Vehicle titles are crucial in the automobile industry, especially for exported vehicles from auctions. These vehicles are highly prone to title investigations. In this article, we will focus on stolen vehicles from the US that were discovered in Europe. When a vehicle is stolen in the United States, titling becomes very difficult because the VIN or serial number is flagged as stolen. The federal record system, known as the National Motor Vehicle Title Information System (NMVTIS), accessible to all 50 states in the US, can identify stolen vehicles, making it impossible to title them. Even if a car is not stolen but has a lien, you still cannot sell it. However, shipping the car to another country can be a viable solution as the owner can stop paying the lien, and the car might be able to be titled.
To prevent stolen vehicles from being exported, the United States employs a unique approach. Unlike other commodities, vehicles undergo an inspection by the Customs and Border Protection (CBP) agency of Homeland Security on their way out of the country. Typically, we associate customs with inspecting things on their way in, but vehicles are also checked on their way out. The CBP aims to ensure that no vehicles leave the country that shouldn’t be leaving, such as those that are stolen, have liens, or have other problems. To get around this, people may hide vehicles inside containers and label them as auto parts or something else. However, this tactic is not foolproof, as a vehicle doesn’t need to be packed in a container, and it can be shipped on a transporter. If the VIN is hidden inside a container, the CBP won’t inspect it, but they will find it when it reaches the other end. The Spanish version of customs discovered the stolen vehicles when they came off the boat, and they alerted their American counterparts. This is why thieves often try to export stolen vehicles quickly to get them out of the country before they’re caught.
In many cases, stolen vehicles have trackers on them and can be located at the port. Port facilities have high-tech methods for discovering vehicles inside a container, such as x-raying the container or using dogs to detect vehicle-type scents. These methods catch many batches of vehicles leaving the country, with 30-40 vehicles being discovered at a time. However, many of these vehicles aren’t truly stolen; they have liens on them. Bringing a vehicle to another country and trying to title it with a VIN that’s not in the US can be tricky. Many other countries will check US VINs to see if they’re stolen and won’t title a stolen car, but they may not check for liens. If a person has a high-end vehicle with a lien, they can borrow money to buy the car, ship it, and sell it for cash, even at a discount. This puts money in their pocket. Customs is crucial to preventing title fraud or title washing because the VIN number sticks with the vehicle in this country. If the car is taken overseas or across the border, the owner can try to get ownership of it and extract the value from a stolen vehicle, a vehicle with a lien, or a bad title. However, if you’re dealing with a vehicle in another country that doesn’t subscribe to the United States title research or title background, then the title defect may not be a problem.
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Is obtaining a title for an old, beat-up car in lousy condition easier than getting a title for a new car? This is a common question when someone faces difficulties with the DMV in obtaining a title. They argue, “It’s just an old car. It shouldn’t be that hard to get a title.” However, here’s the reality: the DMV does not differentiate how difficult it is to obtain a title based on the car’s worth. Whether you have a $10 million car or a beater, it is equally challenging to get a title.
This is because the DMV does not know the car’s value simply because it’s old or beat up. Some old vehicles hold a high value, and it’s not the DMV’s responsibility to determine a car’s worth. The fact that a vehicle is old or in poor condition doesn’t mean it’s not worth a lot. For example, suppose you came across an old ’69 Yanko Z 28 Camaro in terrible shape. In that case, it could still be worth $300,000 when restored. The DMV cannot give you a title without the proper documentation, as doing so would transfer someone else’s vehicle ownership to you. This is not allowed, even if the car is in bad condition.
By the same token, if the DMV made it harder to get a title because a car was worth more money, that wouldn’t be fair either. A car is a car, and its worth doesn’t matter. Even if a vehicle is only worth a hundred dollars to someone, that person might not want to lose it. Therefore, if the DMV is issuing titles to cars simply because they’re old or low in value, they are not protecting people’s property rights, which is the real purpose of getting a title. Getting a title is not just about you receiving a title; it’s about taking it away from someone else. Once you have a title with your name, other people’s rights to that vehicle are extinguished. The DMV effectively declares that nobody else owns the car anymore.
However, someone else might have legitimate rights to that vehicle, and just because a car is old and beat up doesn’t mean you get to claim it without regard to anybody else’s rights. Therefore, remember that a car’s age or value does not make it any easier to obtain a title. If the car is legitimately yours, with no liens, salvage, or any other issues, and nobody else has any rights to the vehicle, you should have no trouble getting a title.
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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].
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.
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