Theft Recovery FAQ -- What Does It Mean?
Our customers find theft recoveries to be, frankly, amazing values. Many of our trucks are sold for thousands to tens of thousands less than a non-theft vehicle.
We often get asked "how do I know what's happened? How do I know it hasn't been jumped like the General Lee?" Fair question. However, how do you know that the non-theft trucks you're looking at haven't undergone the same treatment? Of course, in the odds world, the theft recovery is more likely to have been abused; however, the key point is that you're getting a huge discount for potential abuse. With the non-theft, you don't know if it was abused, and you'll be paying a lot on the hope that it wasn't.
So where do we get them? Some guy off the street? Haha, no! These are vehicles we purchase from insurance companies as recovered thefts. These vehicles can run the gamut of condition -- some are "stolen" by the owner to avoid payment while others are stolen by drug dealers and run through the open desert with coke seat belted to the roof.
The insurance company does not disclose any information about the theft, including length, circumstances, etc.
The title status also runs the gamut. The insurance companies have large discretion on what they want to do to the title. Some insurance companies will salvage all titles, regardless of condition, to sever any potential liability. Others will keep the titles clean.
Frankly, we like the salvage title thefts. It seems counterintuitive, but at the end of the day, it's just a piece of paper. You drive the truck, not the paper. The paper simply weighs on the value. We buy a salvage title for a lesser price; naturally, you will buy it from us for a lower price. Then when you go to sell it, the discounted price will attract plenty -- in fact, our average customer sells their vehicle after 1 year for what they paid. One even sold theirs for a $3000 profit! We like those stories. Try making that happen at your local Ford dealer.
Salvage titles must be "restored" before they can be driven. A salvage title is restored through an inspection process at a state facility. Basically, they deem it safe and road worthy. We provide a service where, for $200, we will restore the title for you. (The $200 covers our expenses) We don't restore the title before sale because many of our customers are savvy in this area and would rather restore the title themselves.
Financing the salvage titles can be tricky. If you're a member of USAA, they get it done. We also have several local credit unions that help. We don't, however, have a national lender that works for everyone. Insuring is typically straight forward. At worst, if you want comprehensive coverage and they're balking at value, you can get a stated value policy. e.g. "I insure this truck for $15,000"
As always, I'm here for questions/comments. :)