Author Topic: ' Salvage Title' on a bike, what does it mean?  (Read 6527 times)

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Offline Spanner 1

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' Salvage Title' on a bike, what does it mean?
« on: August 12, 2010, 04:21:22 pm »
So if you buy a bike with a salvage title... what does it mean, I never understood this !?
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Offline Johnie

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Re: ' Salvage Title' on a bike, what does it mean?
« Reply #1 on: August 12, 2010, 04:45:13 pm »
1970 CB750K0 - Candy Ruby Red
1973 CB750K3 - Candy Bacchus Olive or Sunflake Orange
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Offline Spanner 1

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Re: ' Salvage Title' on a bike, what does it mean?
« Reply #2 on: August 12, 2010, 06:30:49 pm »
Thanks Jonnie, should have 'Wiki'ed' it myself!!.... 'prolly to be avoided then, especially at selling time.
If your sure it's a carb problem; it's ignition,
If your sure it's an ignition problem; it's carbs....

Offline Johnie

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Re: ' Salvage Title' on a bike, what does it mean?
« Reply #3 on: August 12, 2010, 07:22:22 pm »
Thanks Jonnie, should have 'Wiki'ed' it myself!!.... 'prolly to be avoided then, especially at selling time.
Yah, I agree spanner. Not a good thing.
1970 CB750K0 - Candy Ruby Red
1973 CB750K3 - Candy Bacchus Olive or Sunflake Orange
1970 Chevy Chevelle SS396 - Cortez Silver
1976 GL1000 Sulphur Yellow

Oshkosh, WI  USA

Bwana

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Re: ' Salvage Title' on a bike, what does it mean?
« Reply #4 on: August 12, 2010, 09:15:19 pm »
So if you buy a bike with a salvage title... what does it mean, I never understood this !?

Only if the price was really low and I thought I could use it for parts. 

Offline Johnie

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Re: ' Salvage Title' on a bike, what does it mean?
« Reply #5 on: August 13, 2010, 08:25:46 am »
So if you buy a bike with a salvage title... what does it mean, I never understood this !?

Only if the price was really low and I thought I could use it for parts. 

Yah, a parts bike would be OK. Could make some $$$ on that deal if you can get the bike for really cheap.
1970 CB750K0 - Candy Ruby Red
1973 CB750K3 - Candy Bacchus Olive or Sunflake Orange
1970 Chevy Chevelle SS396 - Cortez Silver
1976 GL1000 Sulphur Yellow

Oshkosh, WI  USA

Offline flybox1

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Re: ' Salvage Title' on a bike, what does it mean?
« Reply #6 on: August 13, 2010, 09:10:54 am »
Thanks Jonnie, should have 'Wiki'ed' it myself!!.... 'prolly to be avoided then, especially at selling time.
Yah, I agree spanner. Not a good thing.

Not necessarily.... the first paragraph...
:
In the United States, a salvage title is an automobile title with a notation that the vehicle has been damaged in excess of approximately 70% of its pre-accident market value. The exact percentage depends on the insurance provider and any applicable laws and regulations. The 70% damage estimate is calculated at "retail" repair rates which may be triple the actual cost of wholesale, quality repair. Such vehicles may be auctioned with a salvage title, with little to no damage as a result of theft recovery (no damage) or a dispute between the insured and the insurance provider after minor damage is incurred. This notation gets applied to a title when an insurance company pays a total-loss claim on a vehicle, but then sells the vehicle at an auction center. A total loss insurance claim does not mean that the vehicle is in fact an unrepairable total loss. If the vehicle is kept by its owner through a buy-back program, then the vehicle will retain a clean title. A properly restored vehicle is still safely drivable even if it is technically considered a total loss by an insurance company, particularly with older vehicles where even minor cosmetic damage would cost more to fix than the vehicle's pre-accident market value.

kinda like a 350F with a clean MIVV's that get all gowd-up on a low-side!  :D
« Last Edit: August 13, 2010, 01:21:57 pm by flybox1 »
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Offline SD750F

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Re: ' Salvage Title' on a bike, what does it mean?
« Reply #7 on: August 13, 2010, 01:15:19 pm »
And depending on the year of the bike and if there is still a manufacture warranty in place, the salvage title gives the vehicle manufactures the ability to cancel any and all remaining warranties.

Bwana

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Re: ' Salvage Title' on a bike, what does it mean?
« Reply #8 on: August 13, 2010, 03:35:50 pm »
And depending on the year of the bike and if there is still a manufacture warranty in place, the salvage title gives the vehicle manufactures the ability to cancel any and all remaining warranties.

Ya learn something new every day.  If this is true it reinforces going after 'em for parts only.

Offline techy5025

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Re: ' Salvage Title' on a bike, what does it mean?
« Reply #9 on: August 13, 2010, 11:34:07 pm »
If it can be re-licensed with a salvage title, I wouldn't hesitate to buy it if it is reasonably easy to fix. Lay a new bike down and it will almost always carry a salvage title even though only the plastics are damaged.

This would be especially true if you're going to ride the bike yourself and not sell it. After you've ridden the bike's value down over years, no one is going to care if it has a salvage title. Time has proven the repairs.

I think in Florida if the cost to repair is over 80 percent the vehicle winds up with a "destruct" title. These are the parts bikes.

Jim
 
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Bwana

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Re: ' Salvage Title' on a bike, what does it mean?
« Reply #10 on: August 14, 2010, 07:56:04 am »
If it can be re-licensed with a salvage title, I wouldn't hesitate to buy it if it is reasonably easy to fix. Lay a new bike down and it will almost always carry a salvage title even though only the plastics are damaged.

This would be especially true if you're going to ride the bike yourself and not sell it. After you've ridden the bike's value down over years, no one is going to care if it has a salvage title. Time has proven the repairs.

I think in Florida if the cost to repair is over 80 percent the vehicle winds up with a "destruct" title. These are the parts bikes.

Jim
 

Does salvage title carry different meanings, or should I say different consequences in different states?

In other words what might be a breeze in one state and may be a royal nightmare in another.  Fer instance, acquiring a bike with a salvage title and getting it on the road legally.   

Or transferring ownership to someone in another state?

I doubt anything is impossible, just easier here or there than there or here.  That is why there are title services to aid in such transactions (not in reference to salvage titles - dodgy and missing ones). 

traveler

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Re: ' Salvage Title' on a bike, what does it mean?
« Reply #11 on: August 14, 2010, 09:33:46 am »
parts only to me.

Offline Stev-o

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Re: ' Salvage Title' on a bike, what does it mean?
« Reply #12 on: August 14, 2010, 02:05:37 pm »
The issue to me, is that it greatly lowers the value when you go to sell it.
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Offline SD750F

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Re: ' Salvage Title' on a bike, what does it mean?
« Reply #13 on: August 17, 2010, 07:33:29 am »
Here are some relevant definitions from CARFAX:

Bonded Title — A title is bonded when the owner has no proof of ownership during the titling process. The bond remains in effect for three years or until the vehicle is no longer registered in the state.

Canadian Damage Report — CARFAX receives damage reports for many accidents occurring in the following Canadian Provinces: Ontario, Alberta, Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland, Yukon territories, Northwest territories, and Nunavut. These reports may be completed following an accident or other incident. Some include a damage claim amount. This amount represents physical damage to the vehicle and depending on the accident, damage to other vehicles and/or property. It does not include expenses like towing, a rental car or any medical related items.

Canadian Total Loss Vehicle — An insurance company declares a vehicle a total loss if the estimated repair cost, plus the salvage value of the damaged vehicle, exceeds the cash value of the vehicle before it was damaged. A Canadian vehicle declared a total loss may require a technical inspection before it can return to the road.

Damage Disclosure — When the owner discloses to a DMV or other CARFAX source that the vehicle sustained damage. The extent of damage can range from minor to severe. CARFAX recommends you have this vehicle inspected.

Dismantled Title — The vehicle sustained major damage to one or more major component parts and the cost of repairing the vehicle for safe operation exceeds its fair market value. When a Dismantled title is issued, the vehicle may be used only for parts or scrap metal. It cannot be re-titled or returned to the road.

Fire Damage Title — The vehicle sustained major damage due to fire. In most states, fire damage titles are issued when the cost of repairing the vehicle for safe operation exceeds its fair market value.

Flood Damage Title — States issue flood titles when a vehicle has been in a flood or has received extensive water damage.

Junk Title — A Junk Title is issued on a vehicle damaged to the extent that the cost of repairing the vehicle exceeds ~ 75% of its pre-damage value. This damage threshold may vary by state. The majority of states use this title to indicate that a vehicle is not road worthy and cannot be titled again. Some states treat Junk titles the same as Salvage.

Lemon Law Vehicle — A vehicle with major problems that has been repurchased by or had its price renegotiated with the manufacturer. The state marks its official records or issues a title brand for lemon law vehicles. Laws vary by state as to the specific requirements for a "lemon". Most manufacturers issue some buybacks that are not the result of Lemon Laws but rather a courtesy.

Not Actual Mileage Title — When the seller certifies, under the Federal Odometer Act, that the odometer reading does not reflect the vehicle's actual mileage. This may occur because the odometer was tampered with, broken, or replaced.

Rebuilt/Reconstructed Title — A Rebuilt/Reconstructed vehicle is a salvage vehicle that has been repaired and restored to operation. These vehicles are often severely damaged before they are rebuilt and refurbished parts are typically used during reconstruction. In most states, an inspection of the vehicle is required before the vehicle is allowed to return to the road.

Salvage Title — A Salvage Title is issued on a vehicle damaged to the extent that the cost of repairing the vehicle exceeds ~ 75% of its pre-damage value. This damage threshold may vary by state. Some states treat Junk titles the same as Salvage but the majority use this title to indicate that a vehicle is not road worthy and cannot be titled again in that state. The following eleven states also use Salvage titles to identify stolen vehicles - AZ, FL, GA, IL, MD, MN, NJ, NM, NY, OK and OR.

Scrapped — Vehicles that have been dismantled and/or crushed and should not return to the road.

Total Loss Vehicle — An insurance or fleet company declares a vehicle a total loss when a claim exceeds ~ 75% of its pre-damage value or if the vehicle is stolen and not recovered. This damage threshold varies by company. These companies typically take possession and obtain the title. Not all total loss vehicles result in a DMV-reported branded title. This may occur when an insurance company's definition of a total loss is different than the state DMV's definition for a branded title or when the owner of the vehicle is a self-insured company, like a fleet or rental company.


The entire list of definitions can be found here: http://www.carfax.com/definitions/glossary.cfm

Offline shacolaid

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Re: ' Salvage Title' on a bike, what does it mean?
« Reply #14 on: August 17, 2010, 10:21:10 am »
I believe that PA uses an "R" title designation for bikes involved in wrecks. I do not think that these bikes are ever allowed to be back on public roads, but they may be used for racing!
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Offline RAFster122s

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Re: ' Salvage Title' on a bike, what does it mean?
« Reply #15 on: August 19, 2010, 01:06:19 pm »
It can mean that the car has been previously stolen & recovered or wrecked and written off by the insurance company.  Depending on the previous damage it is subject to an inspection in OH by a licensed state inspection agent and they determine if the repairs appear to be sound. You pay a $50+ fee and then if it isn't currently stolen and it passes the inspection they will allow you to register it and drive it without issue.

For motorcycles they can be totaled by insurance if it is knocked over and has major plastic fairing damage requiring new fairings. They can be worth more than the bike if in good condition.

If it's been wrecked, depending on what happened I would consider buying a salvaged bike and riding it but only if it had been given a clean bill of health and nothing bent/tweaked on the frame. Otherwise, it is a parts bike.

Everyone's turning bikes into cafe racers...why not go for a salvage titled bike that was knocked over...?
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