how does a salvage title affect you?
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'Salvage' title refers to a vehicle that has been deemed a total loss by an insurer. It could be due to a multitude of reasons including theft, fire, flood, or collision. When a salvage vehicle has been repaired and certified for use on the road once again, the title can be changed to a 'rebuilt' status.
585518
When you go to trade it in, your dealer will likely find out about the damage and repairs and that means they will very likely offer you less for it. So not only does your vehicle lose value when the accident occurs - it loses it again when you go to trade it in. It's called "diminished value." But all is not lost.
522541
Once a car is repossessed, it is usually sold through an auction. It is common for cars to sell at auctions for a fraction of their resale value. If your car sells for less than your loan balance, you will owe the lender the difference, called the “deficiency balance”.
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While it is possible to finance and insure vehicles with salvage or otherwise branded titles, it can be difficult and expensive to do so. Vehicles with salvage titles typically have no Blue Book value, so demonstrating to your lender the worth of the vehicle is more difficult than it is on a normal car.
163038
If you continue to miss payments, and do not reach an agreement with your lender, the car will likely be repossessed. If reported, the late payments and repossession can damage your credit score and make it harder to get credit in the future. ... Once a car is repossessed, it is usually sold through an auction.
1329675
Your car may get fixed right, but it will always have a damaged title to it and will effect resale. Because the insurance company doesn't want to give up $35,000 (approx value - cost of correct repair). In the US a $25,000 repair does not create a "damaged title".
525257
Florida is one of the states that allows lenders to keep hold of the title until the end of the loan, when you will own the vehicle outright. You will then receive the title.
591742
If you die and your car doesn't get blown up, it will be found in the Vehicle Impound where you can retrieve it. Once it's destroyed though, it cannot be recovered. So don't do anything with your valuable cars except for cruise around in them then return them to the garage once done.
167581
While it's true these cars were repaired, it's hard to know exactly how good the repairs were. However, if the car is approved by a trusted mechanic and if the repair quality is excellent, buying a used car with a rebuilt title can be a great way to get a good deal on a used vehicle.
68514
Put simply, a salvaged car is one that an insurance company no longer considers fit for use on the road in its current state. ... Insurance companies sell the vehicles on to us if the total damage exceeds a certain percentage of the value of the car and this can range from 75-90 percent.
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“A rebuilt engine can be as good as the OEM one,” Snyder said. “Sometimes a rebuilt engine can maintain the original engine warranty.” ... A salvage title could have many underlying problems like flood damage or a serious accident history, while a car with a rebuilt engine has just one concern: the motor.
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After the vehicle has been repossessed, it can be difficult to get back your things even though the creditor has no legal right to keep them. ... Before reselling your vehicle at a public sale, the creditor must notify you of the date, time, and place of the sale. You may attend the sale and bring bidders if you want.
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A vehicle with a salvage title is one that's been declared a total loss, and you can't drive it on public roads. ... However, once you refurbish the salvage car and it qualifies for a rebuilt title, it can be insured, registered, driven, and sold.
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Auto insurance claims adjusters usually determine a car's actual cash value by using their company's proprietary database of values. A car generally is considered to be a total loss when the estimated cost of repair plus the salvage value equals or exceeds its actual cash value.
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If a towed vehicle goes unclaimed by the owner within a given length of time, it is usually destroyed or sold at auction. Now, if the money received from the auction sale is not enough to cover the towing, storage, and auction fees, the last known registered owner is held liable for the unpaid debt.
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In most states blue indicates a salvage title (in some states it's pink), while the clear title is printed on green paper. Car titles printed on orange paper usually indicate a vehicle was a salvage vehicle that has been rebuilt and approved by a state agency for resale.
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Answer: Your vehicle's actual cash value is determined by comparing your vehicle's condition to similar vehicles. This may include input from local auto dealers, private parties or recent sales, which the adjusters use in their valuation.