Auto titles are one of the key focus areas when buying or selling cars at online salvage car auctions. When you participate at an online cars auction, you will come across different auto titles. Some of the titles are self-explanatory while others may confuse you. To avoid any confusion and help those still finding their way around online salvage car auctions, this blog post looks at some of the auto titles.
Types of Titles
A vehicle is labeled salvage when the repair cost of the vehicle is more than the predefined amount, which is often 75 to 100 percent of the vehicle’s value. The salvage title assigned to vehicles may differ from one jurisdiction to the other. For example, in New Jersey, a standard title with a “salvage” suffix indicates a reconstructed vehicle, whereas in many other jurisdictions a “rebuilt” or “reconstructed” title is used for the same vehicle.
A clear title is given to a vehicle that has not been in an accident, or the cost of repairs caused by the accident is less than the cost of writing off the vehicle. The title may also be given to a vehicle which endured severe damage in other jurisdictions or a vehicle that was repaired before vehicle title branding or repaired without notifying the insurance company.
As the name suggests, the irreparable title is given to vehicles that are beyond repair. As such cars cannot be restored back onto the roads, they are often bought for parts or scrap. Vehicles with this title are often flood or fire damaged.
The wrecked title is given to vehicles that have been permanently recycled or dismantled. The vehicles that get this title are either wrecked, crushed, or severely damaged in accidents. The title ensures that the VIN (vehicle identification number) of the destroyed vehicle is not reused.
Stolen vehicles are usually found or recovered in a dismantled, destroyed, or vandalized condition. Such vehicles are given the ‘theft recovery’ auto title. Theft recovery vehicles are often irreparable.
Things to Remember
These are some auto titles that you will come across during the online salvage car auctions. Besides considering auto titles, buyers must also check shipping, VIN history, and payment terms. At AutoBidMaster, we offer dedicated customer support to resolve issues, provide support, and help buyers with bidding, negotiating, payment, and shipping advice. If you have any questions regarding online car auctions or any other related subject, feel free to write us at firstname.lastname@example.org and our team of experts will immediately take it from there. You can also call us at +1 (360) 347-1300.