A car with a reconditioned title is usually one that has been in an accident or other serious incident that resulted in the car being classified as a total loss by an insurer. Some states call this a "salvage" title.Know More
Not all cars with a reconditioned title have been damaged, however. In some states, insurers classify recovered stolen cars as reconditioned if the owner has been compensated, whether the car is damaged or not. Additionally, many classic cars that have been extensively rebuilt have a reconditioned title.
In order for a car to get a reconditioned title, it must pass a safety inspection before it is road-legal. Most states also require dealers to disclose whether a used car they are selling is a reconditioned car.Learn more about Buying & Selling
Selling a car without a title is illegal in most states as of 2015 and not considered a safe transaction. A title is used to show ownership of a vehicle, and vehicles without a title may indicate a problem with ownership, such as a loan taken on the vehicle.Full Answer >
A salvage auction sells vehicles that have been deemed a total loss by their insurance company. Because the vehicle is considered a total loss, its value is exponentially less than its present-day market. Salvage auctions act as a venue to buy and sell these types of automobiles.Full Answer >
When a leased vehicle is a total loss, the insurance company determines its cash value and pays that amount to the lease company. Unless the individual leasing the vehicle has gap coverage, he is responsible for any difference in the amount insurance pays and the terms of the lease.Full Answer >
Selling a junk vehicle without a title is done by finding a company that is willing to take it under other conditions. A private sale is also possible if the new owner only wants it for parts and does not plan to register it.Full Answer >