Financing a car with a salvage title?

[twizzle]

Thank you. Do you need to be eligible or live in a certain area to join Wings FCU?

 

Yes and yes. It's for people in the airline industry as well as, um, I think it's the St.Paul, MN area and Seattle. I'd google.

Edited February 24, 2012 by twizzle

[Iamdanieltuck]

South Carolina Bank and Trust will lend on a salvage title vehicle. A friend of mine buys salvaged vehicles constantly cause auto body repair is his family's business. South Carolina will also issue a clean title upon inspection of the vehicle being returned to an "almost new" condition.

 

He is buying the vehicle for 16k. 2008 Lexus IS 250. It has been professionally repaired and is currently under rebuilt from salvage title

[MarvBear]

South Carolina Bank and Trust will lend on a salvage title vehicle. A friend of mine buys salvaged vehicles constantly cause auto body repair is his family's business. South Carolina will also issue a clean title upon inspection of the vehicle being returned to an "almost new" condition.

 

He is buying the vehicle for 16k. 2008 Lexus IS 250. It has been professionally repaired and is currently under rebuilt from salvage title

 

 

And that's how you launder a title. But you most likely can't launder the Experian Auto Check report on the vehicle.

[Iamdanieltuck]

I don't believe it's "laundering" as the SCDMV knowingly replaces the salvage title with a clean one after the corrections are made. If you make changes in spending habits are you laundering your CR? or is it different for some reason? Just one perspective, but I just don't find anything clandestine about following the guidelines and regulations.

 

South Carolina Bank and Trust will lend on a salvage title vehicle. A friend of mine buys salvaged vehicles constantly cause auto body repair is his family's business. South Carolina will also issue a clean title upon inspection of the vehicle being returned to an "almost new" condition.

 

He is buying the vehicle for 16k. 2008 Lexus IS 250. It has been professionally repaired and is currently under rebuilt from salvage title

 

 

And that's how you launder a title. But you most likely can't launder the Experian Auto Check report on the vehicle.

Edited March 3, 2012 by Iamdanieltuck

[Iamdanieltuck]

I think the posters here generally give impartial advice, just because you don't agree doesn't make them wrong.

 

I have 2 cars finance that have salvaged titles. Sounds like car dealers on here not wanting you to buy except thru them. I have mine at the credit union. one was %80 of book the other was ~ %70.. most will lend but not more than %50.. Geico and farm bureu and state farm all have insured the vehicles. They just have to see it first to make sure it is not wrecked.

[kb1gra]

To the best of my knowledge DCU will finance a salvage title.

 

However, as the owner of a 2008 IS250 that is loaded and worth maybe $22k private party I would say he is not getting that great a deal. I'll sell him mine with a clean title and 45k miles since these vehicles have an engine defect that causes them to stall/refuse to start. Lexus says the only fix is to scrub crap out of the engine every 20k miles. Hope he is aware of what he is buying because I am trying to get out of mine.

[hoapres]

I don't believe it's "laundering" as the SCDMV knowingly replaces the salvage title with a clean one after the corrections are made. If you make changes in spending habits are you laundering your CR? or is it different for some reason? Just one perspective, but I just don't find anything clandestine about following the guidelines and regulations.

 

South Carolina Bank and Trust will lend on a salvage title vehicle. A friend of mine buys salvaged vehicles constantly cause auto body repair is his family's business. South Carolina will also issue a clean title upon inspection of the vehicle being returned to an "almost new" condition.

 

He is buying the vehicle for 16k. 2008 Lexus IS 250. It has been professionally repaired and is currently under rebuilt from salvage title

 

 

And that's how you launder a title. But you most likely can't launder the Experian Auto Check report on the vehicle.

 

But as MarvBear points out even if you "unsalvage" a car by "cleansing the title" to remove the salvage designation on the title then the Experian Auto Check report is still likely to note that the car at one point the car's title mentioned salvage. Of course this is a moot point should you live in a state such that you can't unsalvage the car.

[Cactus Flower]

A friend of mine wants to finance a car that has a salvage title? Any banks that will do this? Without outrageous APR of course. His credit is good. Thank you

 

I didn't even think you could insure a car with a salvage title...

Edited March 4, 2012 by Cactus Flower

[unleashedfury]

Companies Will Insure a Salvage Car.

 

I never heard of financing for a Salvaged Title. A small credit union or Mom and Pop bank might under manual review and the reason for salvage. Might want to have a accessor look at the vehicle and for that kinda price I would just consider looking elsewhere Lexus makes a beautiful car I've worked on many in my time. But I've seen serious issues with salvaged cars and with the electronics and luxury parts of a Lexus it might just be a electrical nightmare to be unveiled.

 

As far as laundering the title. Its exactly as its said. Most people look to remove the salvage tag from the vehicle to increase the value and make it more appealing to a buyer. Without disclosing a Salvage Title. There really is no reason to remove the salvage tag. If you attempt to insure it knowingling denying that it was salvage at one time. Its fraud. In some states failure to disclose that it was a Salvage is fraud.

[colorado_guy]

To the best of my knowledge DCU will finance a salvage title.

 

However, as the owner of a 2008 IS250 that is loaded and worth maybe $22k private party I would say he is not getting that great a deal. I'll sell him mine with a clean title and 45k miles since these vehicles have an engine defect that causes them to stall/refuse to start. Lexus says the only fix is to scrub crap out of the engine every 20k miles. Hope he is aware of what he is buying because I am trying to get out of mine.

Thanks a lot. Will tell him to give DCU a call!

[colorado_guy]

South Carolina Bank and Trust will lend on a salvage title vehicle. A friend of mine buys salvaged vehicles constantly cause auto body repair is his family's business. South Carolina will also issue a clean title upon inspection of the vehicle being returned to an "almost new" condition.

 

He is buying the vehicle for 16k. 2008 Lexus IS 250. It has been professionally repaired and is currently under rebuilt from salvage title

 

 

And that's how you launder a title. But you most likely can't launder the Experian Auto Check report on the vehicle.

 

This is not laundering. This is the only legal way to be able to register a salvage title car in Colorado. DMV requires this

[MarvBear]

South Carolina Bank and Trust will lend on a salvage title vehicle. A friend of mine buys salvaged vehicles constantly cause auto body repair is his family's business. South Carolina will also issue a clean title upon inspection of the vehicle being returned to an "almost new" condition.

 

He is buying the vehicle for 16k. 2008 Lexus IS 250. It has been professionally repaired and is currently under rebuilt from salvage title

 

 

And that's how you launder a title. But you most likely can't launder the Experian Auto Check report on the vehicle.

 

 

 

This is not laundering. This is the only legal way to be able to register a salvage title car in Colorado. DMV requires this

 

Oh, I'm sorry, I had no idea that the State of Colorado required a vehicle with a salvage title to have that title cleansed in the State of South Carolina and issued a non-branded title, prior to you buying it and registering it in the State of Colorado. That statute would make for some interesting reading.

[colorado_guy]

South Carolina Bank and Trust will lend on a salvage title vehicle. A friend of mine buys salvaged vehicles constantly cause auto body repair is his family's business. South Carolina will also issue a clean title upon inspection of the vehicle being returned to an "almost new" condition.

 

He is buying the vehicle for 16k. 2008 Lexus IS 250. It has been professionally repaired and is currently under rebuilt from salvage title

 

 

And that's how you launder a title. But you most likely can't launder the Experian Auto Check report on the vehicle.

 

 

 

This is not laundering. This is the only legal way to be able to register a salvage title car in Colorado. DMV requires this

 

Oh, I'm sorry, I had no idea that the State of Colorado required a vehicle with a salvage title to have that title cleansed in the State of South Carolina and issued a non-branded title, prior to you buying it and registering it in the State of Colorado. That statute would make for some interesting reading.

 

 

 

 

I was talking about getting the title "rebuilt from salvage".

 

 

Never mind though, thanks everyone for advises. Called DCU and they will finance! Thanks again.

 

 

[MarvBear]

congrrrrrrrrrrrrrrrrrrrrrrrrrrats

[Iamdanieltuck]

I may be just less experienced then the rest of you guys, but I normally ascociate "laundering" with a clandestine or elicit behavior. Further, I believe if you correct all deficiencies with the vehicle that was previously purchased as "salvage", doesn't that in fact restore it's value, warranting a normal title, indicating such (provided your state STATUTORILY provides these actions). Additionally, I completely see fraud if a person attempts to change the title to a clean title without proper repairs and inspections, as that would defraud the proposed buyer as the vehicle is in salvage condition. I guess I'm looking for a more thorough justification as to how this is fraud ?

 

congrrrrrrrrrrrrrrrrrrrrrrrrrrats

[hoapres]

Depends on the state.

 

You can't "unsalvage" a car with salvaged title in CA.

[EvoX]

Steer clear...Even if you get that approved when he is bored with it no one else will want to buy it. Always figure Salvage cars at lease half of rough trade value.

So not true. I have a friend who is a dealer, he sells "rebuilt cars". The price difference is around 2k for a 10k car (20%). Repo's, Theft Recovery etc does not make the car worse than the one that dealer has bought from the auction and fixed for a fast sale... at least for me it does not.

 

 

 

 

Am I the only person who notices that the OP has a "friend" who wants to buy a salvaged car AND a "friend" who is a salvaged car dealer?

 

Let's take a vote, who thinks the OP is actually:

 

A. Selling this salvaged car and will use the information he learned here to convince a buyer it is worth more than it is

 

B. Trying to buy this Lexus for himself, but doesn't have the cash to do it

C. Really trying to help out a friend who owns a salvaged car dealership but knows nothing about salvaged car financing & a friend who wants to buy a salvaged car

 

D. Other

[colorado_guy]

Let's vote if EvoX:

 

1. Has a life and is just very bored and trying to post unnecessary and rude comments.

 

2. Does not have a life and is just very bored and trying to post rude and unnecessary comments.

 

 

 

 

For those interested. Yes I have a lot of friends. One of them is buying cars on auctions, fixes them and sells them to make profit. He owns a small dealership/repair shop.

 

I have bought cars from him in past. Our other common friend just bought and fixed a Lexus through him from an auction (copart). I know a lot more about credit then they do so I was helping him to get financing (he had to pay cash at the auction). Got good luck with DCU thanks for your advise. Financed whole 16k.

 

Thanks everyone for their help, mods please close the thread.

Edited March 17, 2012 by colorado_guy

[MarvBear]

Glad you accomplished your goal.

[colorado_guy]

Glad you accomplished your goal.

 

Thank you MarvBear. Can we close the thread?

[MarvBear]

Automatic generated message:This topic has been closed by a moderator.

 

Reason: at original poster request closed

 

Questions should be directed to an admin.