by smoore113 » Fri Feb 19, 2010 02:09 pm
Our '99 Cadillac Escalade which has 102,800 miles is being considered totaled but is still drivable and seems to mostly need cosmetic work. The adjusters said that in FL you can't drive a vehicle that has been deemed "totaled". My question is- is there a way to buy back the truck as a work truck for our business; it runs fine and is 4WD, it doesn't have to look perfect to haul produce. Also, how much should they charge to buy it back?
Posted: Fri Feb 19, 2010 03:07 pm Post Subject:
You need to know if the cost of repairs are under or over 100% of the vehicles value and then call the DMV to find out how to have it registered if it's assigned a salvage title. You may need to know if it's over or under 100% as I think this changes the type of title (salvage vs non-rebuildable salvage title)
Posted: Fri Feb 19, 2010 04:20 pm Post Subject:
The adjusters said that in FL you can't drive a vehicle that has been deemed "totaled".
You would have to get the vehicle repaired (road worthy at-least), and apply for a rebuilders certificate, the title will remain as "salvage" (unless the damage is more than 80% of the value-in that case the title will be held at that). You then can legally drive the vehicle in FL.
You retain salvage (buy it back) minus the salvage value.
Also, how much should they charge to buy it back?
You will need to find out what the highest salvage bid is (what a salvage company would purchase it for)
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