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Well, you may not have a problem with it but what if you want to sell it, you'll never get rid of that title, also you may want to check with your insurance company to see if they will cover it at book value or at the value that you paid for it based on that title.

If you're getting a hell of a deal on it and plan to just drive it into the dirt and don't care about accidents then go for it.

Also on the accident thing, you may want to ask your insurance company if they will cover bodily harm on you and your passengers if it's a rebuilt/recon title.