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Salvage Title friendly bank list


rpina1
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I think it might be worthy to compile a list of banks that will finance a salvage title vehicle. I deal with financing salvage on a daily basis and so for those out there shopping it is important to know that most banks won't deal with a salvage title.

 

Banks that will finance salvage :

 

 

- Navy Federal Credit Union

- USAA

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DCU - Maybe

 

 

Per DCU, loan can only be 80% of the appraised value. Customer must pay for a DCU approved appraiser. Also does not allow GAP. So if there is a total loss and your insurance company does not fully pay (which is very likely), you will be responsible for the loan.

Edited by rpina1
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Liability insurance is usually not a problem. Getting "full coverage" is a problem because the car has already been written off once. Insurance companies consider it worthless if it gets totaled again.

 

 

Just as a FYI, Progressive will write collision/comp and "loan payoff" (gap) insurance on a salvage title.

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I recently talked with a manager at Springleaf financial. They WILL underwite a salvage title vehicle. They did mention that they hate doing it, but they WILL do it.

 

From what I have heard from customers, it is basically treated as a title loan and the terms are horrible.

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Old post but I found it useful and would like to update.  As a non-veteran, I had an extremely hard time finding a bank to finance a salvage/lemon title car I found.  PenFed offered 50%, but I called over 30 credit unions and some banks who all said they don't touch branded title cars.  My last try paid off and Polish American Credit Union in Michigan financed 90% and was super easy to deal with!  The only problem is they are old school at the moment and you cant do the process online.

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2 hours ago, EdatAutoSource said:

So its 2020 now, can I get a updated list of banks that will lend on a rebuilt/ branded title

 

https://www.lendingtree.com/auto/buying-a-car-with-a-salvage-title/

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There are few lenders willing to provide a salvage title auto loan. Westlake Financial is one of them, but most lenders will not. This is largely because it’s almost impossible to get collision insurance for a salvage car — in other words, the lender probably won’t get its money back if the car gets into a crash. To buy a salvage car, you would probably have to pay for it in cash, or take out a personal loan, which tend to have higher interest rates than auto loans.

 

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