Section 140IAC6-1-15.5. Repossession title; resale

  5. (a) To obtain a certificate of title, a lien holder who repossessed a vehicle must comply with the following requirements:

(1) Submit the lien holder's application for title by using the bureau's designated form. The applicant must provide the following information:

(A) The vehicle owner's name.

(B) The owner's address.

(C) The vehicle make, model, and manufacture year.

(D) The VIN.

(E) The type and amount of the lien on the vehicle.

(F) The lien holder's name.

(G) The lien holder's address.

(2) The person from whom the vehicle was repossessed must be the vehicle's last registered owner; and

(3) If the lien holder possesses the title, then the title must indicate the lien or the lien holder must provide a certified copy of the loan or financing statement.

(4) If the lien holder does not have the title because the owner of the motor vehicle did not apply for a certificate of title, then the lien holder must provide the assigned title or certificate of origin with the lien indicated on the document; or

(5) If the vehicle owner does not provide the assigned title or certificate of origin to the lien holder, then the lien holder must present an affidavit providing the person or dealer's name and address who sold the vehicle to the owner and the name of the person to whom the person or dealer sold the vehicle.

  (b) If the original lien holder assigned the lien to a financial institution that repossessed the vehicle, then the financial institution must obtain an affidavit from the original lien holder indicating the assignment of the lien or present the properly executed Indiana title with its front indicating the assignment of the lien holder's interest.

  (c) A person who has a security interest in a repossessed manufactured home may obtain a certificate of title by:

(1) submitting the person's application for title by using the bureau's designated form; and

(2) providing properly executed judicial foreclosure papers.

  (d) If the original owner obtains possession of the vehicle after it was repossessed, the owner must pay sales tax on the balance of the existing lien.

  (e) The lien holder cannot sell a repossessed vehicle until after properly obtaining a certificate of title in the lien holder's name. (Bureau of Motor Vehicles; 140 IAC 6-1-15.5; filed Oct 7, 2008, 10:23 a.m.: 20081105-IR-140080215FRA; readopted filed Nov 3, 2014, 1:43 p.m.: 20141203-IR-140140375RFA)