Interesting developments...
I warned the dealer that the title would be an issue with my bank if they weren't snappy about getting it processed. As of today, the truck still wears paper plates; the dealer kept telling me it was just because they failed to send the payoff to the previous owner's bank in a timely manner. I became suspicious...
Sure enough, I got word just this morning that the vehicle is carrying a salvage title. This was question number 1 before I even drove the truck and was assured that this company didn't deal in salvaged title vehicles. Now, before anyone thinks that the dealer tried to intentionally screw me, I'm quite certain they didn't. The truck sat on the lot for about 22 hours before I signed papers on it, and the title was sitting with the PO's bank awaiting funding to release. Now I do think the POS PO was fully aware of this, but I'll let that be what it is for the moment.
Aaaaaanyway... The dealer gives me the option to walk away and take a refund of the $1,200 I just spent on the new tires (which are most fantastic) if I chose. He also says we can put me in a similar vehicle if I want (they don't have anything on the lot similar at the moment though), or I can continue with the sale but they'll reduce the price by $2k (putting the truck's final price at $4,500).
Some background on the truck: The salvage title happened with just 1,200 miles on the odometer. It was purchased by the second owner at just over 80K, and I picked it up at just a hair over 101K. Aside from what I presume is a set of badly warped rotors, the truck drives and feels solid with no weird pulls or behaviors. Everything about the truck is quite good. I did notice that there is some not-so-fantastic bodywork done to the tip of the hood, and just discovered a little crease at the lower rocker portion of the passenger-side front fender. It clearly ran into something, as the repairs seem to be even across the whole front, although minor.
The guys at the dealer were openly embarrassed with the situation, and so we pulled it in to have the mechanics go over it and take a good hard look at the truck. The lead mech is actually best friends with one of my co-workers (who is a good friend of mine) and is looking out for me. When we pulled the truck up on the lift and poked around, there was absolutely zero frame damage; no cuts/welds, no cracks, no buckles or folds... nothing. All indications point to a sheet-metal total of the vehicle (I suspect the newness of the truck caused the replacement parts to cross the insurance company's threshold to total). EVERYTHING aside from the crease in the fender (that you honestly have to look hard for) and the not-so-great bodywork on the very tip of the hood looks to be perfect.
They're keeping it overnight to do a thorough check (and gave me this absurd Cadillac to drive in the mean time.. forgive me, but I feel like such a pussy in this thing). Nice gesture though. Tomorrow morning I'll unload this... car, thing... and get my truck back. I think I honestly got the deal of the century on this thing. Yeah, it'll carry a salvage title, but it's a beautiful truck that's otherwise totally solid; and for $4500 it's nearly a throw-away price for transportation.
So, a quick recap shows this:
A) Sold beloved '97 Toyota 4x4 with 140K for higher than market value $6700 in 2009
B) Got an '02 with 101K Dakota that the whole family fits in and is better to drive for 90% of the time for $4500
C) Can't expect to sell the Dakota for squat, but who's sellin'? And besides, if I have it for 4 years and sell it for $1k (which would be reasonable, even if just as a farm truck) then I've actually used the truck for 4 years and only paid $1200.
Hopefully it'll all work out just like that
