If someone goes to get a loan from a bank to buy a car or motorcycle or something like that, don't the banks require a VIN # on the motorvehicle or motorcycle??? If so, are they required to check that VIN # to verify that it isn't stolen or that it matches the person selling the vehicle before approving the loan???
2006-12-18 03:40:19 · 6 answers · asked by On Time 3 in Business & Finance ➔ Other - Business & Finance
I am not a banker but have dealt with transactions of the buying and selling of motor vehicles in the U.S.A.
When the lien holders [banks, credit unions, whatever] registers the lien with the state Department of Motor Vehicles [DMV] the DMV will automatically through their computer system know of any stolen or previous lien holders of any VIN involved in the transaction.
Whats more intriguing then that is if the VIN listed on the title is altered in anyway shape or form the computer will not allow the title transfer to take place.
So for anyone buying a motor vehicle in the U.S.A. make for certain the VIN number on the title matches "letter for letter" the VIN on the vehicle.
Does this help any?
2006-12-18 21:56:22 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes, documentation with the Vin number is required. I worked for a credit union for several years. We had to have a bill of sale (even if it was hand written on notebook paper). The bill of sale needed to include a description of the vehicle, vin #, name of person selling the vehicle, amount of money it is being sold for, and the name of the person purchasing the vehicle. We also required the title. The title would have to be signed over to the person purchasing the vehicle. I live in NY, so the car owner keeps the title, but in some states the lien holder (person/bank who finances the vehicle) keeps the title. In that case I'm assuming a copy would do. We didn't check to see if the vehicle was stolen, but a thief probably wouldn't have the title in his or her name. I believe a carfax report (www.carfax.com) would list the current owner when you punch in the vin number, but there is a fee associated with that. Hope this helps!
2006-12-18 03:55:42 · answer #2 · answered by Chrissy 3 · 0⤊ 0⤋
I would think it would be in their best interest to run a car fax or other search before approving the loan. They have to have the VIN in order to complete the paperwork on the financing. Because the bank be listed as the lien holder on the Title.
2006-12-18 03:51:03 · answer #3 · answered by Martin Chemnitz 5 · 1⤊ 0⤋
The bank may require the VIN etc... they usually charge an extra fee to do a lien search to make sure the vehicle title is clear.
I'm not 100% sure if their search would bring up a stolen status; Keep in mind the bank is in the business of making money, not ensuring what you're doing is 100% legal.
2006-12-18 03:43:00 · answer #4 · answered by p_rutherford2003 5 · 0⤊ 1⤋
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2016-09-03 15:06:02 · answer #5 · answered by Anonymous · 0⤊ 0⤋
they require nvq/city and gulids.
2006-12-18 03:42:13 · answer #6 · answered by Anonymous · 0⤊ 1⤋