2007-03-14 03:04:27 · 2 answers · asked by Anonymous in Business & Finance ➔ Credit
The lender has to file a repossession affidavit with DMV when they are going to repossess a vehicle. That way, if the owner reports it stolen, the police can look up the plate number and know that it's been repossessed, not stolen.
I'm not quite sure what you're getting at here but yes, the DMV would know the status of a vehicle that is about to be repossessed or has been repossessed.
2007-03-14 03:13:30 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
It really depends on the state that you're in.
In response to the previous posters answer (which was really thought out) I work in Tennessee at a business where we do lots of reposessions.
In TN, we do not have to file anything with the DMV. As long as we have proof that were lienholders, we submit the information to our repo agency (who might notify local law enforcement).
In KY, we notify the DMV that the vehicle was repossesed when we apply for a new title.
2007-03-14 10:19:07 · answer #2 · answered by collegeboy2178 3 · 0⤊ 0⤋