Repossessions

A repossession is when a lienholder seizes ownership of a vehicle for breach of a security agreement (usually non-payment of the loan)

Lien recorded on a title

A lienholder who has repossessed a vehicle for breach of the security agreement can transfer the vehicle to a new owner. If the lienholder has a recorded lien on the certificate of title, he/she must provide the following items when transferring the vehicle to a new owner:

  • A notarized affidavit of repossession

  • A lien release letter or a release on title

  • The certificate of title assigned to the new owner

Additional Resources

Lien not recorded on title

A lienholder who has repossessed a vehicle for breach of the security agreement without a lien recorded on the certificate of title must apply for a new title in the lienholder’s name. The lienholder must provide the following:

  • A notarized affidavit of repossession

  • A copy of the security agreement

  • A notarized affidavit of fact

  • An RMV-1 form completed in the name of the lending institution

  • $75.00 title fee

Additional Resources

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