question about salvage title
03-12-2007, 01:25 AM
#1
Racer
Thread Starter
question about salvage title
I think I know what a salvage title means in terms of the amount of damage but I want to make sure.
eg, had a 92 lexus sc400 which was in an accident and needed at least 6k in repairs. as the car was only worth 8500, they were either going to take it and sell it as a salvage title, or fix it for me and give it a new salvage title.
is it always the case that there's is a set value (which I guess could vary from carrier to carrier) when the car is salvaged or salvage value? What is it half the car's value? or more?
are there other possibilities; like theft and recovery? but then if the damage from the theft doesn't meet the salvage cut off, the owner can't refuse the car, can he? he can just sell it or ask to be paid out.
reason I ask is that you see some GTS"s around with salvage title (like the black one in houston, or one currently discussed on this forum). If these are 35-50k cars, does that mean that a salvage title car had to have sustained that pre-determined percentage of damage for the salvage title to be issued?
On a 40k car, that's at least 20k in damage, which even for an expensive porsche, seems like a big number and big damage.
a recurrent theme with these cars is that it's hard to find out what exactly caused the salvage title. I guess that's normal unless the guy who had the accident kept the car (like I didn't do with my old lexus). Guess the only way to know for sure is to do a car fax and call the owner right before the salvage title was issued. I that about right?
eg, had a 92 lexus sc400 which was in an accident and needed at least 6k in repairs. as the car was only worth 8500, they were either going to take it and sell it as a salvage title, or fix it for me and give it a new salvage title.
is it always the case that there's is a set value (which I guess could vary from carrier to carrier) when the car is salvaged or salvage value? What is it half the car's value? or more?
are there other possibilities; like theft and recovery? but then if the damage from the theft doesn't meet the salvage cut off, the owner can't refuse the car, can he? he can just sell it or ask to be paid out.
reason I ask is that you see some GTS"s around with salvage title (like the black one in houston, or one currently discussed on this forum). If these are 35-50k cars, does that mean that a salvage title car had to have sustained that pre-determined percentage of damage for the salvage title to be issued?
On a 40k car, that's at least 20k in damage, which even for an expensive porsche, seems like a big number and big damage.
a recurrent theme with these cars is that it's hard to find out what exactly caused the salvage title. I guess that's normal unless the guy who had the accident kept the car (like I didn't do with my old lexus). Guess the only way to know for sure is to do a car fax and call the owner right before the salvage title was issued. I that about right?
