What are the Different Types of Car Titles?
There are many kinds of car titles, from a clear title to a salvage title to a bonded title to the other dozen or so types of car titles. If you’re shopping for a used vehicle, you’ll probably see these different title types at some point. Some of them don’t mean much — you’ll need to be familiar with a few, however, especially if you’re shopping for vehicles with branded titles.
The Different Types of Car Titles
There are many different types of car titles. Keeping track of what the different types of car titles are can be overwhelming, but AutoSavvy is here to help:
- Certificate of Origin: This title is issued by the manufacturer and given to the dealership that will sell the vehicle. It is used to transfer ownership from the dealer to the vehicle’s first owner.
- Manufacturer’s Statement of Origin: This isn’t one of the kinds of car titles. It’s just another term for certificate of origin.
- Clear Title: When a title is issued to an owner with no lien specified, it’s called a clear title.
- Salvage Title: A salvage title is for a car that has been in an insurance event. Usually that event means it was in an accident or stolen, but an insurance company can brand a vehicle with a salvage title for any reason, in which case it loses most of its value.
- Junk Title: A car may be given a junk title if it’s sent to a junkyard to be scrapped.
- Bonded Title: If the history of ownership for a vehicle is vague and there’s a possibility that someone could come forward and claim ownership of the vehicle, a bonded title is issued. This title puts up a security for the total value of the vehicle to safeguard against this scenario, so the vehicle can be sold without risk.
- Reconstructed Title: This is a salvage title or junk title vehicle that has been substantially rehabbed to the point where it passes a roadworthiness inspection and may be driven legally.
- Affidavit Title: A title missing substantial documentation may be issued an affidavit title.
- Rebuilt Title: This is the same thing as a reconstructed title.
- Certificate of Destruction: In the event that the insurance company pays out insurance to the insured for a vehicle that’s been in an incident, they may issue a certificate of destruction. This means that they’re going to scrap it at a junkyard.
- Lienholder Title: The entity that issues an auto loan to a car buyer may issue a lienholder title, since they will maintain varying degrees of ownership over the vehicle until the loan is paid off.
- Export Title: Depending upon the receiving country’s customs regulations, a car being shipped abroad may need to be issued an export title.
- Import Title: Depending upon the receiving country’s customs regulations, a car being shipped from a foreign country may need to be issued an import title.
Have Questions About the Different Kinds of Car Titles?
Have unanswered questions about what the different types of car titles are? You can always contact us. Our experts will happily answer any unresolved questions you have about the different title types. Of course, when it comes to the types of car titles, we specialize in branded titles, and we’d love to show you just how much you can save on a high-quality vehicle.
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