If a customer of yours has failed to make payments on a vehicle that was purchased through your finance company or dealership, you may have legal grounds to repossess the vehicle. When your dealership does repossess a vehicle, there is a process that needs to be followed to obtain a repossession title. Before this occurs, it’s good to know how to handle this kind of situation. This is why Consolidated Automotive Services of Indiana is sharing this valuable information about repossession titles.
A repossession affidavit is a legal statement filed with the Department of Motor Vehicles when you repossess a car from a customer. This document provides details about the repossession such as why and how the vehicle was repossessed. It also informs government authorities that the vehicle has been repossessed.
As a legal document, a repossession affidavit needs to be kept on file with other documents about the vehicle. It includes information about the vehicle like the make, model, color, and vehicle identification number, as well as the balance on the loan at the time of repossession. This affidavit also allows you to obtain a repossession title.
A repossession title will do two things for you. First, this new title will only have your name on it, as the lender, and the name of the borrower will be removed. Second, it will allow you to sell the vehicle and recover the cost of the loan.
When you need assistance applying for repossession titles, contact Consolidated Automotive Services for a free quote at (812) 988-8300. We serve automotive dealerships and finance companies across all 50 states with all of our title services, including duplicate titles, lien placements, salvage titles, heavy-duty truck titles, title searches, and title transfers.
Source: McMahon, Mary. “What is a Repossession Affidavit?” Web article. My Law Questions. Conjecture Corporation. Web. 08 Dec. 2022.
