How to Apply for a Salvage Title in New Mexico
A salvage title in New Mexico is a legal document issued to individuals who want to obtain proof of their ownership of a certain salvaged vehicle. The New Mexico Motor Vehicle Division (NM MVD) issues a salvage certificate of title to owners of such vehicles. However, prior to beginning the application procedure, they may be mandated to satisfy certain eligibility criteria, which may vary based on their specific situation.
To apply for an NM DMV salvage title, vehicle owners may have to prepare a list of documents, as part of the steps of the application procedure. Moreover, motorists may need to pay the applicable fees for a salvage car title. In addition, one of the steps for a salvage title application procedure involves a requirement for passing an inspection. Therefore, to discover more new information about how to get a salvage title in New Mexico, continue reading and reviewing the sections below.
What is a New Mexico salvage title?
A New Mexico DMV salvage title is a legal certificate issued to vehicle owners of salvaged vehicles in order to enable them to prove the ownership of the vehicle. The salvage certificate of title may be also used for canceling the original title until the day when the vehicle is repaired and roadworthy. A salvage vehicle is a nonrepairable motor vehicle that has been wrecked, damaged or destroyed to that extent that it is uneconomical to repair it.
Moreover, a car salvage is a motor vehicle for which an insurer made a total loss payment, regardless of whether the vehicle is subsequently repaired or not. According to this, vehicle owners of such vehicles may obtain the appropriate certificate and must have their vehicles inspected in order to get a Reconditioned Title before a new car title is issued.
New Mexico Salvage Title Eligibility Requirements
To be eligible to apply for a New Mexico DMV salvage title, vehicle owners may have to satisfy certain eligibility criteria before beginning the application procedure. At first, motorists need to own motor vehicles that are classified as either salvaged or as non-repairable vehicles, in order to be eligible to obtain the salvage certificate of title. After that, the insurance company should determine that the vehicle is salvaged or non-repairable, so that the owner may file a total loss claim and accept a full or partial settlement.
Choosing a full settlement means that the insurance agency takes the ownership of the motor vehicle, while the partial settlement allows owners to keep their vehicles and apply for a salvage title. After accepting a partial settlement, motorists will have to satisfy other requirements and prepare documents for the application procedure.
How to Get a Salvage Title in New Mexico
Prior to applying for a salvage title in New Mexico, motorists need to file a total loss claim through their insurance provider and accept either a full or a partial settlement. When owners accept a partial settlement, it means that they have decided to keep their vehicles and apply for a salvage certificate. In such occasion, the transferor is supposed to stamp or mark the face of the title or MCP with Salvage or Nonrepairable, making sure that the branding does not cover the vehicle description segment.
After that, the transferor should submit a copy of the branded nonrepairable or salvage title to the NM MVD. In addition, the transferor may also be required to submit the transferred title or MCO along with a written explanation of the reason for branding. Moreover, the vehicle owner may also submit the branded salvage title to the NM MVD along with a Salvage Vehicle or Vessel Notification (form MVD11103) and a payment for the applicable fees.
Salvage Car Inspections in New Mexico
A salvage vehicle inspection in New Mexico is not a requirement that must be performed when applying for a salvaged car title. However, motorists are mandated to have their motor vehicles inspected at the moment when they are applying for a reconstructed or rebuilt title. The reconstructed motor vehicles must undergo a Level 3 VIN inspection conducted by a Motor Vehicle Division Certified VIN Inspector.
The steps for performing the inspection may vary based on the type of the vehicle and on the type of action that is going to be performed on it. In order to apply for a rebuilt title in New Mexico, motorists will have to get a completed Affidavit of VIN form by the inspector and submit it later when performing the VIN inspection and overall vehicle inspection.
New Mexico Salvage Title Fees
The final step of the New Mexico DMV salvage title application procedure is to provide payment for the applicable fees. The salvage title value is determined by the NM MVD and it may be subject to constant changes.
Therefore, vehicle owners are encouraged to contact the NM MVD before making a payment and discover the exact amount of money they need to pay in order to obtain a salvage title. Note that the fees for a salvage certificate and a rebuilt title may also differ.