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Experts recommend caution when purchasing a salvaged vehicle, because there may be hidden damage, [3] which, if unrepairable, may render the vehicle a "pile of parts." [4] A junk title is a different classification for cars that can only be used for parts or scrap, and are not to be repaired to road-worthy conditions. [5]
A deterrent to auto theft: If a vehicle is a complete loss due to an accident, its serial number (VIN, Vehicle identification number) and registration documents could still be of potential value to persons dealing in stolen cars. The diminished sale value of a title branded vehicle reduces the profitability of switching the registration and VIN ...
Auto dealers will be barred from luring vehicle buyers with promises they do not keep and will not be able to charge junk fees - like a service contract for an oil change for an electric vehicle ...
In addition to the vehicle title, lenders often also require the borrower to provide a set of keys for the car and/or purchase a roadside service plan. Car title loans frequently involve high interest rates, a short time to repay the loan (often 30 days), and a loan amount less than the car's monetary worth. The borrower also risks losing the ...
The Federal Trade Commission (FTC) is cracking down on junk fees. The new rule is expected to save consumers more than $3.4 billion, the FTC said. The FTC's rule goes into effect on July 30, 2024....
California's Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain technology in a bid to detect fraud and smoothen the title transfer process, the agency's ...
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