Title Status: Rebuilt

Desert Rat

If you know the history and plan to keep the car a long time, it can be a good value, but here's things to consider:

Most insurance companies won't insure full coverage on them.
You can't get a loan against one to buy it
Its resale is horrible

Pricewise they should never be more than 50-60 cents on the dollar to KBB due to the factors listed above.

JARblue

buying a salvage title is a poor decision in general IMO



He formed it because you bought a salvage title. You gave no justification or information to believe that it was not a poor decision.

lol wut?? just because you are happy with your car is not a legitimate reason to buy salvage title vehicles

How about next time you don't create a thread to ask for opinions and then bitch about those opinions

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OxZed

I don't know - I think some of these are myths; or, maybe it varies from state-to-state.

I've owned at-least 15 or so "rebuilt" titled vehicles & motorcycles that I've either repaired myself or purchased them already repaired ...

- I've always had full coverage on all w/ never a questioned asked
- I've financed three, there are banks that will. In fact, my wife currently drives a 2017 Chrysler Pacifica, decked out, that I got from Copart as a recovered theft w/ 4k miles on it - we financed it via LightStream.com
- I've never had trouble w/ resale. Now, if your talking a run of the mill Buick or something - yeah, resale might be an issue. In my experience though, with desirable vehicles with desirable options, there's always a market. Will you get full retail? No. But lose thousands? Only if the repair is obviously shoddy.

All my experiences of course, and I'm aware they vary.

Desert Rat

Guessing the interest rates you got on those loans was significantly higher.

Memphis370Z

I've financed three loans through LightStream (SunTrust Bank) and, although the purpose of those loans were listed as auto purchases, the lender never once put a lien against any of the vehicles, nor did they request the VINs. I asked them about this and was told that they make credit decisions based upon the borrower's credit score and ability to repay. Further, I was told they are not interested in collateralizing these types of debt (auto loans) due to the administrative costs and low risk due to their credit decisioning model.

All that noted, did you have a different experience with LightStream? Did they request your VIN and place a lien against your Pacifica?

OxZed

Same experience here; and, the rate I got was as competitive with any used car rate elsewhere.

I finance once with a local back and the rate was a tad higher; but, it was a local bank and I didn't expect the best rate in the nation. In this case, the vehicle (title) was held as collateral - and they were fully aware of the title status. Only extra step required was a visual inspection.

Desert Rat

That's interesting. Most big lenders won't touch them with a 10 foot pole. Small banks FTW.

nis350

I suppose the bottom line is cost.....

If you want to buy one with rebuilt/salvaged history for 30-40% discount to the market value and willing to take the risk, go ahead.

I personally would not take the risk.

BTW: there is only 'salvaged' title in California regardless.

Rusty

We have R title in Pa. Dealerships will not touch a car with that on it.

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