Salvage Title Question.... Any advice will be appreciated..
#11
08-30-2010 | 02:21 PM
Cruiser
Joined: Aug 2010
Posts: 104
Likes: 22
From: metro-Atlanta
I guess the phrase crap shoot is correct.. I am going to look at the bike tonight. I think what he wants for it isnt horrible considering he mentioned he would take 5200 cash..
It has not been fixed since it was "layed down" according to him..
The pictures look great though. Crash bar is scraped, not bend. The hard bag on the rear has a few scrathces on it but nothing that people would even notice at first glance. I think that is why i am so curious as to what they consider a "Salvage" bike..
Bent tab on the frame? How would i know where to look to find out if it is bent, which I am assuming it may be due to the other examples given.
If it is, in your opinions, it wouldnt be a good buy?
FYI, the bike is fairley loaded in the accessory department so this would become another bike to own for me. No plans of selling. That is why i am worried about the frame. I dont want the integrity of the bike to be comprimised and safety be an issue.
Thanks Guys for the responses.
It has not been fixed since it was "layed down" according to him..
The pictures look great though. Crash bar is scraped, not bend. The hard bag on the rear has a few scrathces on it but nothing that people would even notice at first glance. I think that is why i am so curious as to what they consider a "Salvage" bike..
Bent tab on the frame? How would i know where to look to find out if it is bent, which I am assuming it may be due to the other examples given.
If it is, in your opinions, it wouldnt be a good buy?
FYI, the bike is fairley loaded in the accessory department so this would become another bike to own for me. No plans of selling. That is why i am worried about the frame. I dont want the integrity of the bike to be comprimised and safety be an issue.
Thanks Guys for the responses.
#12
08-30-2010 | 02:56 PM
Road Warrior
Joined: Aug 2007
Posts: 1,979
Likes: 4
From: Central IL
Most of the time a salvage title indicates the vehicle has been declared a total loss by the insurance company. Insurance companies generally will not issue comprehensive coverage on a vehicle with a salvage title.
There can be exceptions though. I had a friend who owned a service station and he was sometimes called to tow vehicles impounded by the State Police in drug arrests. He towed a little Nissan Sentra with low miles once. The owner never payed the impound and storage fees so he eventually became the "owner". I was looking for a gas saver to drive to work but he couldn't sell it to me because he was issued a salvage title and could only sell it to a licensed rebuilder. There was nothing wrong with the car. It hadn't been wrecked, only impounded and towed. I had to get another buddy who owned a salvage yard to "buy it" for me, then transfer the title into my name. I got the car for less than a $1000, drove it for almost 8 years and over 250,000 miles.
There can be exceptions though. I had a friend who owned a service station and he was sometimes called to tow vehicles impounded by the State Police in drug arrests. He towed a little Nissan Sentra with low miles once. The owner never payed the impound and storage fees so he eventually became the "owner". I was looking for a gas saver to drive to work but he couldn't sell it to me because he was issued a salvage title and could only sell it to a licensed rebuilder. There was nothing wrong with the car. It hadn't been wrecked, only impounded and towed. I had to get another buddy who owned a salvage yard to "buy it" for me, then transfer the title into my name. I got the car for less than a $1000, drove it for almost 8 years and over 250,000 miles.
#14
08-30-2010 | 03:36 PM
Thread Starter
|
4th Gear
Joined: Aug 2010
Posts: 8
Likes: 0
From: Macomb
Thanks for the replies... I will look at the tab when I go see the bike.. But now I am thinking and after looking around a bit at salvage bikes, the deal may not be that great. Seems like he is asking a bit more than what is out there with the same situation.
I will keep you all posted on what I find..
I have a lot of family in Tennessee so this may be a new venture for me on picking up some new bikes..
I will keep you all posted on what I find..
I have a lot of family in Tennessee so this may be a new venture for me on picking up some new bikes..
#15
08-30-2010 | 03:57 PM
Road Master
Joined: Nov 2004
Posts: 1,227
Likes: 2
From: Coral Springs, Florida
Title it in Tennessee. They don't have salvage titles.
I bought a 2007 Heritage that had been backed into in a parking lot. Less than $2000 worth of damage. the guys insurance totaled it. Go figure.
It had a Virginia salvaged title. It doesn't now. Tennessee title is clean.
You do have to inspect a salvage titled bike carefully. A flood damaged bike is the worst. But you can get some great deals like that.
I bought a 2007 Heritage that had been backed into in a parking lot. Less than $2000 worth of damage. the guys insurance totaled it. Go figure.
It had a Virginia salvaged title. It doesn't now. Tennessee title is clean.
You do have to inspect a salvage titled bike carefully. A flood damaged bike is the worst. But you can get some great deals like that.
#16
08-30-2010 | 03:58 PM
Road Master
Joined: Nov 2004
Posts: 1,227
Likes: 2
From: Coral Springs, Florida
Yah, a salvaged title would be one that you accidentally put through the wash and had to dry out and iron.
When an insurance company pays off a "total loss", the remains of the car/bike are sold. Sometimes they're sold back to the original owner but more often they're sold at auction to a salvage yard or repair shop or wherever. If the vehicle is then repaired and made roadworthy again, it's branded with a "salvage title".
For a bike to be considered a total loss, the insurance adjuster basically determined that it would be more expensive to fix than it was worth, so it was cheaper for the insurance company to pay off on the total value.
Keep in mind that once a vehicle has a salvage title, it can't ever get a "clean" title again. So when you go to sell the bike, it's still gonna have the salvage title which may significantly reduce what you can get for it.
When an insurance company pays off a "total loss", the remains of the car/bike are sold. Sometimes they're sold back to the original owner but more often they're sold at auction to a salvage yard or repair shop or wherever. If the vehicle is then repaired and made roadworthy again, it's branded with a "salvage title".
For a bike to be considered a total loss, the insurance adjuster basically determined that it would be more expensive to fix than it was worth, so it was cheaper for the insurance company to pay off on the total value.
Keep in mind that once a vehicle has a salvage title, it can't ever get a "clean" title again. So when you go to sell the bike, it's still gonna have the salvage title which may significantly reduce what you can get for it.
#17
08-30-2010 | 04:40 PM
Road Warrior
Joined: Aug 2007
Posts: 1,979
Likes: 4
From: Central IL
I don't think most insurance companies will total a $20,000 vehicle for $10,100 in damages.
#18
08-30-2010 | 04:44 PM
Club Member
Joined: Dec 2009
Posts: 802
Likes: 1
From: Wisconsin
First off it can never get a clean title however a salvage title could just be some light cosmetic damage or it could have been hit by a truck.The only way to find out is try to contact the last registerd owner or the insurance company.A salvage paper would not stop me from buying one just as long as the price reflected it !
#19
08-30-2010 | 04:53 PM
Elite HDF Member
Joined: Apr 2010
Posts: 4,140
Likes: 0
From: north carolina
Really??? The estimate for damages from hitting a deer on my '07 SG was less than $1000 from 75% of the NADA value of the bike and it wasn't totalled by the insurance company.
I don't think most insurance companies will total a $20,000 vehicle for $10,100 in damages.
I don't think most insurance companies will total a $20,000 vehicle for $10,100 in damages.
#20
08-30-2010 | 04:57 PM
Road Captain
Joined: Sep 2008
Posts: 727
Likes: 1
From: Silverdale, WA
1. Ask if the insurance company will insure it after you get it with a Salvage title.
2. Just because it has a "clean" title in one state, doesn't mean it will in all states. Any state with a reciprocal will show it as a branded title. That is called "title washing". When titled in another state, brand shows, happened to me on a clean MN title, took bike to WA state, ta-da, branded title. It did show on a carfax, but too late for me.
3. Dealers here won't touch them, no trade, no consignment. Happy to work on them or sell you parts though.
4. My Deuce looks great, made of new parts (including new factory frame), but the guy looking at it will smile and offer you $3500 for it, less then the parts are worth. "Salvage title" you know.
2. Just because it has a "clean" title in one state, doesn't mean it will in all states. Any state with a reciprocal will show it as a branded title. That is called "title washing". When titled in another state, brand shows, happened to me on a clean MN title, took bike to WA state, ta-da, branded title. It did show on a carfax, but too late for me.
3. Dealers here won't touch them, no trade, no consignment. Happy to work on them or sell you parts though.
4. My Deuce looks great, made of new parts (including new factory frame), but the guy looking at it will smile and offer you $3500 for it, less then the parts are worth. "Salvage title" you know.