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7 <br />Military Leave and Earning Statement <br />: Is a copy of a serviceman’s payroll stub <br />covering a particular pay period. This does list his home of record, which is his <br />permanent state of residence where he would pay any state income taxes. <br />Vehicle Titles <br />Salvaged and Salvage Rebuilt <br />: Any repairs that exceed 75% of the vehicle’s market <br />value using NADA, Kelly Blue Book and various other publications. <br />When the insurance company has totaled the vehicle, and the customer has received the <br />claim check, four things can happen: <br />Insurance company can keep the vehicle. <br />Customer can keep the vehicle. The customer is instructed to contact the local <br />DMV inspector to have an initial inspection done, for vehicles 2001 to 2006 <br />(these dates change yearly, example in 2007 the models will be 2002-2007). <br />Affidavit of Rebuilder- The inspector lists each part that needs to be repaired. <br />Final inspection- if all work is cleared and approved by the inspector then the <br />rebuilt status is then removed (salvaged status remains). <br />Note: Finance companies will not finance a salvaged vehicle. <br />Total Loss <br />: Repairs were more than the market value of the vehicle and the insurance <br />company is unwilling to pay for the repairs. <br />Total Loss/Rebuilt <br />: Whatever the repairs were to make the vehicle road worthy after a <br />Total Loss status has been given. Vehicle must be 5 years old or older. Vehicle status <br />then remains as salvaged or rebuilt. <br />Certificate of Reconstruction <br />: When work has been done on (vehicles 2001-2006 in <br />year 2006) this is issued when the inspector didn’t see the original damaged and the <br />vehicle has been repaired. <br />Certificate of Destruction <br />: NC DMV will not register this type of vehicle. It is not fit <br />for North Carolina roads. <br />Custom Built <br />: When the customer has built this vehicle himself or herself. Ex. parts <br />taken from various vehicles to build one vehicle. Three titles are required from the DMV <br />in this case. 1) Frame 2) Transmission 3) Engine. <br />Then an indemnity bond must be issued. An indemnity bond must also be issued when <br />the vehicle does not have a title at all. <br />Per Flora with NCDMV <br />September 8, 2006 <br /> <br />