What's the deal with them? I know we have to get one for our wrecked car but if one's listed for sale with one, what's that involve?

 

If it is totaled out I believe you have to buy it back from the insurance company if you want your car back.

 

Yeah we've already done that. We're looking at a firebird that has a salvaged title. I dont know how hard it is to get it in your name etc with a salvage title. Car evidently has been rebuilt because it certainly doesn't looked wrecked.

 

Who told you that? Maybe your state works differently, but you don't have to here in IL, and that's the last thing you want to do. A buddy of mine had both of his kid's cars totaled, and he bought them back from the insurance company. No salvage titles were issued, because the insurance company never really took "possession" of the car. The payoff was the settled amount, minus the buy back, that was the extent of it. And, his insurance company is still covering the car, not for collision though for obvious reasons. Say nothing, and do nothing about the title, and see what happens. A carfax report will show the car was totaled, but the title won't be "branded" as such.
As far as the cars you're looking at with a salvage title, you're going to need to get the state to inspect the car so they can give their blessing. It may or may not go that smoothly, depending on what damage the car had, and whether or not the car received a certified repair. The new title you get will be branded "rebuilt". The car is devalued because of this, so keep that in mind for resale.

 

Insurance company told us it had to be salvaged on title. It is actually a state law but we'll see who does it. According to our DMV website, the insurance company that declares it a total loss is responsible for doing the titling.

This car we found on craigslist: girl says that she bought it with that title and has it registered and insured in her name. She said she didn't know why the title was like that she can't tell the car has been wrecked if that's the case.

 

Just sit tight and see what happens then. When an insurance company "totals" a car and takes it, they issue a salvage title and then the car goes to auction.
It might be a good idea to pay for a one time use carfax to get a report to see what happened to the car you're looking at. Or, give the VIN to your insurance company and they can look it up to see what amount of repair was paid off on the car, if it was in a wreck. Or, maybe it was a theft recovery, insurance company paid it off, then the car turned up. When that happens, the car goes to auction with a salvage title. Google the VIN, and see if anything turns up. If it was on an online insurance auction, as many are, you might find it with pictures of how it was.

 

Good info. Thanks.

 

my experience is if it has a salvage title is it cuts its value in half. I have sold one salvage titled car and will never do it again. For some reason it scares people away.

 

Well I got some papers we have to sign today to hopefully put this mess to rest.

Interesting info on here though: Estimation for repairs is at $5031.06. They are listing the new title as Rebuildable Salvaged by Collision. By the way, this is insurance doing this and didnt seem to have a choice.

 

Interesting, what insurance company? Obviously, some have different policies than others.