NC Damage Disclosure Title
As you can see from this North Carolina Title, any accident that caused 25% or more in damage has to be reported. This is separate than carfax or autocheck?
Do you think a buyer will pay you the same for your vehicle if that is checked? Definitely Not.
The insurance company owes you this loss in value, order our Diminished Value certificate and get paid today.
Car Damage Disclosure
If you’re buying a car and have concerns about possible past damage, inquire about the North Carolina sellers’ policy. They must clearly mention any previous damages to the vehicle they are offering. This will help you make an informed decision before making a purchase.
Used Cars
- Used cars less than five years old must be disclosed in writing to the buyer if they have damage exceeding 25 percent of their fair market value.
- The seller must provide written disclosure before selling a car that has undergone significant repairs. A car is categorized as salvaged if the expenses to make it operational exceed 75% of its market value, regardless of whether the insurance company declares it a total loss or not.
- If a car has suffered damage due to being submerged in floodwater, the seller must provide written disclosure of this to the buyer. A flooded car is one that has been fully or partially immersed in water, resulting in extensive damage to the engine, transmission, and underbody.
- The seller must provide written disclosure before selling a car that has been rebuilt. A vehicle is classified as reconstructed if critical components have been substituted, added, or removed. All individuals who sell vehicles, including private sellers and dealerships, are required to comply with these disclosure requirements.
New Cars
- Before entering into a contract with a dealer, you must be informed in writing of any damage or repair exceeding five percent of the manufacturer’s suggested retail price. If a damaged glass, tire, or bumper is replaced with original or comparable equipment, dealers are not required to disclose it.
- The dealer is not obligated to inform you of any repairs made to a new car if the damages are within five percent of the manufacturer’s suggested retail price unless you specifically ask about them.
- If the damage to a new car exceeds the five percent threshold, the North Carolina Automobile Dealer’s Association advises its dealers to provide a written disclosure on company letterhead, informing the buyer about the damage. Along with the title, a copy of this written disclosure should be submitted to the Division of Motor Vehicles.
How Can You Avoid Buying a Damaged Car?
Before purchasing a car, it is essential to thoroughly inspect it for any defects. If you find any small scratches or dents, request the dealer to fix them. It is mandatory for the dealer to provide accurate information if the vehicle you are interested in has undergone any repair work.
To ensure transparency, ask the salesperson to provide written documentation of any damage history. If the salesperson is unwilling to provide written details, you may want to reconsider purchasing the car from that dealership. Furthermore, if the car has undergone any repairs, you can request a copy of the dealer’s internal repair invoice for your records.
