I need the forum's help....
Thread Starter
Racer
Joined: Aug 2007
Posts: 321
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From: North Alabama
St. Jude Donor '08
I need the forum's help....
I just talked to a guy that has a car for sale, he lives in Kentucky and says he bought this car from an insurance company. He says that because the car was STOLEN the car has a red title.....What does this mean, how would the bank look at this if borrowing money on ot and would the car have a re-built title when re-titled in Alabama...Is this some kind of scam....Please any help would be appreciated...I know I can always depend on the forum to find someone that has an answer....Thanks, Randy
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I'm not familiar with the term "red title" - but I can only assume it means salvage title. Tread very carefully here. Some lending institutions will not issue loans on anything but a clean, clear title. Some insurance carriers will not write full coverage (physical damage) on a salavge titled vehicle.
I would check the vehicle out very closely and have someone familiar with Corvettes help you. There are some good deals to be had on a salvage titled car, but bear in mind that most buyers will run away from a car like this. So if you plan to keep the car and never sell it, and it checks out good, and you're happy with it - I say go for it. Me personally, I would want a car that has a clear title and not salvaged.
I would check the vehicle out very closely and have someone familiar with Corvettes help you. There are some good deals to be had on a salvage titled car, but bear in mind that most buyers will run away from a car like this. So if you plan to keep the car and never sell it, and it checks out good, and you're happy with it - I say go for it. Me personally, I would want a car that has a clear title and not salvaged.
Thread Starter
Racer
Joined: Aug 2007
Posts: 321
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From: North Alabama
St. Jude Donor '08
the car is in Lexington...its on the craiglist.....I guess that anything that looks too good to be true, is just that.....lol.....2004 vert with17k miles for 26k....yeah....
Instructor
Joined: Jun 2007
Posts: 183
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From: Carlsbad via L.A. CA
I had a similar situation in LA with a older guy who wanted to sell his Black '99 FRC.
I opted to wait instead of pressing the issue with a "lemon law buyback" car (Chevy replaced the entire drivetrain) and ended up with a clean titled low mile '02 Z06 for literally $3800.00 more.
Personally, I'd say skip this one and let it float on by....there will be something else that will pop up for you that isnt tainted-BANK on it.
I opted to wait instead of pressing the issue with a "lemon law buyback" car (Chevy replaced the entire drivetrain) and ended up with a clean titled low mile '02 Z06 for literally $3800.00 more.
Personally, I'd say skip this one and let it float on by....there will be something else that will pop up for you that isnt tainted-BANK on it.
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From: SE Pennsylvania
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I too, am not familiar with a 'Red Tag' but here in Pennsylvania, if a car is stolen and then recovered months later. The State Re-titles the car. It gets a new serial number and tag which is rivited to the door or dashboard and is issued a new title which states it's a recovered auto. Not a salvage or a wreck, but it does have a new serial number and ID. But that car for that price has too many 'If' issues with it for that price. Before I bought it, I'd check with both the state it's being sold in and with the Federal government, FBI or IRS to see if it was a confiscated car in a lawsuit or some other pending legal case. If it is, your going to have a heck of a job convincing a bank to loan money on it. Just my 0.02, Good luck.
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I'm not familiar with the term "red title" - but I can only assume it means salvage title. Tread very carefully here. Some lending institutions will not issue loans on anything but a clean, clear title. Some insurance carriers will not write full coverage (physical damage) on a salavge titled vehicle.
I would check the vehicle out very closely and have someone familiar with Corvettes help you. There are some good deals to be had on a salvage titled car, but bear in mind that most buyers will run away from a car like this. So if you plan to keep the car and never sell it, and it checks out good, and you're happy with it - I say go for it. Me personally, I would want a car that has a clear title and not salvaged.
I would check the vehicle out very closely and have someone familiar with Corvettes help you. There are some good deals to be had on a salvage titled car, but bear in mind that most buyers will run away from a car like this. So if you plan to keep the car and never sell it, and it checks out good, and you're happy with it - I say go for it. Me personally, I would want a car that has a clear title and not salvaged.
This is very good advice. With so many other examples out there, I'd take my time and find one that has a clear title.
