gtracer2b

Ok I thought I'd post a thread on here to see if maybe any of you know if there's anything I can do that maybe I don't know. My situation is this: My car was stolen and stripped a while back, and when I made the insurance claim on it, my insurance totalled the car, based on the fact that the value of the car was less than the amount it would cost them to have it repaired. Well it wasn't completely stripped, I loved the car, and wanted it back, so I "bought it back" from insurance at the salvage price, they put a salvage title on it, and I restored it. Ok well when my dad originally helped me get the car, he bought it on a credit card rather than cosign a loan with me, ive since been squandering in the interest on the card, and am tired of it altogether, so I want to take out an automobile loan against my car, basically purchase it from my dad, and use the money to get rid of the credit card. So heres what I'm curious about: Is it possible to get the salvage off my title? Because isnt that technically a warning to protect people from buying cars that have been wrecked? Mine only has it cuz it got stripped of some parts that came out to be greater than the value of the car. I'm also curious if anyone knows if there are companies that will underwrite loans for the Appraised value of the car rather than blue book? Thanks for the help...

RPRacing

i believe the salvage title is permanent. no matter what happens for what reason, because you have salvaged it from a poor condition. and depending on your bank/credit union, you can get a car loan for whatever you qualify fo, doesn't matter what car you buy

AllMotorModular

if the car is titled in your fathers name, you should have no problems getting the loan, if your credit permits of course. the salvage title is permanent, and decreases the value of the car. the bank will most likely give you/offer what they think the car is worth, different banks use different sources, blue book NADA etc.... your best bet would be to call a few banks, and ask them what the loan value of the car is to them, and if the salvage title has any affect on it.

RPRacing

my bank wrote me a loan check and said go find a car and write the amount up to what i was approved for

Boosted2003

nah salavege title is a general term..... if your car gets in accident very minor can total a car.... their was brand new m3 with teh engine cradel got damage and nothing else... they totalled it.... so a car is only worth as mcuh some one will pay... i would still buy that supposly wrecked m3 for 35k.... in general terms salavage titel in insurance terms means its any where 50-75% of damage of car value. but still means shit... this is very hard subject to understand and also insuracne compaeny will insure the car agian... with proof of getting it fixed....

gtracer2b

Ok so which bank approved you for a loan before ever even seeing the car? maybe these are the guys i need to talk to. Yeah my insurance also wont do coverage beyond liability because of the salvage, which also seems unusual to me, and i dont recall them ever coming and reappraising it for proof that it had been restored after i had done so.

RPRacing

a credit union. Navy Federal. BUT its based on credit, member transaction history, current funds, and other membership history

90GTi

i just got a loan to purchase my car. which has a salvage title. i dont know how big of a loan you are looking to get but i just got a signature loan for 1500 and told them i was using it to do some work on my car. the intrest is a little bit higher than a car loan but i dont have to have full coverage where as if i got a car loan the bank would make me get full coverage on it.

AllMotorModular

1st Advantage gave me my loan with no problem, but the dealer i bought my car from has a good working relationship with them, so when it's one of his cars they don't question it.

BigHead Ted

Not all insurance companies will insure a veh if it has been salvaged. My parents and I represent about 65 different compannies and none of them will insure a salvage veh. Id just get a non salvage veh or vin plate off one that is at a junk yard with a clean title.