SALVAGE TITLES

[72redbird]

I was wondering what your guys take is on salvage title vehicles. I looked at a car last night, and he said he had a title for the car during the look around and drive. He gave me his asking price and I threw him a counter offer. We talked and looked at the car a little bit more and thats when he said it was a clear salvage title on the car. Well my heart sank a little at hearing that. My thoughts are if I buy the car and fix it up (paint, interior, suspension,etc) if I ever go to sell the car, would I be able to sell it? I've heard some states do not allow salvage titles from another state, also have heard it is almost impossible to get a loan on a car with a salvage title. Like I said, my heart sank a little when he said that. Typical New Mexico car, no rust, paint and interior sun baked.

 

[Richard Cranium]

What's the car? If it's a 6 cyl Dart .... who cares. If it's a Hemi or 440-6 car, that does matter.

 

[72redbird]

The car is a 1970 Challenger SE, it is a 318, automatic car.

 

[Rishi]

I was wondering what your guys take is on salvage title vehicles. I looked at a car last night, and he said he had a title for the car during the look around and drive. He gave me his asking price and I threw him a counter offer. We talked and looked at the car a little bit more and thats when he said it was a clear salvage title on the car. Well my heart sank a little at hearing that. My thoughts are if I buy the car and fix it up (paint, interior, suspension,etc) if I ever go to sell the car, would I be able to sell it? I've heard some states do not allow salvage titles from another state, also have heard it is almost impossible to get a loan on a car with a salvage title. Like I said, my heart sank a little when he said that. Typical New Mexico car, no rust, paint and interior sun baked.

I'm not sure I agree the salvage title on a 50-year old car is all that a big deal. The options to borrow against the car, getting a loan to purchase, haggle with insurance on blue book value when totaled, etc. do not really seem an issue for such an old car.

Sure, a salvage title may mean something is really wrong with the frame or car, or it may mean it was totaled on an insurance claim because damage exceeded perceived value.

I re-registered a salvaged title car after a decade of it being stored. It was no longer in the DMV computer, and I did not have the pink slip. Once I worked through their paperwork, the new title no longer had "salvaged" on the title

 

[Richard Cranium]

OK, it's a fairly desirable car, but one has to ask what's wrong with it that it's got a salvage title & what are your plans for it? You mentioned something about a bank loan; do you need one to buy the car?

 

[Kern Dog]

What is worse....a car that has a Salvaged title but is intact OR a car with a clean title that is rusted through every structural component?

 

[4speed68rt]

Check with one of the local MVD offices (not the state ones, the private ones) and they will let you know. Check the car over real well and make sure that it isnt "totaled". If the car has not been registered in a long time, the title may be "in active" and "out of the system". I am going through this right now with a 84 square body that has not been registered since 2005. They said that I have to get a "bonded title", even though I have the old title. It's going to cost some money, but I will have a clear title when its done. It has to be appraised by an appraiser, and it may take up to 3 months.
I wouldn't let a desireable car like that go by just for a salvage title.
I am in NM as well.

 

[72redbird]

Looking at the car, the only rust it had was the trunk floor. Which they have replaced, I see no rust on the body at all, still has original paint(faded bad, really bad), does not appear to have been in a wreck. Story I got was, it was abandoned at a business by an employee who ended up not showing up for work. They were never able to reach him and so the owner of the business got a salvage title for it. The guy that has it now has had it for 25-30 years.
No, I will buy the car out right, no loan. I was just thinking of when I sell it, the buyer might need a loan. I usually keep my cars for 8-10 years and then sell and get a new project. All though at my age, in 10 years I'm not sure if there will be another project in the works!

 

[Rusty knuckles]

Absolutely would not bat an eye about a salvage title on an old car. You could even rebrand it as rebuilt if it's inspected. I've done that.

 

[72redbird]

Check with one of the local MVD offices (not the state ones, the private ones) and they will let you know. Check the car over real well and make sure that it isnt "totaled". If the car has not been registered in a long time, the title may be "in active" and "out of the system". I am going through this right now with a 84 square body that has not been registered since 2005. They said that I have to get a "bonded title", even though I have the old title. It's going to cost some money, but I will have a clear title when its done. It has to be appraised by an appraiser, and it may take up to 3 months.
I wouldn't let a desireable car like that go by just for a salvage title.
I am in NM as well.

Thank you for the reply, is your title a salvage title, or is it because the vehicle has not been registered for almost 20 years? I could ask him, when the last time the car was registered and go from there perhaps. Again, thanks for the info.

 

[Davefinan]

The sellers explanation sounds plausible to me. You might check in that state if they do that routinely.
I bought a five year old Dakota in 2003 which had a salvage title, one of the best vehicles I’ve owned. Sold some eight years later with no problems.

 

[MIKESPOLARA]

Salvage is far less important on these old cars BUT if you go to sell it someone will always want to pay a little less because of it.

 

[WileERobby]

I'd be more concerned with the actual condition of the car, what it would need, what you'd like to do with it, and the actual cost. The salvage designation would have little bearing, unless it was a salt-water flood. Which by now would've reared its ugly head.

 

[70 sublime]

If you can buy it cheaper because it has a slavage title then maybe you will be OK
5 years from now and you have the car all fixed up and want to sell it will be the test
2 cars the same side by side for sale the non slavage title car will sell for more so the question would be can you get it cheap enough and do less work because it is in good shape that you can afford to sell it $5k cheaper in the end

 

[toolmanmike]

I was wondering what your guys take is on salvage title vehicles. I looked at a car last night, and he said he had a title for the car during the look around and drive. He gave me his asking price and I threw him a counter offer. We talked and looked at the car a little bit more and thats when he said it was a clear salvage title on the car. Well my heart sank a little at hearing that. My thoughts are if I buy the car and fix it up (paint, interior, suspension,etc) if I ever go to sell the car, would I be able to sell it? I've heard some states do not allow salvage titles from another state, also have heard it is almost impossible to get a loan on a car with a salvage title. Like I said, my heart sank a little when he said that. Typical New Mexico car, no rust, paint and interior sun baked.

Talk to your local licensing bureau. Mine is the treasurers office at the county court house. No reason to buy it if it has a salvage title and it can't be transferred. Some states qon't allow cars to be put back on the road if the title is marked salvage. If so the car will have to be inspected before the title is cleared.

 

[4speed68rt]

Thank you for the reply, is your title a salvage title, or is it because the vehicle has not been registered for almost 20 years? I could ask him, when the last time the car was registered and go from there perhaps. Again, thanks for the info.

My point was that the title that it has now is probably "out of the system", so it doesnt matter if it is salvage or not. When you get the bonded title it should be clear of that.
I do have a Jeep with a salvage title and its not a problem. In NM, a salvage title is not a big deal on these old cars. It could have just been sold by a towing yard or something like that in the past, back when it was just a regular car abandoned on the side of the road or whatever.

 

[72redbird]

My point was that the title that it has now is probably "out of the system", so it doesnt matter if it is salvage or not. When you get the bonded title it should be clear of that.
I do have a Jeep with a salvage title and its not a problem. In NM, a salvage title is not a big deal on these old cars. It could have just been sold by a towing yard or something like that in the past, back when it was just a regular car abandoned on the side of the road or whatever.

OK, thank you, that makes me feel alot better. I guess I could ask the guy when the last time he had it registered. Good info!

 

[zyzzyx]

Here in Illinois you can't buy a "Salvage" title vehicle unless you have a Dealers licence. It has to be a "Rebuilt" title.
Check with your state and make sure your insurance company will insure it.

 

[QuickBpBp]

With this particular car it sounds like all you need to do is document, document and DOCUMENT how clean it is BEFORE you make it into something more desirable than a 318. Therefore you have proof it was just a paperwork screw up verses a TOTALED rotted mess. I would not even worry about it.

 

[Cojohnso1]

What is worse....a car that has a Salvaged title but is intact OR a car with a clean title that is rusted through every structural component?

The latter. Salvage doesn't mean as much with age. Crash, then fixed. Then lost title. Then stolen. And had flood damage

And that was just half the story of this old guy! Lol.