Titling a Vehicle That Was Previously Repossessed
Wondering what to do when it's time to dispose of a repossessed vehicle? A dealer has several options, including selling the vehicle at a wholesale auction, selling it to another dealer, and selling it at retail price on the dealer's own lot. Whichever method you use, make sure that you have the appropriate documentation to deliver title to the subsequent purchaser.Those documents are:
- Proof of Ownership (either the certificate of title or CCO)
- Application for Texas Title, Form VTR 130-U
- Affidavit for Repossessed Motor Vehicle, Form VTR-264 (if the prior owner did not sign off on the title transfer)
- Copy of the Security Agreement
If the vehicle is sold to a retail customer, then the affidavit must accompany the normal title transfer documents that you present at the tax assessor collector's office.