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How to value a car with a lost title?


My73
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Hey guys. Looking for some help.

 

Just like the title states. 

 

Cars not perfect but runs and idles, brakes currently don’t work. 

 

No major rust on the body. 

 

Surface rust in floor pans but no big holes that I could see. 

 

Needs paint due to clear coat cracking but no rust on the body. 

 

 

Thanks for your .02 in advance

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Nice!

 

Your profile says you're in Texas - where at?

 

When I went to get my car titled, I had to go through the bonded title process (since I foolishly bought without one).  Check the TXDMV.gov website - they'll have instructions and forms for all of the titling process, as well as how to register once you get to that point.  TXDMV is also split up into regions - even though San Angelo is a pretty big town, my title paperwork had to go to the regional office in Abilene, racking up postage and a $15 processing fee each time I sent them something (of course, it's never 'right' the first time, but I only had to send it back once).

 

Texas, being a non-income tax state, also has some interesting ways of generating revenue... one of those being through vehicle registration and titles.  With that said, regardless of the actual appraised value of the car, you can expect be charged a minimum tax based on TXDMV valuation of your vehicle.  Here's the quote from the website:

 

Fees

 

If buying from an individual, a motor vehicle sales tax (6.25 percent) on either the purchase price or standard presumptive value (whichever is the highest value), must be paid when the vehicle is titled. The title, registration and local fees are also due. Contact your county tax office to estimate the amount of sales tax due and to learn which forms of payment are accepted. Acceptable forms of payment vary by county.

 

 

In 2006, I paid $800 for a '95 Honda Civic with a blown engine, and they valued it at $2300.  In 2010, I paid $1600 for my '71 Mach 1 as a project car, showed them my bill of sale, and they still valued it at over $2000.  The 6.25% vehicle sales tax, along with the $65 registration and $30 title fees had me paying roughly $220 to get plates the first time.  I also ensured I had the 'Day One' pics with me when I went to the DMV, to 'prove' it was a pile.  Fortunately, the inspection certification doesn't specify what kind of condition the car is in, or value, or pictures, or anything like that - just pass/fail.

 

Hope that helps!

Eric

mach1sig2.gif

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Nice!

 

Your profile says you're in Texas - where at?

 

When I went to get my car titled, I had to go through the bonded title process (since I foolishly bought without one).  Check the TXDMV.gov website - they'll have instructions and forms for all of the titling process, as well as how to register once you get to that point.  TXDMV is also split up into regions - even though San Angelo is a pretty big town, my title paperwork had to go to the regional office in Abilene, racking up postage and a $15 processing fee each time I sent them something (of course, it's never 'right' the first time, but I only had to send it back once).

 

Texas, being a non-income tax state, also has some interesting ways of generating revenue... one of those being through vehicle registration and titles.  With that said, regardless of the actual appraised value of the car, you can expect be charged a minimum tax based on TXDMV valuation of your vehicle.  Here's the quote from the website:

 

Fees

 

If buying from an individual, a motor vehicle sales tax (6.25 percent) on either the purchase price or standard presumptive value (whichever is the highest value), must be paid when the vehicle is titled. The title, registration and local fees are also due. Contact your county tax office to estimate the amount of sales tax due and to learn which forms of payment are accepted. Acceptable forms of payment vary by county.

 

 

In 2006, I paid $800 for a '95 Honda Civic with a blown engine, and they valued it at $2300.  In 2010, I paid $1600 for my '71 Mach 1 as a project car, showed them my bill of sale, and they still valued it at over $2000.  The 6.25% vehicle sales tax, along with the $65 registration and $30 title fees had me paying roughly $220 to get plates the first time.  I also ensured I had the 'Day One' pics with me when I went to the DMV, to 'prove' it was a pile.  Fortunately, the inspection certification doesn't specify what kind of condition the car is in, or value, or pictures, or anything like that - just pass/fail.

 

Hope that helps!

Thanks for the info. That’s very helpful!

 

im between Waco and Dallas, just outside of West,Tx. And Czech stop, Kolace capital of Texas! 

 

ps. Your car is awesome  you got a steal on it!

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Thanks for the info. That’s very helpful!

 

im between Waco and Dallas, just outside of West,Tx. And Czech stop, Kolace capital of Texas! 

 

ps. Your car is awesome  you got a steal on it!

 

My Pleasure! (info)

 

I guess I need to update my garage pics - those are all the 'after' pics.  It took 4 years and a LOT of money to get it back to good, so... no 'steal' here. ;)

 

Welcome!  Can't wait to see more of how you car becomes more yours. ::thumb::

Eric

mach1sig2.gif

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Thanks for the info. That’s very helpful!

 

im between Waco and Dallas, just outside of West,Tx. And Czech stop, Kolace capital of Texas! 

 

ps. Your car is awesome  you got a steal on it!

 

My Pleasure! (info)

 

I guess I need to update my garage pics - those are all the 'after' pics.  It took 4 years and a LOT of money to get it back to good, so... no 'steal' here. ;)

 

Welcome!  Can't wait to see more of how you car becomes more yours. ::thumb::

 

I’ll keep you updated. 

 

id love to see a before and after of your car. Maybe we can all do a Texas 71-73 car meet somewhere.  It’d be cool to see some of the rarer “less highly appreciated” mustangs all together. 

 

Me personally these are some of my favorites (outside of the Shelby mustangs, they’re not in my budget)

 

thanks again for posting!

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Well, since I don't want to load up your thread with pictures of my car, here's a link to the Facebook Photo Album I started when I first got the car.  Almost 400 pics chronicle the highlights of everything I had to do to get it back to being an actual car again.  Enjoy!

 

https://www.facebook.com/eric.hansen.50/media_set?set=a.722153737795547&type=3

Eric

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I would be cautious about buying a car with a "lost" title, unless you know the seller and the car history. The seller may not be able to get a title, for instance, if the car was stolen. If you do buy it make sure you have good documentation and a good bill of sale. If you don't know the seller I would also ask to see their driver's license and write down relevant information. If you have a friend in law enforcement ask them to run the VIN, or go to the police station, explain the situation and see if they'll run the VIN for you. If the seller is legit they shouldn't mind you checking it out.

 

If it has a current registration and license plate, that should provide a small comfort margin. If it just has a license plate and no registration certificate that would be a huge red flag. A registration is typically easier to fake up one on a computer than a title. I would ask them why they haven't applied for a new title, not that difficult or expensive.

 

 

“If you can't explain it simply, you don't understand it well enough.”

--Albert Einstein

 

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I ran a vin check, hasn’t been registered since 2009 in Ohio.

 

Not stolen and no liens.

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An out-of-state car with no title may complicate the process. I would look through the Texas DMV website to see if you can find any information.

 

Something curious about the odometer readings. It's possible the speedometer failed and a used one with lower mileage was installed.

 

 

“If you can't explain it simply, you don't understand it well enough.”

--Albert Einstein

 

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