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Author
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Topic: salvage title car payoff
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P1mp1n
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Member # 1961
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posted
 
 
my neighbor crashed his 1990 gt mustang which carried a salvage title already, damages estimating 2000, does anyone know or have experience in how much an insurance company would pay off,(AAA) and do they take the car after they have payed you off?, high blue book w/ clean title is 5000, has many mods but insurance doesnt pay for that kind of stuff or do they? would greatly appreciate the info, not guesstimating, but actual knowlege, thanks
Posts: 887 | From: Burlingame | Registered: Oct 2002
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4RS FED
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Member # 2067
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posted
ok, here is what i can tell you from somewhat experience.... my camaro is salvaged, i bought it with a clean title. it got stolen, they found it they paid me like 2500 bucks for all the stuff that got taken. then it got keyed. they said in order to paint it they would have to salvage it. so i said fuck it why not. you cant tell a car is salvaged from looking at it. got it painted. all good. sold it. got it back. took it to san francisco on new years, parked in the wrong spot came back and man on man was it fucked up. broken window, key marks everywhere, couple oif kicked in panels. but call up good ole state farm and tell them what happen, they said sure no problem, well fix it. got it painted again....this time changed the color scheme from blue and white stripes to silver with blue stripes, got a new hood, new windows, and hole bunches of other shit donw to it, paint came out perfect and still have the car. and when it was all said and done, you asked me if i was happy with there service, and i said i sure was. so in that sense, i think they will pay to have the car fixed. that is just my opinion though. if you ahve any more questions then let me know. hope this helps.
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i have a twin turbo mustang and you don't!
Posts: 3686 | From: 650 | Registered: Nov 2002
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93ex-chp
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Member # 1688
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posted
the 2nd time my mustang got salvaged they paid me 1500 and i kept the car.. they didnt tow it or anything just looked at it and cut me a check.good luck
Posts: 267 | From: san leandro | Registered: Aug 2002
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Black88GT
CAFords OG
Member # 394
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posted
Yep the car does not leave your possesion. Mine was totaled, and I was cut a check for 5901. and I kept the car.
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2000 Griggs Racing GT
2012 Kona GT500
Posts: 991 | From: Alameda | Registered: Aug 2001
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P1mp1n
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Member # 1961
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posted
its good to know there not going to take the car, thanks guys for the info.
Posts: 887 | From: Burlingame | Registered: Oct 2002
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TRY2PAZ
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Member # 97
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posted
Ok,
Here is a little more detail. You have 2 options.
1. Your insurance company buys your car from you and they pay you the ACV=actual cash value. That comes out to mid blue book. Some companys pay for performance parts, and some don't. I would make photo copies of all your recipts.
2. You owner reatin your car. Here, they take your ACV - your salvage value. The salvage value is what the car would sell for at an auction. It usually is 20% of what the ACV is.
You get to keep your car, and have to go to DMV and register your car as a salvage.
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http://www.fnsweet.com/pics/events/sj_gtg_1020/sj_gtg1020_30.jpg
Posts: 4033 | From: Bay Area, CA | Registered: Dec 2000
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Black88GT
CAFords OG
Member # 394
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posted
I dont know what the percentage is, but I bought my car back for 294.00 They said it was worth 5,660.00. Way over bue book value. But it was pretty clean. When you keep it, you will have to have it inspected by dmv, and have a brake and light inspection. When the insurance totals it, the add extra money for the dmv fees, thus why I got a check for 5,900. Give them as many recipts as you can, to up the value.
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2000 Griggs Racing GT
2012 Kona GT500
Posts: 991 | From: Alameda | Registered: Aug 2001
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