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07-30-2012, 05:18 PM | #21 |
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Re: Salvage title perception question
Don't sweat it. Salvaging is what we do!
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07-30-2012, 05:31 PM | #22 | |
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Re: Salvage title perception question
Quote:
As far as the salvage issue you should be able to negotiate around that. We did with our 73 Buick Apollo when it got damaged. The Ins company totaled it because to paint the car was more than their book value on it. We bought it back for $500 fixed the crumpled fender and painted it. Now it has collector insurance rather then standard full coverage, and still maintains it's regular title. Basically they paid out a total loss value, then deducted the $500 because we were keeping it. The title never changed hands.
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1929 Model A Barn find. California car, just a few more parts to find. Interior, steering box (rebuild), and I am sure much more! |
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07-30-2012, 05:39 PM | #23 |
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Re: Salvage title perception question
Still looking into this, but interesting things I have found:
Talked with a MVD guy who has totaled a vehicle in NM, said he got the title stamped by the ins company, and just paid registration fees each year and drove in for 4 years, sold it 6 months ago with no problems. Talked to a couple other coworkers who have bought/owned/driven salvage vehicles in NM (none had been involved with the insurance/initial salvage designation). Talked to my ins company, they did some digging and found the company won't let them write a policy (even just liability) on a salvage title in NM.... (will ask about reconstructed later) Looked at the reconstructed vehicle thing, might be a good option, it appears I can use my "salvage title" frame as the base, and have reciepts for major purchases (in my case steering, brakes, fenders, wheels...) they will give a reconstructed title using my existing VIN and add a NM prefix secondary VIN. The form (MVD-10015)says the factory chassis if used will determine the year, make and primary VIN so it will still be a 1930 Ford. There seems to be a divide between what the forms and instructions say and what reality seems to be, just don't want to get caught between them. I have no interest in swapping titles/out of state sales/other means to an end.
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07-30-2012, 05:47 PM | #24 |
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Re: Salvage title perception question
I would come to a value with the insurance company payout to get it under where it would have to have a salvage title. Hope it all works out for you. Gary
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07-30-2012, 06:04 PM | #25 | |
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Re: Salvage title perception question
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BTW my 30 Coupe was given a salvage value of $383 for buy back....... Don't you wish you could find any model A for that!
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07-30-2012, 06:16 PM | #26 | |
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Re: Salvage title perception question
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07-31-2012, 08:49 AM | #27 | |
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Re: Salvage title perception question
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I do have my car insured with my modern, can't beat the price, and I only have liability and uninsured motorist. I figure if I personally at am fault I will fix my car (may change one I fix it and it is in better shape). Problem here is I have to deal with the ins of the guy who hit me and is at fault.....
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07-31-2012, 11:11 AM | #28 | |
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Re: Salvage title perception question
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07-31-2012, 12:20 PM | #29 |
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Re: Salvage title perception question
Unless you turn over your title to the Ins Co they can't give you salvage papers. Keep your title in your hands.
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07-31-2012, 12:25 PM | #30 |
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Re: Salvage title perception question
Play hard ball with the other guys insurance. To the best of my knowledge if they pay to have the car fixed it is not a salvage title issue. Make them understand that it will be very expensive to them if you end up with a salvage title.
Charlie Stephens |
07-31-2012, 01:03 PM | #31 | |
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Re: Salvage title perception question
Quote:
Any time you keep the "salvage" the title remains in your name unencumbered. The ins co has no DMV or MVD authority. They're settling a debt. The only way it becomes salvage is you hand it over. Is NM different? I wouldn't think so. You may be hollerin before you're hurt. That's not meant as an insult. On the other hand, many collector level cars are never "totaled" by the insurance co.s that specialize in it. Here in MI I kept a totaled car. I got the settlement plus the car, sold the wrecked car, with a clear title, ended up with $1900 more than the totaled car value due the value of the parts. A "totally" legal opportunity... |
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07-31-2012, 02:54 PM | #32 | |
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Re: Salvage title perception question
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I mail my title to ins company They stamp my title SALVAGE per state req They copy title and send original back to me (car hasn't left my ownership) with payout check They submit a copy of stamped title and MVD-11103 Salvage Vehicle or Vessel Notification to state. State flags VIN as Salvage in their database I get my original title back with Salvage stamped on it and the ins payment. The more I dig into this it appears that a "Salvage" title is fine to own/drive/register the car with. There is another designation of "NonRepairable" that forces sale of car to a liscensed dismantler. That form is filled out by vehicle owner (me, not the ins), and appears to be completely optional. Not sure why you would ever fill the form out unless you were an ins company and the owner didn't retain car for salvage value. This designation would ensure that the car you totaled wouldn't make it back to the road...... In looking at the reconstructed designation I can use my salvage title and frame, then "repair" the vehicle showing purchase of major parts used and do a basic safety equipment inispection to recieve a title with my original year/make/model/vin and a secondary id number (state issued). This title wouldn't say salvage, but reconstructed instead.... Looking into what exactly that means. I have some other things to look into to make sure I understand exactly how the heck this works in NM.....
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07-31-2012, 03:15 PM | #33 |
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Re: Salvage title perception question
Just another thought. Will you have trouble getting insurance in the future with the salvage title? Since the other person was at fault it doesn't seem like their insurance company should be screwing around with you. Do you have a state insurance commissioner you could contact?
Charlie Stephens |
07-31-2012, 03:48 PM | #34 | |
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Re: Salvage title perception question
Quote:
Currently my Insurance company can't insure a vehicle in my state with a salvage title..... I am looking into what a reconstructed designation means. I have co workers who do have insurance on salvaged vehicles in NM, so it appears someone is writing policies.
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07-31-2012, 03:59 PM | #35 |
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Re: Salvage title perception question
Well, I found the official definition of "non repairable" from the NM motor vehicle code section 66-1-4.12:
A. "nonrepairable vehicle" means a vehicle of a type otherwise subject to registration that: (1) has no resale value except as a source of parts or scrap metal or that the owner irreversibly designates as a source of parts or scrap metal or for destruction; (2) has been substantially stripped as a result of theft or is missing all of the bolts on sheet metal body panels, all of the doors and hatches, substantially all of the interior components and substantially all of the grill and light assemblies and has little or no resale value other than its worth as a source of a vehicle identification number that could be used illegally; or (3) is a substantially burned vehicle that has burned to the extent that there are no more usable or repairable body or interior components, tires and wheels or drive train components or that the owner irreversibly designates for destruction or as having little or no resale value other than its worth as a source of scrap metal or as a source of a vehicle identification number that could be used illegally; B. "nonrepairable vehicle certificate" means a vehicle ownership document conspicuously labeled "NONREPAIRABLE" issued to the owner of the nonrepairable vehicle; Good news is that my car doesn't come close to this, so no need to worry about non repairable. From section 66-1-4.16: C. "salvage vehicle" means a vehicle: (1) other than a nonrepairable vehicle, of a type subject to registration that has been wrecked, destroyed or damaged excluding, pursuant to rules issued by the department, hail damage, to the extent that the owner, leasing company, financial institution or the insurance company that insured or is responsible for repair of the vehicle considers it uneconomical to repair the vehicle and that is subsequently not repaired by or for the person who owned the vehicle at the time of the event resulting in damage; or (2) that was determined to be uneconomical to repair and for which a total loss payment is made by an insurer, whether or not the vehicle is subsequently repaired, if, prior to or upon making payment to the claimant, the insurer obtained the agreement of the claimant to the amount of the total loss settlement and informed the claimant that, pursuant to rules of the department, the title must be branded and submitted to the department for issuance of a salvage certificate of title for the vehicle; _________ Basicly NM says that if a total loss is made on a car it must be designated Salvage.
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07-31-2012, 04:21 PM | #36 |
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Re: Salvage title perception question
Personally I think I would get a lawyer to deal with the other agency, or at least consult one. In MI my agency pays out and goes after the other guys insurance. It is probably the only benefit to it being a 'no fault' state.
if there is one thing I have learned they will do what they can to screw you. I know I would not want that salvage stamp on my title.
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1929 Model A Barn find. California car, just a few more parts to find. Interior, steering box (rebuild), and I am sure much more! |
07-31-2012, 07:24 PM | #37 | |
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Re: Salvage title perception question
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08-01-2012, 07:33 AM | #38 |
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Re: Salvage title perception question
Repair may mean a total restoration. Clearly at today's nat'l average of restoration rates, it's easy to exceed the nat'l average value of select cars. I'm thinking the issue is the value of it when it was damaged, once repaired it should clearly be worth more because of how much restoration/repair was done. You may also be simply the victim of a power monger, the type that thinks he can run rough-shod over you and get something "he" wants. It's happened before.
I had a guy "abandon" a 56 Chevy HT on my property. It was a job/restoration/hotrod project I was to be paid to do. I never got paid for what did get done, nor any advance to make the next move in parts/labor. A local sheriff told me to roll the car to the street so they could pick it up and "dispose of it" for me. YEAH, RIGHT! I exercised my rights as an "Artisan" and was able to get a legal title and sell it. None of us like to consider a person's avarice, their dark side, their plan to decieve for personal gain, and especially in our gig (any old cars) there's an element that uses our nostalgia and passions against us. Just sayin... |
08-01-2012, 08:42 AM | #39 | |
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Re: Salvage title perception question
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They want to total the car because of basic math, the ins company values the car at 10K (I think this is reasonable) and repair est came in at 12K.
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08-01-2012, 08:44 AM | #40 |
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Re: Salvage title perception question
I have seen some ins companys "total" a vehicle with litttle damage ----it's about profit, they know they can make more that way, give the owner a low "book" valu, then resell the salvage at a profit---and they want to grab the car that day before the owner can think about it, it's usually a very nice low mileage car that a dealer would pay above bookk for(other than for the minor damage), other companys will look for a way to have the owner keep the car and sometimes work with the repair shop to prevent it being totaled.
If you can agree on a # for repairing the car and keep the paperwork from having the title changed to salvage (It's a pain to jump all the hoops and lines, and going from agency to agency looking for a person to inspect all the paperwork, you may need to trailer the car to several inspection agencys etc,)---it's not about the value of the car with salvage titile for a model A or other old car, it's about what the brand "salvage" may mean to the bureaucrats in the future. |
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