Owning salvage title car

[Whiteboy]

So much wrong info in this thread.

[Big Pencil]

I'd never commit to a high-end car w/ a salvage title, but if it's an older car that's been on the road reliably for several years since whatever incident caused the salvage and the price is reasonable, I'd have no problem w/ it. I bought an LX 5.0 years ago w/ a salvage and drove the wheels off of it w/ no issues and still got a few bucks out of it at the end.

[sdun]

If you plan on keeping it for 4-5 years and having over 100k on the clock their is not much difference on price when you sell it. Just sold my wifes Sub. and got pretty much what I thought I would. '06 with 100k plus. Keep it till it's not worth shit and it doesn't matter about the title.

[Redd]

So much wrong info in this thread.

why not give the correct info then boss

[Whiteboy]

why not give the correct info then boss

[FastFox]

[I] bought a 94 Lightning that hit a telephone pole dead center. I saw the truck before it was fixed. A hood , radiator, condenser, grill and a bumper were the parts needed. I drove the truck about 6 years and got more than I paid for it. I never even had it re-aligned. It drove like a dream. I wish I had kept it. I now have a 93 Fox Coupe that was a "Stripper" car. I have owned it over 10 years. I also own and drive daily a 2003 Lightning tghat was a stolen truck. They took the wheels and tried to torch the truck by setting the upholstery afire. They closed the door and that snuffed out the fire. A new seat and a total upholstery change with another truck, and I'm in it way under book. I keep my cars a long time and take care of them. I have no doubt that I could get all my money back on the Lightning. I feel a salvage or rebuilt title is OK if you know what the vehicle looked like before repaired. I would like to find a Shelby with a rebuilt title. The tax savings is great, but as someone said, "All DMV employees usually try to charge the full tax". Do your research and you will be OK. Remember, a lot of cars are repaired and do not have a rebuilt title. A blue title on a wrecked late model car that was not totalled can hide lots of bad work.

[thesource]

"All DMV employees usually try to charge the full tax".

Title clerks have to charge SPV by law unless you either purchased it from a dealer or government auction. The other way to get the value reduced is by having it appraised by a dealer or insurance adjuster.

[4eyedwillie]

Except with a salvage title car. Once it is titled as a salvage car it's not considered a car anymore it's a pile of parts and you pay based on what you paid for it. Once you get a blue title it is considered a car again and from then on you pay based on the value. Like I said in my earlier post you have to find a clerk that knows what they're doing, usually the clerk that handles dealer transfers. I've done it and if you have all your paperwork in order it's easy and a great way to same some money. I got a running driving 2004 Turbo PT cruiser for $1600.

[elongoria]

It all depends on the car. I have seen cars get totaled from a baseball dent. They guy kept the car and did the body work. And I have also seen a car end up with a clean title again.

[thesource]

Except with a salvage title car. Once it is titled as a salvage car it's not considered a car anymore it's a pile of parts and you pay based on what you paid for it. Once you get a blue title it is considered a car again and from then on you pay based on the value. Like I said in my earlier post you have to find a clerk that knows what they're doing, usually the clerk that handles dealer transfers. I've done it and if you have all your paperwork in order it's easy and a great way to same some money. I got a running driving 2004 Turbo PT cruiser for $1600.

We own a title company and handle several pink titles for dealers and salvage dealers all the time. The rules still apply to pink titles according to TxDMV. In addition to all the fees due, there is a $65 rebuilders fee as well.

[4eyedwillie]

What part of I've done it didn't you understand? When the salvage dealer you buy the car from charges you sales tax that's all the taxes you pay. Like I said you have to find the clerk that REALLY knows their job.

[Mychael101]

I picked up a salvage title car and had it repaired and took it to get inspected. As said earlier, it came with a pink title and then after the inspection I received a blue title. Sucked that after I had it to a point I was really happy with the car a drunk in a suburban took off the front end.

[thesource]

What part of I've done it didn't you understand? When the salvage dealer you buy the car from charges you sales tax that's all the taxes you pay. Like I said you have to find the clerk that REALLY knows their job.

That's not correct. The only way you can use the price the vehicle was sold for is if the dealer not only has a salvage license but a regular license as well. Only vehicles purchased from a licensed dealer (must have a P#) or from a government auction, gift transfers, off road vehicles, salvage vehicles not being authorized to be rebuilt(parts only) and vehicles older than 25 years old are exempt from using the SPV.

[4eyedwillie]

That's not correct. The only way you can use the price the vehicle was sold for is if the dealer not only has a salvage license but a regular license as well. Only vehicles purchased from a licensed dealer (must have a P#) or from a government auction, gift transfers, off road vehicles, salvage vehicles not being authorized to be rebuilt(parts only) and vehicles older than 25 years old are exempt from using the SPV.

Really? Then how did I do it? And how did everyone of my buddies clients do it?

[thesource]

Really? Then how did I do it? And how did everyone of my buddies clients do it?

I didn't say you couldn't do it. I said its not legal to do it. I've personally verified this with the SATX regional office myself. We deal with a lot of pink titled transactions and they told us, charge SPV unless there is a P# available to use. A P# is the number assigned to auto dealers. It is not the same as a salvage#. Some people have both, some only hav a salvage#. If they only have a salvage#, we are suppose to go off SPV when doing the title transfer into the new buyers name.

Most of the time, the salvage dealers will actually transfer the pink titles into their own name or a family members name to try and hide the fact the title is salvage. When it comes back blue, it simply says "Rebuilt/salvage" in the remarks. Most people never even pay attention to that and think blue means non salvage which is also incorrect.