Total Loss Car Buy Back May 2026

: If you still have a loan, the lender must be satisfied first. Most lenders will not allow owner retention if the reduced settlement doesn't cover the remaining loan balance.

Buying back a totaled car—formally known as —is a process where you keep your vehicle after an insurance company has declared it a total loss. Instead of surrendering the car, you receive a payout for its Actual Cash Value (ACV) minus the vehicle's estimated salvage value . How the Buyback Process Works

: The insurer determines the ACV of your car and then subtracts the salvage value (what they would have received selling it to a junkyard) and your deductible.

: You must inform your insurance adjuster as soon as possible that you intend to keep the vehicle before it is sent to a salvage auction.

: In most states, the car will be issued a salvage title .

: To legally drive the car again, you must repair it to meet safety standards and pass a state-certified inspection to obtain a rebuilt title . When Buying Back Makes Sense Should You Buy Back Your Totaled Car? - Autotrader