I live in NC. I bought a van that says total loss claim on the title. I didn?
I live in NC. I bought a van that says total loss claim on the title. I didn't know this when I bought it, but had no problem registering it. It runs well, should I be worried, and will I have a hard time re-selling (is this the same as a salvaged title?)
- Anonymous1 year ago
If you did not buy it for cheap...then you will find out when you try to resell it. People who know what a salvage title is will pay maybe 1/2 the value of the same car that doesn't have a salvage title on it. Maybe only 1/3 or 1/4. Depends why it got the salvage title as that stays with the car until it is melted down to make beer cans.
To some people the salvage title means nothing as they are in the car repair trades. I got a car that was front ended, rear ended and rolled onto its roof and was not written off and fixed perfectly. Those who do body work could see that the car had been banged about, but it worked good, I had it for 5 years and sold it for more than what I paid for it.,,because it never got the stamp...salvage..as the owner fixed it.w/o insurance money. Everything was replaced before I got it. Brand new interior, and car drove straight as an arrow...good parts and a new paint job in dark metallic green. So, cars can be fixed real good AND THEY ARE INSPECTED FOR ROAD WORTHINESS by DMV or similar inspection places...so it is just as good as out of the factory as new.
A sucker is born every minute so there will always be a buyer who does not pay attention to the salvage title, they just check out the car. So only in a private sale as lots are up on the titling jargon and will try to give you nothing for the car. So you got to plan to sell it privately when you do sell it. Say nothing about the salvage title, it is up to the buyer to know what it MEANS. Then again, it may serve you for another 10 years no problem.
Always ask the going price for that age of vehicle. A sucker is born every minute. So if you wait long enough someone will buy it for your asking price IF YOU SELL IT PRIVATELY. Car lots will DING YOU. You do not have to give the information that the car was written off. That is for the buyer to find that out and most times they just see the car as it is...if it is in good shape and runs good then it is a good car.
I don't normally buy a car just to resell it immediately. I am going to drive it for awhile.
- StephenWeinsteinLv 72 years ago
It means either
(a) it was stolen and recovered, and it might be fine, or
(b) it was damaged (probably in an accident, but possibly by weather or something else) and didn't make economic sense to fully repair, so even though it seems to drive fine, for now, there's probably something still wrong with it, like a bent frame.
- PoppyLv 72 years ago
Yes, same as salvaged. Value is 1/2-2/3 blue book. Liability only insurance.
- 2 years ago
It means an insurance company did not think it was worth repairing and sold the wreck to someone who repaired it on the cheap.
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- ?Lv 72 years ago
Yes... That title information SHOULD have been revealed before you bought the car. "Total loss claim" says the vehicle has been "totaled" by an insurance company at some point. It has the same effect as a "salvage" title.
- martyLv 72 years ago
That is a salvage title. I doubt you could get any trade in value for it but you can privately sell it later, although not for much.