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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:
  1. Proof of Ownership (either the certificate of title or CCO)
  2. Application for Texas Title, Form VTR 130-U
  3. Affidavit for Repossessed Motor Vehicle, Form VTR-264 (if the prior owner did not sign off on the title transfer)
  4. Copy of the Security Agreement
If the vehicle is sold to another dealer (a wholesale transaction), then the back of the certificate of title or CCO is assigned and the affidavit is attached to the assigned title certificate.

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.

Comments

 
By: Herb
On: 06/13/2017 17:01:13
What is #4 Copy of the Security Agreement?
 
By: Amber Hacket Crosby
On: 06/15/2017 14:43:43
The security agreement is the retail installment sales contract. It's the agreement that says that the dealer has a security interest in the vehicle, i.e., the buyer is promising to pay the contract amount, and to convince the dealer of this, gives the dealer a lien on the vehicle. If buyer doesn't pay, then dealer can get the vehicle back.
 
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On: 06/29/2017 02:09:55
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On: 07/06/2017 00:45:55
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By: Misty
On: 07/18/2017 17:49:10
If a consumer stopped paying the financing company, and the dealer repos the car, buys back the paper/note from the finance company, how does the dealer put the title back into their name and not the consumer how defaulted? Thanks!
 
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