Salvage title.....
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Salvage title.....
I just acquired my 2001 Limited X and it has a salvage title. The previous owner told me it was stolen in Georgia and that is why it has the salvage title. It was a corporate vehicle in Georgia and the purchased by the 2nd owner in Tennessee which lifted and put 38 x 16.5 x 16.5 tires and Weld Sidewinder 16.5 x 14 wheels. It has the 7.3L diesel with 99830 miles. I am the 3rd owner and it is regerstered in Tennessee. I have been all over the underneath detailing and adding Kc lights to this x and I see no damage at all so I assume that the previous owner is telling me the truth. I pulled a Carfax and it shows theft and an accident with no damage and the mileage matched. I wondered who this would affect the resale of it. Would I have alot of problems if I tried to sell it? I have put probably 300 miles on it with no problems. I had to put a tie rod on it and I put new brakes and serviced it, other than that nothing wrong with it. I had thought about putting 14,500.00 and selling it. Would that be a fair price considering the salvage title? Or am I going to have problems with the title? Has anyone on here had an X with a salvage title? Please give me some opinions or advice on what I should ask as far as a fair price.
Fleet Mechanic
Joined: Sep 2002
Posts: 1,388
Likes: 2
From: Greensboro, NC
Just auto theft on a vehicle doesn't mean it would/should have a salvage title assigned to it. There must have been enough damage to total it even without body or frame damage. It could have been stripped of the interior, engine, transmission, etc which would have been replaced by whoever purchased it from the insurance company. Most folks will shy away from a salvage vehicle unless the price is considerably lower than comparable vehicles.
Cargo Master
Joined: Sep 2007
Posts: 2,624
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From: OR and UT
Just auto theft on a vehicle doesn't mean it would/should have a salvage title assigned to it. There must have been enough damage to total it even without body or frame damage. It could have been stripped of the interior, engine, transmission, etc which would have been replaced by whoever purchased it from the insurance company. Most folks will shy away from a salvage vehicle unless the price is considerably lower than comparable vehicles.
What he said. My 14 year old Honda Accord got stolen and the only thing they took was the stereo. It wasn't totaled or issued a salvage title. Who knows why your X was totaled? I would ask your insurance agent to check the VIN to see what insurance company paid off on it. Contact that company and they can probably tell you exactly what happened. I've done that before for my job and it works.
As to current value, the rule of thumb in my area is to deduct 20%-35% from book value for a salvage title vehicle.
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Supposedly alot of the interior was stolen,tires and wheels, windows busted out, keyed, grille and headlights, tailights, and some more things. I only have 5200.00 in it after puttting new KC lights, serviced, new brakes, black tinted headlights and carbon fiber tail lights in it. I am planning on keeping it for awhile or maybe till it dies who knows. I was just asking these questions because there is always a possibility that someone will see it and want it and I will know where to start pricing it. After driving it I love it but everything has a price in life. I can see 20-30% off but there is no way 50%. I kinda look at it like this, it runs great, looks great, no visable damage, who cares what the title has on it, especially at 5200.00. Also my mechanic that always works on all my cars checked out everything upon servicing and saw nothing wrong with it. He said it was one of the cleanest and niceist ones he has seen but then again it was detailed by the DR......LOL So all in all I thing I am ok with what I have in it. I think even with the salvage title I could double my money and I could have not got that much out of the bike I traded for it. Now after hearing all that would you say I got a good deal in it?
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Postmaster
Joined: Jan 2009
Posts: 4,584
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From: Chesapeake, Va.
If you have kin in Alabama or Mississippi you could move there for a week or two, license and title it there and you may get a clean title that way.
Any vehicle that has been stolen and not recovered in 30 days is considered a total loss to the ins. co. That might be the reason for the Salvage title.
Any vehicle that has been stolen and not recovered in 30 days is considered a total loss to the ins. co. That might be the reason for the Salvage title.
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Laughing Gas
Joined: Mar 2004
Posts: 751
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From: May Township, MN
My insurance agent is an auto broker on the side (Thursdays to be exact). He once told me a salvaged vehicle is worth half a normal vehicle. When he said that he was talking smashed up ones.
I can see were a theft vehicle though should be about 25-30% of the value rather than half.
If you got $5,200 into it you got a screaming deal! If you kept it the only thing I'd be worried about is the tranny. The 2001's were known for a mechanical diode tranny failure. Crawl underneath it once and see if there's any writing or stamps on the tranny indication it was replaced.
I can see were a theft vehicle though should be about 25-30% of the value rather than half.
If you got $5,200 into it you got a screaming deal! If you kept it the only thing I'd be worried about is the tranny. The 2001's were known for a mechanical diode tranny failure. Crawl underneath it once and see if there's any writing or stamps on the tranny indication it was replaced.
When you're ready to get rid of it you will still get most or more than you put into it if it runs and is presentable.
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Thanks for all the replies they have been most interesting and informative. Yes I knew about the title. No I traded with an individual for it only because I liked it. I am probably gonna end up using it in my detail business and pull my trailer with it since it draws so much attention when im out. Everyone goes on about it everywhere I go so I think that alone would definately help people remember me which in turn they will remember who to call for detailing. I am not much worried about the title I just wanted some input if I did decide to sell it. I have a friend that has told me a few ways to get a clear title and what he tells me makes since after all he works on and sell cars for a living and thats all he has done. But for now I have already letterd the side and rear windows with the company info and logo so im just gonna enjoy it and drive it like I stole it. I feel like I did for what I traded and what I got in return. I guess only time will tell and im just gonna have fun till then. Thanks again to all that responded it has been helpful and like I said most interesting to hear all the different opinions. Thanks Jeff
Postmaster
Joined: Jan 2009
Posts: 4,584
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From: Chesapeake, Va.
It's not worth the time and money to WASH the title as one of the Carfax type companies will show the true history anyway. I used to deal with a old man in Cleveland Tn. and most of his business was buying taxis/rentals and the re-titling, painting and detailing them. He would then ship them to auctions around the southeast and make a bundle on every one of them.
Posting Guru
Joined: Sep 2008
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Well its good to know that you knew about the title.
You may very well know that TN. has a triple indemity law on undesclosed titleing on cars and trucks. The buyer can get 3 times his money back if not disclosed.
So you must disclose the salvage title when you dispose of the vehicle.
You may very well know that TN. has a triple indemity law on undesclosed titleing on cars and trucks. The buyer can get 3 times his money back if not disclosed.
So you must disclose the salvage title when you dispose of the vehicle.