A question about a salvage title.

[trbstang]

Originally Posted by joshua2008

let me get advice on here i finance a car at the dealership.6 months later my car was stolen i report it too my insurance company to get the car pay off.also i was expecting just enough to put a deal payment on other car.my insurance company came back and told me that they will pay the car off.but the car was not worth value what i pay for it due to it had a salvage title and i was unaware that it had salvage title.so what should i do?

You may just be out of luck and this will just be a very expensive lesson about buying a used car. Did you get a copy of the title? Did the dealer have any advertisements saying it had a clean title, that you kept? I'm assuming you did not run a Carfax or have a mechanic inspect the car, because they most likely would have noticed major repairs. And if you owe more than insurance is offering, I'm assuming you did not get GAP insurance, but I'm not even sure that would cover a salvage title or not. If the car was sold to you as having a clean title, you might have a claim against the dealer, but that would be a long shot.

Best of luck to you, and hopefully if there is a balance on the loan after insurance pays, it isn't too much to pay off. Don't want to screw up your credit on top of getting a bad deal on the car.

[jtamay3]

Originally Posted by joshua2008

let me get advice on here i finance a car at the dealership.6 months later my car was stolen i report it too my insurance company to get the car pay off.also i was expecting just enough to put a deal payment on other car.my insurance company came back and told me that they will pay the car off.but the car was not worth value what i pay for it due to it had a salvage title and i was unaware that it had salvage title.so what should i do?

If you have gap insurance, that should cover it. If you don't, well then you can try to sue the dealership who sold it to you prior if they didn't notify you of the salvage record. If they did, you really have no recourse other than to pay the difference.

[jtamay3]

Originally Posted by trbstang

You may just be out of luck and this will just be a very expensive lesson about buying a used car. Did you get a copy of the title? Did the dealer have any advertisements saying it had a clean title, that you kept? I'm assuming you did not run a Carfax or have a mechanic inspect the car, because they most likely would have noticed major repairs. And if you owe more than insurance is offering, I'm assuming you did not get GAP insurance, but I'm not even sure that would cover a salvage title or not. If the car was sold to you as having a clean title, you might have a claim against the dealer, but that would be a long shot.

Best of luck to you, and hopefully if there is a balance on the loan after insurance pays, it isn't too much to pay off. Don't want to screw up your credit on top of getting a bad deal on the car.

Now that I think of it, if the dealer knew it was a salvaged title, they probably didn't offer him gap insurance if he purchased the car through their finance company.