Other types of car titles
The other car title types are less commonly issued, and some are considered “brands” on an existing title. A “branded title” is essentially a subcategory of a larger title category. For example, if you own a car that’s damaged in a flood with no loans on it, you’ll have a “flood title,” which is a “clear” title with a “flood” brand.
Titles regarding ownership issues
- Affidavit title: Ownership documents are missing, so you sign a sworn statement saying you own the car.
- Bonded title: Ownership documents are missing, so you pay for a security bond equal to the car’s value.
Titles regarding issues with the car
- Certificate of destruction: Used when an insurance company takes possession of a car that they intend to scrap at a junkyard.
- Flood/water damage title: Issued for a car that was totaled due to significant water damage.
- Junk title: Issued for a car sold to a junkyard (may be scrapped or dismantled for parts).
- Lemon title: Issued for a car with a mechanical or manufacturing defect that can’t be fixed.
- Odometer rollback title: Applies to a car that had its odometer reading illegally changed to show less mileage.
- Parts only title: When a car will be dismantled for its parts.
- Rebuilt/reconstructed title: Issued for previously damaged vehicles that have been repaired and made roadworthy again.
- Salvage title: Typically applies to vehicles that are totaled, meaning repairs would cost more than the vehicle’s actual cash value. Learn more about applying for salvage titles.
Logistical titles
- Manufacturer’s statement of origin: Transfers ownership from a manufacturer to a dealership.
- Export title: For a car sent from the U.S. to another country.
- Import title: For a car sent to the U.S. from another country.
Can I change the type of title on my car?
In some cases, yes. Once you pay off your vehicle loan, you can change your title from a lienholder title to a clean title at your local department or bureau of motor vehicles. If you’re able to find the documents you need to prove vehicle ownership, you can also change an affidavit or bonded title to a clean or lienholder title at your local DMV or BMV.
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If you’re planning to rebuild a salvaged vehicle, you may be able to have the salvage branding removed from the title after an inspection.
Source: https://tholansonnha.com
Category: Finance
