When it comes to titling older, Highline, or specialty vehicles, vehicle valuation is a frequent concern. Often, an appraisal is necessary to establish the vehicle’s clear value. Sometimes, the value is overstated for taxes, and an appraisal is needed to demonstrate the accurate value. Conversely, some individuals may not be aware of their vehicle’s value. So, how can you determine the correct value?
We had a recent conversation with a company called Auto Appraise, and please note that we are not affiliated with them and do not profit from them. It is simply beneficial to know that there are professionals in this industry who can assist you. The appraisal is frequently required for probate cases where an estate with vehicles needs to be sold, and their value must be established. In other instances, legal matters, such as court-ordered titles or judgment liens against the vehicle’s owner, necessitate determining the vehicle’s value. It is essential to have an expert with documented experience in these cases. As we know from our investigative work if a person’s opinion cannot hold up in court as an expert witness, putting it on paper may not be worthwhile. Working with an individual with provenance and appraisal experience is crucial when dealing with disputed amounts.
However, conducting an appraisal to save a few hundred dollars on taxes is not worthwhile since appraisals can be quite costly. For instance, if you’re following the Vermont process and have a bill of sale for $3000 while the book value is $8000, and you don’t want to pay taxes on the additional $5000, you’ll only be charged about $300 in taxes. It makes no financial sense to pay hundreds of dollars for an appraisal to save $300. However, if you own a vehicle worth well into the five figures, such as $50,000 to $60,000, and the book value overestimates its worth, it may be worth considering an appraisal. Similarly, for specialized probate cases, an appraisal may be helpful.
When selecting an appraiser, ensure they have the appropriate credentials or license that the jurisdiction or venue that requests it will accept. For example, if it is necessary for the court, verify that the court will take it. If you need an appraisal for the DMV, ensure it is the type of appraisal the DMV will accept. It would be best to speak with the appraiser, such as the company mentioned here, to ensure they have the appropriate experience, reviews, and background, particularly for classic, specialty, or Highline vehicles. Although they may also appraise new cars, it is worth investigating. If you require additional information about appraisals, contact us at our help desk at [email protected].
Get expert advice for buying or selling your car with TelAdvice.com. Our team of automotive experts can provide you with tailored advice to navigate the process with confidence. Schedule your consultation today and take the first step towards a stress-free buying or selling experience.
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Some major automotive finance companies are going out of business, and as a borrower, what does this mean for you? The latest company to close its doors is American Car Center, a buy here pay here chain with 40+ locations across ten states. They terminated 288 people at the end of the business day and will not be processing any more paperwork. This means that if you have an open loan with this company and are currently making payments, American Car Center will not be there to process your paperwork, leaving you with unanswered questions about what this means for you.
Depending on who takes over, you may not have to make any more payments, but the big question is, how will you get your title? We recommend immediately filing with your state’s dealer licensing division for a title recovery. That’s number one. Number two is to start the court-ordered title process to have your jurisdiction declare you as the vehicle’s owner. Please note that we are not attorneys and are not providing legal advice. You may want to seek legal advice from an attorney to understand your consumer protection rights and other rights. However, it’s best to start this process early and not wait until the end of your loan – whether that’s a year, a year and a half, or six months from now – because there may not be any more funding available from the restitution fund.
It’s essential to start this process early. Making payments while waiting for the title recovery might be a waste of money if you don’t have to make them. On the other hand, if you don’t make your payments, you might lose out on getting your title because you’ll be in default. Therefore, it’s crucial to begin the process as soon as possible and file to ensure your rights are protected, and you receive your title or lien release from American Car Center without any issues. Taking quick action and the right kind of action is essential to avoid putting your rights in jeopardy. Therefore, if you are a customer of American Car Center or any other lender that goes out of business, it’s best to start this process right away.
Get peace of mind with CarTitles.com’s step-by-step assistance in obtaining your title and lien release after the closure of American Car Center.
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Salvage titles are a common problem in the car industry, and they come with many risks, including the risk of title fraud. This article will discuss what a salvage title is, how it works, and why you should be careful while dealing with them.
So, what exactly is a salvage title? A salvage title is a document issued by an insurance company when they have paid out a high claim on the vehicle. It doesn’t necessarily mean the car is damaged or totaled, but the claim must be of an exceptionally high value. The problem with a salvage title is that once a vehicle is labeled as salvage, it’s restricted from going back on the road. However, dealers and private sellers often try to sell a vehicle with a salvage title without disclosing it. Which in itself is a troubling position to find yourself in.
One of the biggest problems with a salvage title is that you can’t insure the vehicle for a comprehensive policy. You can only get basic liability, which can be risky. Before a salvage title vehicle goes back on the road, it has to go through an inspection, and 90% of salvage title vehicles never get approved for inspection. They don’t pass inspection, even if they look fine from the outside. There might be hidden problems such as airbag sensors, antilock brakes, frame damage, corrosion, or other issues that fail inspection.
Moreover, the value of a salvage title vehicle is estimated to be about 50% or 60% of the actual value. So, if you pay full price, you’re getting ripped off, and unless you can buy a salvage vehicle for half price, already fixed, and you know it passes inspection, you’re not actually getting any deal.
To make things worse, some dealerships are selling cars with salvage titles, misleading unsuspecting buyers. It’s easy to pass off flood-damaged or recovered theft vehicles as a car that’s not ready to be driven but with a salvage title. Even if the car looks fine, it’s not worth the risk.
It’s important to note that a salvage title is more than just the car’s condition. It’s the title history, and that history will be with the car forever. Running a National Motor Vehicle Title Information System search (NMVTIS) will show salvage for that VIN for the rest of its life. You can’t wash it off; it will always be with your vehicle. Even when you go to sell it, it’ll still show salvage for your buyer.
So, how can you avoid falling prey to the risks associated with salvage titles? Firstly, don’t rely on services like Carfax or Bumper, which may not be a hundred percent accurate. Instead, check the National Motor Vehicle Title Information System (NMVTIS), a government records database with all these records. Secondly, check every car thoroughly, ensure the condition is good, and also check the title to avoid ending up with a vehicle that looks good on paper but has a branded or distressed title that you can’t sell or finance without disclosure.
In conclusion, a salvage title is not something to take lightly. It’s essential to understand the risks associated with them and do your due diligence before purchasing any vehicle with a salvage title. Don’t let a good deal blind you from the potential risks, and make sure that you always check the title history before making a purchase.
In recent times, the automotive finance landscape has seen a wave of major companies going out of business, leaving borrowers in a state of uncertainty. One such company to fall victim to this trend is American Car Center, a prominent Buy Here Pay Here chain with a substantial presence across 10 states. As they close their doors, the fate of active loans and the accessibility of titles becomes a pressing concern for borrowers.
American Car Center’s announcement of closure, resulting in the termination of 288 employees, marks another domino in the chain of automotive finance companies facing financial troubles. With 40 plus locations ceasing operations, borrowers find themselves in a precarious situation, wondering about the fate of their loans and titles.
For those with active loans at companies facing closure, such as American Car Center, the primary concern lies in the retrieval of titles. As the company halts operations and paperwork processing, borrowers are left in limbo. The looming question is, how can you secure your title and protect your rights as a borrower?
The first recommended step is to immediately file with your state’s Dealer Licensing Division for title recovery. This proactive approach can help safeguard your rights and initiate the process of securing your title.
Exploring the Civil Lien process is another avenue to consider. While not legal advice, initiating this process with your jurisdiction could potentially declare you as the owner of the vehicle. It’s crucial to consult with legal professionals to understand your rights and consumer protection in this complex situation.
It’s imperative for borrowers not to procrastinate in responding to the closure of their lender. Waiting until the end of the loan term or a few months down the line might jeopardize potential avenues for resolution. Starting the process early can mitigate risks, ensure you don’t make unnecessary payments, and protect your rights to obtain your title or lien release.
While this post provides insights, it’s crucial to emphasize that it’s not legal advice. Borrowers are strongly encouraged to seek legal counsel to understand their unique situation, consumer protection rights, and the most appropriate course of action based on individual circumstances.
In times of financial turmoil in the automotive finance industry, borrowers must be proactive in protecting their interests. Swift action, early filing for title recovery, and exploring legal avenues can make a significant difference in securing titles and preserving the rights of those affected by the closure of lenders like American Car Center.
As developments unfold in the automotive finance sector, staying informed and acting decisively are crucial. This blog aims to empower borrowers with the knowledge needed to navigate the challenges brought about by the closure of major automotive finance companies.
Have you found yourself in a situation where your attempt to file a mechanics lien was rejected by the DMV? If so, you’re not alone. Rejections are rampant, and countless calls flood in daily from automotive facilities, auctions, dealers, towing companies, and repair shops facing the same dilemma. Let’s delve into the reasons behind these rejections and explore a powerful alternative.
It’s not a coincidence that more than half of mechanics lien applications face rejection. Mechanics liens serve as a process for licensed automotive facilities to obtain a title for a vehicle left at their shop for repairs when the owner fails to settle the bill. However, some mechanic shops exploit this process, filing fake mechanics liens to assist friends or charge fees for resolving title problems.
In nearly every state, there’s a limited timeframe within which a mechanics lien must be filed. Failure to adhere to this window can result in rejection.
States demand meticulous documentation, including a signed repair order, approval to perform work, a quote, and acceptance of the quote. Without these, your application may face rejection.
Titling authorities scrutinize mechanics lien applications meticulously due to the prevalence of fake liens. Even accurate applications may be sent back to deter potential fraudulent activities.
Filing for a mechanics lien involves a series of intricate steps, including sending certified mail notices to lienholders and owners, publishing ads in newspapers, and conducting auctions. A single misstep, incorrect timing, or using outdated addresses may result in rejection. Anticipate that more often than not, your mechanics lien application may face obstacles.
Rather than grappling with the complexities and potential rejections of mechanics liens, consider an alternative approach. Enter the realm of civil liens, also known as magistrate titles or court order titles. This alternative offers a more direct route, circumventing some of the bureaucratic hurdles imposed by the DMV.
In conclusion, if your mechanics lien application faces rejection, it’s not the end of the road. Consider the civil lien or court order title as a viable and potentially more efficient alternative. By doing so, you may find a more straightforward path to acquiring titles for vehicles, sparing yourself the frustrations associated with the mechanics lien process.
Stay informed and proactive in navigating titling challenges. Whether you’re a seasoned automotive professional or new to the industry, understanding rejection reasons and exploring alternatives ensures a resilient and informed approach to obtaining titles for your services.
Keep an eye out for more discussions, solutions, and proactive approaches to empower your titling journey. By staying informed and making strategic choices, you can navigate the complexities of titling with confidence and success.
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