I need help or guidance

[PedroBensonDRG]

My name is Pedro and I opened a small car dealer in Florida. It has been a learning experience and I have not made a mistake until now.

My issue is that on my third time at the auction, I bought a vehicle without research first and it came with title issues.

The truck was first resgistered in Michigan and in 2019 was crashed. According to CarFax, Michigan issued a Salvage/Rebuilt Title. The truck them was sold in Wisconsin were it got a Rebuilt Title issued as well.

My issue is that I don't know what to do now and the FLHSMV here in Florida is not helpful. I am sending it back to the auction, but in case it doesn't sell I need to know how to proceed.

Any help will be greatly appreciated

Here are the details of the Vehicle:

2014 RAM 1500
4x4 Big Horn 4dr Crew Cab 5.5 ft. SB Pickup • 123,079 miles

From Carfax:
12/05/2019 Michigan New owner reported
Motor Vehicle Dept. Dearborn, MI
Title #MI0003625403

10/10/2022 Wisconsin
Motor Vehicle Dept.
Ringle, WI
Title #22283M20135
New owner reported
- REBUILT TITLE ISSUED
- Vehicle color noted as White

 

[flosho]

You can sell it with a rebuilt title. If the title was issued in Wisconsin as rebuilt that means it has been repaired and inspected by the WI DOT.

You'll just have to discount it below what similar "clean title" Rams are selling for. If it is in good shape otherwise a discount of $1000-$3000 is likely enough to sway a buyer.


ETA: It looks like it has been driven 45,000 miles since being repaired and issued the rebuilt title. If the truck is in good shape mechanically also (based upon your inspection), you really shouldn't have a problem selling. It clearly has several years and tens of thousands of miles being driven after repair so it is (more than likely) road worthy and a good bargain for someone!

 

[NIOMARVIN83]

Hi Pedro, I'm sorry to hear about your situation. It sounds like you've made a common mistake that many new car dealers make. It's important to do your research before you buy a car at auction, especially if you're not familiar with the title process. I now buy through an online auction using a Vehicle Inspection Report and it has helped me make a more informed decision as I have a clearer picture of the condition of the car.

 

[PedroBensonDRG]

Hi Pedro, I'm sorry to hear about your situation. It sounds like you've made a common mistake that many new car dealers make. It's important to do your research before you buy a car at auction, especially if you're not familiar with the title process. I now buy through an online auction using a Vehicle Inspection Report and it has helped me make a more informed decision as I have a clearer picture of the condition of the car

Thank you for your reply. Yes, that was my plan, to research before buy and out of 20 cars on my list, this was not one of them but I saw as a good deal.

 

[curiousresearcher]

A quick question; first, thank you for creating this platform, Second,

I heard from a source that.
1 out of 3 cars are 30+days late
2. 1 out of 5 cars are 60+days late
3. 1 out of 7 cars are 90+ days late.

Repos per day are nearly 20,000 cars. What are your thoughts?

Can anyone please corroborate the above information? or share me any links that can lead me to it?