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What is an affidavit of repossession?
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An Affidavit of Repossession is used by lending institutions (a.k.a. lienholders) when a vehicle is repossessed. In most instances, the vehicle is seized because the owner could not meet monthly payments as agreed upon in the original loan contract. The lending institution uses this form to legally take over ownership.
Each state DMV office provides this form. Most forms are self-explanatory, requiring the name of the debtor, vehicle description (make, model, VIN), and the repossessed vehicle's title number. Some state affidavits also require notarization. Often the affidavit must be submitted along with a bill of sale and a copy of the final demand letter sent to the debtor. If all the information checks out correctly, the lienholder is then granted ownership.
Each state DMV office provides this form. Most forms are self-explanatory, requiring the name of the debtor, vehicle description (make, model, VIN), and the repossessed vehicle's title number. Some state affidavits also require notarization. Often the affidavit must be submitted along with a bill of sale and a copy of the final demand letter sent to the debtor. If all the information checks out correctly, the lienholder is then granted ownership.
Vehicle Registration for Repos
If you buy a repo from a lending institution, you'll need to check with your state DMV to find out if any special vehicle registration requirements exist. In most cases you'll follow the same car registration steps for a repossessed vehicle as you would if you were buying from the guy down the street.Post Comment for "What is an affidavit of repossession?"
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