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Will the resale value of your automobile decrease significantly if it was reported stolen?In: Car Buying |
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Answer
Absolutely. In the sale of a car, or just about anything, you sell and give to the buyer not only the right of possession, at least as importantly - ownership (identified as title). A car that has been reported stolen 1) If paid for by the insurance co, is now owned by them and they have ownership or 2) If not covered by insurance, only said to be stolen, has a clouded title at best.
Along with problems like being charged with the crime of making false police reports, fraud, etc., there are clearly many significant legal issues surrounding if you can even actually really sell something that is stolen.
First answer by IamLostRU. Last edit by IamLostRU. Contributor trust: 879 [recommend contributor]. Question popularity: 15 [recommend question]
