Buying back my salvage vehicle

Atrus

Forum Member
I know you guys would be hip on how this specifically works in MI.

My Yukon was involved in a wreck last week - front end damage that looks to be repairable. The thing is, it went through some brush/woods and is trail rashed....I think the paint work is putting it over threshold for repair. I received a cryptic voicemail from the appraiser on Friday saying the vehicle is "non-repairable", so my assumption is he's deeming it totalled. I am waiting for him to call me back.

I am tempted to repurchase it and repair it myself, but I don't know how that works in MI.

So, insurance calls it a total loss, cuts me a check...if they come back with a good number, I purchase from them (or they just net the two and cut me a smaller check). Does title change hands, or do I just keep the title? For what it's worth, it's mine free and clear - no leins on it. From where what happens? I have to repair and get it certified? Or if I buy it outright and keep the title, is it never listed as salvage? What happens if I want to repair with junkyard parts - from what I read, I would have to show where I got the parts from to have the state police recertify it?

For what it's worth, the damage is the hood, bumper, grille, and lighting. I don't think the fenders were impacted. I am betting the radiator support will need replacement, and radiator/trans cooler/PS coolers are most likely gone but maybe survived. If I pursue this, I will go over the vehicle in detail to understand what would need replacement before I commit to repurchase. The impact was more toward the driver's side, still very centralized. I think the hit is just inside the frame rail. Appraiser did say he couldn't get it to power up to get the mileage - I am thinking maybe the battery crapped out due to the impact. I could take a jump box over and see if I can get it to power up.

I know it'll pretty much be worthless on the market, but it's a solid vehicle and I am thinking I may just hang onto it as a spare if I can get it cheap enough.

Yukon.JPG
 
I should clarify too - I would only be retaining it if it were simple to repair - new hood, bumper, etc. Crap I can just bolt on. As such, I would be completing the repair work myself. I am not a licensed mechanic or anything - does that make getting it inspected and back on the road more difficult?
 
Insurance company gets the green title, they own it, you buy it back from them and get a orange title(repairable/salvage)
 
Ah, so I would have to hand over the title to them, and then wait for them to remit the salvage title to me? I don't really care whether it's marked as salvage or not as I would just plan on keeping the pig until it's truly dead.
 
The title stays clear. Basically they will give you a number to buy it back. Say they offer you $4k for the truck. You say I want to keep it. They will say ok keep it and we will give you back $2k. At least that is how it worked for me last time. The title doesn't transfer. The Carfax will show the insurance company totaled the car.
 
Ah, I see - that's more of what I was assuming, but just wasn't sure.

How tough was it to get the vehicle back on the road from an inspection standpoint? Or, because title isn't changing, do I need to even have it inspected?
 
The couple times I have had this happen in the past, I usually got a shit offer from the insurance company. I think the only one I can recall with Allstate once was they would pay me 20% of the payout and I got to keep it. I am sure it is negotiable, but I let it go. Take the money and run - don't you have some cool projects to work on!

-Geoff
 
The couple times I have had this happen in the past, I usually got a shit offer from the insurance company. I think the only one I can recall with Allstate once was they would pay me 20% of the payout and I got to keep it. I am sure it is negotiable, but I let it go. Take the money and run - don't you have some cool projects to work on!

-Geoff

Ha, yeah, we'll see how it goes. I give it a 20-25% probability that I get it back. I need to really look it over first, but I don't see me being interested unless it's $2k or less. If the damage is what I think it is, I am guesstimating that I should be able to repair it for $1000-$1500.

Wife and I are steadily working to trim expenses, so when her lease is up next year, we'll most likely be picking her up a nice used vehicle. I picked up a nice 2008 WK Laredo 4.7L, currently at 60k miles. My thought was to keep this thing to tow my parents travel trailer when we use it, and to have it as a spare for when something inevitably goes wrong with one of the DD's. All in all, it costs me <$75/mo to have insurance and plates on it. 2003 with just shy of 138k on it, and it runs great. Already replaced most of the problem areas (shocks, tires, fuel pump, fuel lines, entire brake system).
 
Ah, I see - that's more of what I was assuming, but just wasn't sure.

How tough was it to get the vehicle back on the road from an inspection standpoint? Or, because title isn't changing, do I need to even have it inspected?

You don't have to have it inspected. The title is clear.
 
Before you waste anyone's time including your own you need to make sure that it is a repair you can and are willing to tackle. If you decide to keep it they should base the buy back on a salvage quote which is what it would go for at auction. On a vehicle this old the title shouldn't be branded so it will never leave your hands. Don't forget that you'll also have to factor in your deductible.

IE:
value- 4000
salvage- 1000
ded- 500
= 2500 + keeping the vehicle.

Now if you let it go you get your vehicle value, plus tax, transfer fee less ded and no project.
 
Before you waste anyone's time including your own you need to make sure that it is a repair you can and are willing to tackle. If you decide to keep it they should base the buy back on a salvage quote which is what it would go for at auction. On a vehicle this old the title shouldn't be branded so it will never leave your hands. Don't forget that you'll also have to factor in your deductible.

IE:
value- 4000
salvage- 1000
ded- 500
= 2500 + keeping the vehicle.

Now if you let it go you get your vehicle value, plus tax, transfer fee less ded and no project.

I'd pay tax on the value?

This is an agreed upon value policy, so I already know what the payout would be.
 
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Also, I appreciate the info, guys - helps to know a little about what I am potentially walking into before I discuss anything with them.
 
No, if it was an acv policy you'd get sales tax on the vehicle value. Some give it up front, some require proof of your next vehicle purchase. Agreed value you already know the number pre deductible.
 


if it's a total loss (scrap title) then it can no longerbe reinstated for on legal on road use. If it's issued a salvage title, thenyou can apply for a rebuilt title & rebuild it. Once you rebuild thevehicle you will need to take it to an authorized inspector. After the inspector gives it the okay, youcan finish applying for a rebuilt title.
 
Seeing as the truck is over 10 years old, when written off by the insurance company, the title will remain clear in most cases in State of MI.
Not that it matters much as the carfax and other stupid sources will show anyway that it was totaled. But remember, you drive the car, not the title.

Now, since you want to buy it back, the title will never leave your hands, and will always remain clear, again ... beauty of MI state. I project a $1k buyback value, definitely within 1000-2000 range.

Done it several times, and deal with salvage and inspection BS here daily. Good luck !
 
Thanks guys! Just waiting on the damage appraiser or the insurance adjuster to call me back to let me know what's up.
 
let it go ... I will bet money the frame is bent ... your talking about spending more to fix it that you would to buy another
 
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