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Some jurisdictions require that rebuilt vehicles imported across provincial or state lines be reinspected before being allowed to retain the rebuilt title. Salvage: Severely damaged vehicle total loss: A vehicle that can be repaired but which would cost more than some predefined amount (often 75–100% of the car's value) to repair.
In the state of Michigan, the issuance of a salvage title does not mean that the vehicle is also deemed a total loss. [6] Michigan issues a salvage title when the damage equals 75-90% of the pre-damage value; if the loss is 91% or greater the vehicle is eligible only for a "scrap" title, which cannot be subsequently upgraded by any means.
The process of recycling a vehicle is extremely complicated, as there are many parts to be recycled and many hazardous materials to remove. Briefly, the process begins with incoming vehicles being inventoried for parts. The wheels, tires, battery, and catalytic converter are removed. Fluids, such as engine coolant, oil, transmission fluid, air ...
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The National Motor Vehicle Title Information System (NMVTIS) is an electronic system that gives valuable information about a vehicle's condition and history. NMVTIS allows consumers to find vehicle information such as title data, most recent odometer reading, history of make and model, and theft records, [1] but not maintenance or repair history or information about manufacturer recalls. [2]
Electronic lien and title, also known as ELT, is a program offered by various US States allowing for the electronic exchange of lien and title information with lienholders in lieu of a paper certificate of title.
In accounting, the residual value could be defined as an estimated amount that an entity can obtain when disposing of an asset after its useful life has ended. When doing this, the estimated costs of disposing of the asset should be deducted. [5] The formula to calculate the residual value can be seen with the next example as follows:
The cost of title insurance has two components: premium charges and service fees. Title insurance premium rates are based on five cost considerations, including those related to: Maintaining current title information on property local to that operation, i.e., title plant; Searching and examining the title to subject properties
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