buy a car without one?
Call local insurance Companies that do a title bond Buying a car without a title is very foolish. You may have a vehicle that was stolen. You may have a vehicle that was totally wrecked and rebuilt. You may be in deep on this car. I suggest you contact the previous owner and demand a title or a refund of your money.
Can you title a salvaged vehicle in Illinois?
Yes you can but the title will say salvage. A salvage title in Illinois means it has been stolen or wrecked and has not yet been inspected or otherwise cleared by the state. You cannot drive or as a private party, own a salvage vehicle. If you do own one, you must contact a Illinois Secretary of State Police Vehicle Inspection Station to start the process to obtain a rebuilt title.
Does a salvaged title indicate that the car was stolen?
It means that the car has been wrecked and rebuilt. The following eleven states also use Salvage titles to identify stolen vehicles - AZ, FL, GA, IL, MD, MN, NJ, NM, NY, OK and OR. So, in these states a "Salvaged" Title could mean it was wrecked and totalled or it could also mean that it was just stolen. Also, to clarify, no damage at all has to ocur while being stolen for it to receive the "Salvaged" title. Be leery though. Sellers could use the "stolen" excuse for a title to have Salvaged on it, but in reality it was really totalled.
Can a person who holds title to a vehicle have it repossessed from someone driving it as a loaner?
Report it stolen.
What if there is no title to a vehicle?
Then you must have it inspected by the Bureau of Motor Vehicles and let them give you a title. IF the car is stolen then you are going to be in a lot of trouble.
If a vehicle is wrecked then totaled and it has a lost title will this affect the insurance claim?
Totaled vehicles which have been rebuilt generally have a "salvaged vehicle" title, or whatever it's called in your state. Vehicles with a salvaged vehicle title are by definition, not as valuable as the same vehicle with a clean title. If the vehicle is subsequently in another collision, the insurance company will not pay as much since the loss was not as great. Insurance companies only need to pay you for the actual value of the vehicle.
Can a title be transfeered if the seller has lost the title?
You must have a title to sell a vehicle if the new owner plans to title the vehicle. If you are selling the car for "parts only", and not planning to put the car back on the road, then you can sell it with a bill of sale only. If they want to title the vehicle, you need to go to your local DMV and apply for a lost/stolen title. Once you get the duplicate title, then you can sell the vehicle.
Can I get a title for a vehicle that is given to me from a stranger. Someone is giving away a car but they say there is no title?
The first thing you need to do is call your local police department and give them the vin and ask them if the vehicle is stolen. You dont want to get caught trying to get a title for a stolen vehicle. Why would someone just give a car away when they can take it to a salvage yard and get a couple hundred bucks for it.
Who is on the check from the insurance when vehicle is totaled?
Whomever the car is titled to. You will have to sign the title over to the insurance company since they essentially bought the wrecked car from you.
How can you get a title for a car that was purchased in Ohio without one and you are in TN.?
It was a mistake to purchase a vehicle in Ohio that did not come with a title. Ohio vehicle owners can easily replace lost titles. Since this wasn't done, it can only be assumed that you purchased a vehicle that may have been stolen in some way (stolen & reported, stolen & not reported, or a self assembled car that was never inspected by the Ohio Highway Patrol)
Do you have to pay for replacement title if your car is stolen?
Normally you have to. Never keep the title in the vehicle, keep it at home in a safe place or in a bank deposit box.
