Owner retention and owner buy back comparison
Comparison of an owner retention and an owner buy back of a total loss vehicle for salvage or dismantle purposes.
Owner retention
An owner retention is when the owner of a vehicle chooses to retain the total loss vehicle for salvage or dismantle purposes.
The salvage value amount payable by the customer, known as the salvage deduction, does not include taxes, as the vehicle is being retained rather than sold.
Owner buy back
An owner buy back is when a Beneficial owner or Lessee wants to purchase their total loss vehicle, in which multiple owners are involved, for salvage or dismantle purposes.
A Vehicle Ownership Transfer Agreement (CL96) form must be signed by the registered owner, and a Salvage Purchase Agreement (CL96D or CL96N) form must be signed by the intended purchaser.
The salvage value amount payable by the purchaser, known as the salvage deduction, includes applicable taxes.
Actual Cash Value (ACV) is inclusive of applicable tax allowances.