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A salvage title not only indicates who owns the vehicle but also that it has been damaged car title loans modesto its fair market value and declared a http://posttheday3.com/missouri/credit-human-manufactured-home-loans.php loss by an insurance company. What constitutes a total loss depends on the insurance laws in your state. Nevada also classifies flood-damaged and unrepairable vehicles that are only suitable for scrap as salvage vehicles.
Salvage titles tell potential buyers what type of damage the vehicle has incurred. That could be flood damage, fire damage, or damage related to an auto accident. The salvage title process can also ensure that a vehicle has not been rebuilt or restored with stolen or defective parts.
When a car car title loans modesto been declared a total loss, either its owner or the insurance company can apply for a salvage title. Which party does so depends on who plans to retain possession of the vehicle. If the owner chooses to keep a totaled vehicle or didn't have insurance coverage, they would be responsible for applying for a salvage link. If the insurance company repossesses a damaged vehicle after declaring it a loss, the http://posttheday3.com/rates/home-equity-loans-on-rental-property.php would click to see more for the salvage title.
Salvage titles can be obtained through the state department of motor vehicles. Though the process varies from state to state, it typically involves filling out an application, paying car title loans modesto required fees, and submitting the car to a salvage vehicle examination.
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