Owning salvage title car

[4eyedwillie]

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.

Whatever dude. I guess the lady at the Cleburne Tax office didn't know what she was doing either when she said that yes I was correct. Nothing illegal about it or she wouldn't have done it.

[CJ]

When you buy a salvage car the title is pink. You take that title, fill out the rebuilt form with all the repairs you made along with the receipts for the parts, get the car inspected at any inspection place and get a VI-30 (Green sheet). Take that paper work to the title office and they will issue you a blue title with the word rebuilt on it. After that it's treated just like any other title. Some banks will even loan on it after it has a blue title. One positive is you only have to pay tax on what you paid for it since until it gets the blue title it's not considered a car just a pile of parts. You will have to find a clerk that knows what their doing tho since most don't know about this. I did this when I bought my wife's PT and it's easy.

It's still a branded title. I know of no lenders that will touch a branded title. A bank might loan 50% LTV or something completely non-risk, but based on the salvage value. You can wash titles by doing interstate transfers, pretty common practice. Branded titles are branded titles, it destroys the value of the vehicle, insurance settlements, just about everything about the vehicle.

[thesource]

Whatever dude. I guess the lady at the Cleburne Tax office didn't know what she was doing either when she said that yes I was correct. Nothing illegal about it or she wouldn't have done it.

There ya go. Case closed.

[4eyedwillie]

It's still a branded title. I know of no lenders that will touch a branded title. A bank might loan 50% LTV or something completely non-risk, but based on the salvage value. You can wash titles by doing interstate transfers, pretty common practice. Branded titles are branded titles, it destroys the value of the vehicle, insurance settlements, just about everything about the vehicle.

Once it's back to blue then there are some banks that will loan on it. My buddy has sold cars before that got bank loans on them.

[CJ]

Once it's back to blue then there are some banks that will loan on it. My buddy has sold cars before that got bank loans on them.

What do I know, I'm just an auto lender. I've worked for 7 banks, and I have daily contact with another hundred or so, I know of none that do loans on branded titles. A credit union might do some sort of collateral loan based on salvage value. I think buying a salvage car is a good idea if you know how to fix cars, you have a damn good grasp of how to evaluate vehicles, and you intend on driving it until the wheels fall off. Then, it might make sense.

[thesource]

What do I know, I'm just an auto lender. I've worked for 7 banks, and I have daily contact with another hundred or so, I know of none that do loans on branded titles. A credit union might do some sort of collateral loan based on salvage value. I think buying a salvage car is a good idea if you know how to fix cars, you have a damn good grasp of how to evaluate vehicles, and you intend on driving it until the wheels fall off. Then, it might make sense.

99% of the salvage title stuff we process is cash cars. Like you said, every once in a while a bank or CU will lend on it but not as a conventional auto loan. I borrowed money against an F250 I have which is branded due to being stolen and recovered but the interest rate was higher and its wasn't an auto loan.

[crapstang]

False. There is no difference between rebuilt and salvage titles.

I can sure as hell sell a rebuilt title car better than a salvage car. I tried to sell a salvage car for a friend of mine...nobody touched the car with a 10ft pole. I've sold at least 3 rebuilt cars, as well as my brother. I guess it's the "rebuilt" name and blue title color that makes people feel more comfortable with it

[stretch]

So much wrong info in this thread.

agreed!

[thesource]

I can sure as hell sell a rebuilt title car better than a salvage car. I tried to sell a salvage car for a friend of mine...nobody touched the car with a 10ft pole. I've sold at least 3 rebuilt cars, as well as my brother. I guess it's the "rebuilt" name and blue title color that makes people feel more comfortable with it

Yep. This is exactly why salvage dealers usually run the pink titles through in someone's name and wait to sell it until the blue title comes back. Most people don't realize its a salvage title until they have already purchased it.

[Liostrane]

I owned two salvage cars, one with accident damage and another one with hail damage, I got it recently here from auto auction. I never had any serious issues with the cars. The only problem was to find people who would buy the cars when you wanted to resell them, as many people don't want to deal with salvage cars. But i wouldn't know what to find out if there wasn't saving me at least 70% off the retail value of the car

[Hobie]

So much wrong info in this thread.

Ha, yep.

I've got rebuilt titles issued for salvage title bikes. I've also titled bikes that had no title. Stng5pt8 from this board got me the surety bond for the first "no-title" bike I got titled ~7 years ago.

I've generally stopped giving advice in these threads. People who haven't done it before tend to tell me I'm wrong. Ooooooookaaaaaaay lol

[Whiteboy]

Ha, yep.

I've got rebuilt titles issued for salvage title bikes. I've also titled bikes that had no title. Stng5pt8 from this board got me the surety bond for the first "no-title" bike I got titled ~7 years ago.

I've generally stopped giving advice in these threads. People who haven't done it before tend to tell me I'm wrong. Ooooooookaaaaaaay lol

I agree. I havent bought a salvage car in years unless it was a parts car

[jlyon]

my 88 is a blue title car, but it is labeled as a flood car. you can see it has been in a wreck. my car has been a pain in the ass, but not any fault of the flood or wreck it was in.