Salvage title questions/information

MyNeonSaysHi · Post by **MyNeonSaysHi** » Wed Jan 10, 2007 1:30 pm

I have been seeing some nice cars online that have salvage titles. They are fully repaired and look clean as hell.

I know it substantial lowers the resale value of the vehicle. I really don't care because I plan on keeping it for quite some time, so thats not an issue.

How do auto loans tie into auto insurance? Heres an example:
I go out to buy a car in another state from a private seller for $10k, I get an auto loan aka blank check. I have $7k and I write on my blank check for $3k. How does the auto loan place know what kind of car you are getting and what condition it is in after they get their money? Do they get the title for it and find out? How does all that work out? Could I get a personal loan instead so then they wouldn't get the title? Any other options so I could get liability insurance?

I been searching online and I really haven't found out too much info.

I read somewhere that if you get it fixed and it gets inspected then it can turn into an "R" title which is basically a clean title. Is this available in every state if its even true? Does this raise the price of your insurance liability wise?

Any info about salvage titles, specifically in the state of Kansas would be appreciated.

thanks.

TNK · Post by **TNK** » Wed Jan 10, 2007 1:57 pm

IIRC you cannot get a car loan on a salvage title car.... you have to pay cash or get a personal loan.

dinetuner · Post by **dinetuner** » Wed Jan 10, 2007 4:45 pm

some banks do offer "autoloans" for it.. there normally higher apr and such and just all around a general hassle...

MyNeonSaysHi · Post by **MyNeonSaysHi** » Thu Jan 11, 2007 1:25 am

-Waiting on bige to chime in-

Yeah, my insurance said I could get full coverage but it would be with a different provider and be 3 times as much.

LowNSlow · Post by **LowNSlow** » Thu Jan 11, 2007 1:28 am

Easiest answer would be to call the bank and ask them.. they will know all the answers..... it's different bank to bank, state to state.

MyNeonSaysHi · Post by **MyNeonSaysHi** » Thu Jan 11, 2007 1:30 am

LowNSlow wrote:Easiest answer would be to call the bank and ask them.. they will know all the answers..... it's different bank to bank, state to state.

I shall do that.

dblsg · Post by **dblsg** » Thu Jan 11, 2007 3:08 am

you also gotta remmember that some states have stricter inspections for rebuilt titles. in illinois, you cannot register a rebuilt motorcycle.
so that would be another thing to check on.

bige1030 · Post by **bige1030** » Thu Jan 11, 2007 11:02 am

I can't find much about salvage titles, either. Insurance companies and lenders probably differ vastly in how they treat rebuilt salvage cars. You would actually have to talk to particular lenders and insurance agents.

In Kansas, if you bring a vehicle in from a different state, you have to have a VIN inspection done at the Highway Patrol's office. It shouldn't cost more than $15.

J-Villa · Post by **J-Villa** » Thu Jan 11, 2007 11:25 am

i'm pretty sure banks in pa give loans to cars with r titles.....my buddy bought a r titled wrx...i'm just not positive if it was personal or auto loan...i'm thinkin auto loan b/c he paid like 10k for it

MyNeonSaysHi · Post by **MyNeonSaysHi** » Thu Jan 11, 2007 5:15 pm

B-I-N-G-O

I just bought or repaired a vehicle that had been wrecked and the title has salvage brand on it. Can I have this phrasing removed since the vehicle has been repaired? What do I need to do to obtain a license plate for the vehicle?

No. Once a vehicle's title has been branded as salvage or nonhighway, all succeeding titles will reflect this condition. If the vehicle is repaired and has been inspected and issued an MVE-1 by the Kansas Highway Patrol, take the salvage or non-highway title, the MVE-1 and proof of insurance to the county treasurer’s motor vehicle office and make application for a rebuilt salvage or formerly nonhighway title. Contact the county treasurer’s office or Kansas Highway Patrol concerning the location and hours of operation of the inspection station. The rebuilt salvage or formerly nonhighway title will be issued reflecting the reason for the branding the vehicle's title.

What is the procedure for changing from “Non-Highway” to “Formerly Non-Highway,” “Salvage” to “Rebuilt Salvage,” or vice versa, when the title is being held in electronic format?

When changing from “Non-Highway” to “Formerly Non-Highway” or “Salvage” to “Rebuilt Salvage,” the owner will need to obtain an MVE-1 from the Kansas Highway Patrol. At the KHP inspection station, the owner will present the registration receipt, or verification indicating the title has a current lien and is being held in electronic format. Upon completion of the inspection, the owner will take the MVE-1 and registration receipt or verification to their local county treasurer’s motor vehicle office and apply for the appropriate title. If the vehicle is going to be registered, proof of insurance will also be required. There is a title fee for this transaction. Registration and/or property taxes may also be due.

To convert an electronic title to either “Non-Highway” or “Salvage” status, the owner must fill out a TR-13, “Salvage, Non-Highway or Non-Repairable Affidavit” and submit it along with their registration receipt, or verification, to the county treasurer’s motor vehicle office. There is a title fee for this transaction.

Yessssssssssss

CrashTeam · Post by **CrashTeam** » Fri Jan 12, 2007 2:17 am

Well My Wrx is a Rebuilt title, I had no problem getting a auto loan on it and the insurance wasn't any higher.

MyNeonSaysHi · Post by **MyNeonSaysHi** » Fri Jan 12, 2007 12:13 pm

CrashTeam wrote:Well My Wrx is a Rebuilt title, I had no problem getting a auto loan on it and the insurance wasn't any higher.

Thats cool.

As what I found in my above post, I guess you have to get it insured first... before you can get it inspected. So that sucks, knowing I can't get full coverage on it. Salvage title FTML.

Too much hASSle.