MyCarlady answers FAQ on Salvage Car titles on Answers dot.com
What is a Vehicle Salvage Title?
This means the car was in a wreck and the insurance company considered it a total loss. The insurance company paid the owner off and then sold the car as a salvage. This car may in-fact be two or even three vehicles put together and sold under a salvage title based on the engine id number matching the title. Beware, a salvaged title indicates the structural and/or mechanical integrity of the car may not be up to manufacturer and federal safety mandates. However, in some cases the vehicle may be totaled and considered a salvage if the less extensive damage to the car is more costly than it’s value. This often happens when a car is older. The only way to know what you are getting in a salvaged titled car is to have an independent, trusted mechanic/body shop look it over carefully.Can you get a title loan on a salvage title?
Most banks or independent title loan companies will NOT give you an AUTO loan or consider the car as collateral on a Salvage Title car.Some dealerships have been know to sell salvage title vehicles and submit the title for a loan, unbeknownst the bank or the vehicle’s owner. This is not illegal in some states.
Always ask to see the title when purchasing a used car from an unknown dealership.
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