Re: Salvage title vehicles how is it handled in your state???

Posted by glennster on October 26, 2015 at 10:09:55 from (162.204.229.223):

In Reply to: Salvage title vehicles how is it handled in your state??? posted by jocco on October 26, 2015 at 09:24:24:

here is the illinois nutshell. as a body shop ower i have a repairer license and also a rebuilder license. there are a few different vehicle title classifications. clean title, salvage (a vehicle deemed a total loss for whatever reason) the salvage can be converted to a rebuilt and put back in service, a junk title, this can only be sold as parts and never rebuilt. there is also a flood vehicle title. the flood stamp can never be removed. in our state a vehicle is deemed a total loss if the cost to repair plus the salvage value is greater than the acv. so, if you have a 10k vehicle with 8k in damage and the salvage value is 2k, its a total loss by the insurance company. does not matter what the damage is. simple hail damage can total out an otherwise perfectly operational vehicle. the process to rebuild here, you need the rebuilder licence or dealer license to purchase a salvage title vehicle. then repairs are made, and copies of all repairs along with paqrts invoices are taken with the vehicle to a state licensed inspection facility. they look over the vehicle, verify receipts and give you a form that is sent down state for a rebuilt title. another type of scenario is abandoned vehicles. for what ever reason, an owner abandons the car. its gets towed by police order. tow company does a title search to find the owner then sends registered letters to owner. the vehicle accrues storage charges while the car is in the tow companys possesion. the tow company must hold the vehicle for 90 days if no response from the owner, then the vehicle goes up for sealed bids. if no bids the car is basically sold to the tow company for accrued charges. it is issued a certificate of purchase by the police dept. the c.o.p can then be converted to a salvage title, and then to a rebuilt title, or just converted to a salvage title and sold to a scrapper. sometimes you luck out and there is a loan on the car and the bank has to come get it and pay the charges, but they only have to pay a maximum of 30 days storage.

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