I know what it is. What is the consequence of buying a car with one? (besides it's not really fixed) Insurability, Finance?
Texas Rebuilt Title
- Thread starter borgward
- Start date
It it's cheap enough buy it. Resale is very limited...if that's a concern. And yes-you should be able to finance and insure it-but the number of banks/companies willing to do so may not be as large as a regular titled vehicle.
Didn't I mention it has to be cheap enough.....
Didn't I mention it has to be cheap enough.....
Most insurance companies that I know of will only offer you liability insurance for that kind of titled vehicle. I think this is one of many of the contributing reasons why so many cars today are written off as totalled losses.
Unless it's an older car that was totalled out due to minor damage and low value, it's just not worth it. The discount from a clean title usually isn't that great, resale is difficult and the chances of it being repaired correctly are not on your side.
The vehicle has to be CHEAP, cheap enough that you can afford to pay cash for it. No legitimate financial institution will give you normal financing on the vehicle, only second chance lenders who charge exorbitant interest rates.
Many main stream insurance companies won't insure the vehicle, mostly second or third tier insurance companies that charge higher rates, and then mostly just liability only.
As far as the vehicle's safety is concerned, it depends on how the vehicle was totaled. If it was involved in a bad collision and rebuilt, the vehicle's safety is likely compromised and the lives of you and your family will be in jeopardy on a daily basis driving it among the crazies in Central Texas. If the vehicle was totaled for something like hail damage, go for it if you can purchase it cheap enough.
Lastly, when it comes time to get rid of the vehicle, most dealers are not interested in purchasing a vehicle with a branded title, and some of them won't even take one as a trade-in (and those that will are going to give you pennies on the dollar).
Many main stream insurance companies won't insure the vehicle, mostly second or third tier insurance companies that charge higher rates, and then mostly just liability only.
As far as the vehicle's safety is concerned, it depends on how the vehicle was totaled. If it was involved in a bad collision and rebuilt, the vehicle's safety is likely compromised and the lives of you and your family will be in jeopardy on a daily basis driving it among the crazies in Central Texas. If the vehicle was totaled for something like hail damage, go for it if you can purchase it cheap enough.
Lastly, when it comes time to get rid of the vehicle, most dealers are not interested in purchasing a vehicle with a branded title, and some of them won't even take one as a trade-in (and those that will are going to give you pennies on the dollar).
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Utah seems to be the home of "salvage titles". There are at least two fairly large dealerships that buy these wrecks-repair them and then sell them. I have seen some of their work-and it's not pretty. And you are right-the prices are not low enough for me to want to take a chance. They would have to be 50% below book for me to even to want to think about it-and they are not, it's like 5%.
Figured as much. There was a good reason for these titles back in the day when they took a car w/front damage and the other rear ended, sawed in half and married the 2 good ends. A lot were improperly welded resulting in structural problems. Now days a car with body damage but no structural damage gets totaled. I bet the dealers got on that band wagon so they can sell more new cars. What a waste.
A friend was offered a XJ12 convertible for $3000. I suspect it has rebuilder title. Told him even if it was pristine w/regular title he would need to buy 2, one to drive and one for the shop. I would be tempted to get it (I know better), but it's convertible and an ugly brownish color.
A friend was offered a XJ12 convertible for $3000. I suspect it has rebuilder title. Told him even if it was pristine w/regular title he would need to buy 2, one to drive and one for the shop. I would be tempted to get it (I know better), but it's convertible and an ugly brownish color.
Even with a good title, those cars are a can-of-worms. Personally, I wouldn't take one if it were free.
Agreed. I was not looking for a Jaguar recommendation. I was curious about the title issue.
ls1mike
$50 Site Donor 2024
I know USAA will fully insure a car with a rebuilt title. They will not insure a salvage title.
I've had two cars with salvage titles that were both fine. A 92 cutlass ciera that was eight years old at the time, and an 07 HHR that was six.
I would not buy a 4-year old Mercedes/ BMW/ etc with one to get "flash on the cheap."
Had no issues getting liability insurance nor reselling at an appropriate price.
Like said above, an older plain-jane car can get totalled real cheap, just needing a front clip or whatever.
Texas IIRC does separate flood titles which I wouldn't touch with a ten-foot pole. Not sure if there's a way to launder a flood title into a rebuilt one but if there is someone will find it.
I would not buy a 4-year old Mercedes/ BMW/ etc with one to get "flash on the cheap."
Had no issues getting liability insurance nor reselling at an appropriate price.
Like said above, an older plain-jane car can get totalled real cheap, just needing a front clip or whatever.
Texas IIRC does separate flood titles which I wouldn't touch with a ten-foot pole. Not sure if there's a way to launder a flood title into a rebuilt one but if there is someone will find it.
Slightly OT, but question 
When my sister totaled her Milan back in August, I chose to do owner retain with State Farm, which meant they took the cut of what they would've gotten for the car at the insurance auctions, mailed me a check, and kept insuring the car (full coverage) as they did before
In NY, if a car's 8 years or older, you keep the clean title (that I still have)
It seems that once a vehicle hits a certain age, they don't even bother with a rebuilt/salvage title
If that car gets totalled again, will they pay out full value?
I just find it ironic that a "totalled/salvage" car can be out there among us, with it's stigma or not
I've got nothing against rebuilds, as long as the damage and repairs are fully disclosed, the vehicle is safe, and you pay damage/repaired money
I would consider dealing with odd panel gaps, a few missing clips, and maybe the paint not matching 100%, but ONLY if the price is right
If those three things aren't in order, run don't walk away
When my sister totaled her Milan back in August, I chose to do owner retain with State Farm, which meant they took the cut of what they would've gotten for the car at the insurance auctions, mailed me a check, and kept insuring the car (full coverage) as they did before
In NY, if a car's 8 years or older, you keep the clean title (that I still have)
It seems that once a vehicle hits a certain age, they don't even bother with a rebuilt/salvage title
If that car gets totalled again, will they pay out full value?
I just find it ironic that a "totalled/salvage" car can be out there among us, with it's stigma or not
I've got nothing against rebuilds, as long as the damage and repairs are fully disclosed, the vehicle is safe, and you pay damage/repaired money
I would consider dealing with odd panel gaps, a few missing clips, and maybe the paint not matching 100%, but ONLY if the price is right
If those three things aren't in order, run don't walk away
What was the appropriate price? One would assume below the market price of the same vehicle with a clean title?
More challenging to sell privately also tanks resale if that matters to you.
$3000 is pocket change hopefully. I presume he knows he might end up with salvage value in a few months to a few years down the road and this vehicle is for fun. If not a terrible buy.
So basically they were either junk or extremely basic transportation when you sold them-and at least for the HHR you were able to get something. At $1,200 all other factors are mute.
This must vary from state to state. Here in WI a few years ago a purchased a Toyota Tacoma with a salvage title. I got it from a legit dealer who buys accident vehicles and fixes them. I got a great truck for a few thousand less then I would have been able to otherwise. I saw all the parts fixed and pictures along the way, the truck was rock solid for the 10 years I owned it, I just sold it this fall for a few thousand less than it was worth. I posted it on facebook marketplace and it was gone with cash in my hand in 3 hours. And yes, I had full insurance and a loan at the beginning. The only drawback for me that I saw is a dealer wanted nothing to do with it on a trade in.
Texas has a different salvage title vs. Salvage rebuilt title. In late 2019, my well-preserved 2000 Town Car had a deer-related accident. Insurance totaled the car. I chose to keep the car and got to keep the check minus the deductible and scrap value. In order to re-register the car, I had to first apply for a salvage title, then send in the freshly-received salvage title back to the state (along with paperwork documenting my repairs to make it roadworthy… which technically only required a headlight assembly to be replaced) and a current inspection. Then the state mailed me the salvage rebuilt title.
