Car Shopping and Spotted an Unbelievable Deal?

With the steady rise in hurricanes each season, there is also a steady increase in damage done, including to vehicles. These vehicles sometimes end up back on the market as a “branded” vehicle, selling at a much lower price.

How will you know if a car you’re considering was part of this scenario?

What to look for

It’s a best practice to find out as much as you can about a vehicle’s history when purchasing used. The National Motor Vehicle Title Information System website is your place to find government-approved providers of vehicle history reports to get more information.

A few things to look out for:

• Be wary of cars with a "lost" title or only a bill of sale.
• Look for debris in the engine bay, such as leaves, silt, or sand in the spark plug wire cavities.
• Never try to start what you think may be a flood-damaged vehicle; water likely invaded the engine and transmission.

In Wisconsin, a vehicle's title must indicate if it's been flood damaged. The vehicle must be damaged to the point that the estimated or actual repair costs are more than 70% of its fair market value.

I’m considering purchasing a flood-damaged vehicle. Can I get my loan through UW Credit Union?

UW Credit Union does not approve financing on vehicles that have a branded title, which includes titles that are branded as flood damaged or salvage.

For Wisconsin vehicles we pull an inquiry on the vehicle title before starting the loan process to make sure there are no brandings. For vehicles titled outside of Wisconsin, we ask members to provide a copy of the title.

In addition to looking at the title, we pull a Carfax inquiry on all vehicle loan applications to ensure that there isn’t a branding that hasn’t made it to the title yet.

If you’re in the market to purchase a vehicle, make sure you know everything about the history and title before putting any money down. And think about whether saving money on a seemingly “hot deal” will be worth it in the long run if you end up with a car that doesn’t have much life.

We can work with you on budget-friendly financing for used cars without branded titles. Our financial specialists are available to help you find the right deal for your individual circumstances. Schedule an appointment today.