how do you get salvage title ?
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From: Columbia, SC
Originally Posted by exceltoexcel,Dec 10 2004, 01:14 AM
Say My battery cable cam loose from the collision and the engine wouldn't start would that make it totaled?
I got rear-ended in my CRX years ago and my battery cable popped off of the terminal. After getting information, the dumb bitch wouldn't wait around for the cops despite the fact that my car didn't start. I figured it out a few minutes later after I cooled down. I had been having trouble with that cable anyway.
Whoops! Sorry to get off subject...
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From: limerick
Originally Posted by Deviant,Dec 10 2004, 02:29 AM
A salvage title is issue when the damage on a vehivle is greater then fair market value in MD. Salvage Certificates are only issued to dismantelers or insurance companies. It does not matter if you still have your title or not. If your car is deemed a total loss by your insurance company, and you are going to buy it back it will be reported to the Motor Vehivle, and in MD you are required to have the vehicle re-inspected by an authorized state inspector.
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From: limerick
Originally Posted by WhiteS2k,Dec 10 2004, 12:07 PM
A lot of good information and discussion, however, it seems the answers are much more complex than necessary. So I'll try to explain it as simply as possible.
Let's say your car suffered some damage (doesn't matter if it is accident, flood, or whatever). If you don't report it to your insurance company, nothing changes. It does not matter if you still owe money on it or not. The title remains unchanged. However, you may get in trouble with some insurance companies by not reporting damages to your car if the insurance company eventually finds out about the damages -- but that is a different issue.
Now, let's say after the damage, you file a claim with your insurance company. Your insurance company will assess the extent of the damage and compare it to the value of the car. If your insurance company decides the cost to repair the damage is greater than the value of the car, they will declare the car as "totaled". At that point, your insurance company pays you for the value of the car, and now they own the title to the car. You have just sold the car to your insurance company. Obviously if you still owe money on the car, you have to pay off the lender (and what you owe may be more then the value of the car). After that, you can then negotiate with your insurance company to buy the car back, and if they agree, the car will be sold back to you with a "salvage" title. It's that simple.
Let's say your car suffered some damage (doesn't matter if it is accident, flood, or whatever). If you don't report it to your insurance company, nothing changes. It does not matter if you still owe money on it or not. The title remains unchanged. However, you may get in trouble with some insurance companies by not reporting damages to your car if the insurance company eventually finds out about the damages -- but that is a different issue.
Now, let's say after the damage, you file a claim with your insurance company. Your insurance company will assess the extent of the damage and compare it to the value of the car. If your insurance company decides the cost to repair the damage is greater than the value of the car, they will declare the car as "totaled". At that point, your insurance company pays you for the value of the car, and now they own the title to the car. You have just sold the car to your insurance company. Obviously if you still owe money on the car, you have to pay off the lender (and what you owe may be more then the value of the car). After that, you can then negotiate with your insurance company to buy the car back, and if they agree, the car will be sold back to you with a "salvage" title. It's that simple.
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From: Rowland Heights 626
they sent me the paper to sign and send it back to them(total of 3)
1.Application of vehicle license fee refund form
2.Vehicle/Vessel transfer and reassignment form
3.Authorization for direct payment to lienholder
and i think #2 is the form that they will transfer the title to them and it will might be salvage title.....
so should i deny to sign that form and send back until i know it will be total loss or no??to avoid to get salvage title?( repair cost will be more than my car's value even though i dont think it is but to be safe)
1.Application of vehicle license fee refund form
2.Vehicle/Vessel transfer and reassignment form
3.Authorization for direct payment to lienholder
and i think #2 is the form that they will transfer the title to them and it will might be salvage title.....
so should i deny to sign that form and send back until i know it will be total loss or no??to avoid to get salvage title?( repair cost will be more than my car's value even though i dont think it is but to be safe)
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From: limerick
Yes!
#1 How much are they going to give you for the car
#2 is that price the true value of the car
#3 is that price wholesale or retail
#4 don't accept the argument that the car is worth wholesale, that's BS you aren't a wholesale dealer so you can't purchase a car for whole sale. Your going to do busineess with a licened automotiive seller so you deserve retail
#5 Do not fill out any forms until you come to an agreement on the final deal. This should include
a. price
b. rather or not you retain ownership
You can hold out on this until a satifatory deal is struck, don't let them pressure you into a crappy deal.
Meanwhile they are probably paying a storage fee and maybe even a rental car for you. They might, after the intital offering revoke the rental car but they are losing money on the holding fee until they make you a resonable offer, since I don't know what that offer is I'm not sure if it is reasonable.
Don't freak out remain calm you're in control here and don't let anyone else tell you otherwise
#1 How much are they going to give you for the car
#2 is that price the true value of the car
#3 is that price wholesale or retail
#4 don't accept the argument that the car is worth wholesale, that's BS you aren't a wholesale dealer so you can't purchase a car for whole sale. Your going to do busineess with a licened automotiive seller so you deserve retail
#5 Do not fill out any forms until you come to an agreement on the final deal. This should include
a. price
b. rather or not you retain ownership
You can hold out on this until a satifatory deal is struck, don't let them pressure you into a crappy deal.
Meanwhile they are probably paying a storage fee and maybe even a rental car for you. They might, after the intital offering revoke the rental car but they are losing money on the holding fee until they make you a resonable offer, since I don't know what that offer is I'm not sure if it is reasonable.
Don't freak out remain calm you're in control here and don't let anyone else tell you otherwise
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From: limerick
Another point. you said that the car was drivable, is it safe? Is it in your possesion or in an impound lot? Can it really be driven? If you only need rims can you afford to buy a set of steel rims with el-cheapo tires to make the car safe. My point is this, you can tell the insurance company to pay the impound lot, or you could pay the impound lot yourself and attempt to recoup the cost at the end of the deal,get the car drivable and then hold out for an insurance check to pay for a portion of the repairs. Just beaware it might just be finacially better to let the car go. That car is still yours you own it you can do whatever you want with it. The lease company does have a right to insist that it get the insurance check but usually they don't care unless the car is totalled or they belive that you will not put the money in to fixing the car and will just take off with the $$$ and leave them with a worthless P.O.S. shell of a car.
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From: Rowland Heights 626
car is still drivable and it runs fine ( but CEL light came on and it is significantly slower than before)
i picked up my car from impound lot so now it is currently in my pocession and i got the receipt from the impound lot and sent the FAX to the adjust to get that money back....
i picked up my car from impound lot so now it is currently in my pocession and i got the receipt from the impound lot and sent the FAX to the adjust to get that money back....
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