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Military Leave and Earning Statement: Is a copy of a serviceman's payroll stub 4 <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: 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: 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: 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: 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: NC DMV will not register this type of vehicle. It is not fit <br /> for North Carolina roads. <br /> Custom Built: 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 />