Wisdom & Authority Title Solutions

May 2011

Liens on Vehicles & Titles : Part One

SHANEL WHITE: Posted on Wednesday, May 25, 2011 10:09 AM

You bought a vehicle, but there's a lien on the title? A lien? No, I don't have a lien I hear you saying.

From my experience with titles, I often hear people say that they don't have a lien on their vehicle; but in reality a lien or multiple liens are present. When some people think of a lien, they automatically think of a tax lien (on a home) or some sort of garnishment. In the world of auto finance, a lien simply means that you are getting your vehicle financed, you are making payments on the vehicle and in essence you still owe a balance on your vehicle. The following will provide you with some insight if A. you have a lien on your vehicle but shouldn't, B. You are a private seller of a vehicle and are accepting payment arrangements from the buyer of the vehicle

You Have a Lien on Your Vehicle But One Shouldn't Be Present: (Dealers Error)?

Though rare, but not unheard of; lien errors can occur in the titlework at the dealership where you bought your vehicle. If you paid for your vehicle in full and on the spot, there shouldn't be a lien on your vehicle or on the title work.
If in fact an error is present, and your vehicle was paid in full, present your buyer's order and bill of sale to the title department and have them to give you a corrected title, or an MSO/MCO. NOTE: This will take a few days because corrections must be made in the paperwork and through the DMV.

You Are a Private Seller of a Vehicle and Are Accepting Payment Arrangements From the Buyer of the Vehicle:

If you give the buyer the title to take to DMV (to get the vehicle titled in their name), that's fine, but if they owe on the vehicle, you owe it to yourself to put a lien on the title.
If a lien is on the title (the lienholder's name, address and sometimes stamp), shows that the vehicle isn't fully paid for and discourages others from "touching it" and getting involved in "title skipping" as well.
If the vehicle is being titled in the state of Virginia and a lien is present, DMV will mail the title to the lienholder.
If you are due payments from a buyer that you sold a vehicle to, and you fail to put a lien on the title, then you put yourself at risk for financial loss of monies due you, and or the buyer of the vehicle can get a clear title in his or her name.

Check back for Liens on Vehicles & Titles: Part Two as Wisdom & Authority Titling Solutions gives you more lien advice regarding vehicles and titles.

Starting A Trucking Company?

Shanel White: Posted on Monday, May 16, 2011 11:25 PM

While you are in the process of lining up insurance and financial matters for your new trucking company, don't neglect the compliance requirements

of DOT, DMV, Motor Carrier, and the like. Ensuring that you are licensed, titled and registered correctly with the above government organizations will allow you to operate your truck or fleet of trucks properly.

Failure to know what is required on the DOT, DMV, and Motor Carrier side of compliances can cost you and your company big time. Don't copy your friend's "way" of going through the licensing and registration process; because each state or jurisdiction may require something different. Accordingly, there are different classifications of motor carriers and trucking companies; which requires different courses of action.

The following are major areas that will be at the heart of your titling, registration and licensing matters for your trucking company:

DOT registration (DOT #)
Operating Authority (Commodity Hauling)
The decision to lease onto a broker or not
The decision to apply for your own authority or not
IRP (International Registration Plan) compliance
IFTA (International Fuel Tax Agreement) compliance
HVUT (Heavy Vehicle Usage Tax) compliance
TWIC (Transportation Worker Identification Credential) compliance
Overload Permits
IFTA Fuel Purchase/Mileage Log Record-keeping
Fuel Tax Computation & Submission
Trip Permits

The process of starting and maintaining a trucking company isn't impossible; it just requires stamina. Don't settle for assumptions, get real professional help for the licensing, titling and registration needs for your trucking company. Wisdom & Authority Titling Solutions is your motor carrier solutionist. As a prior DMV and Motor Carrier Titling/Registration specialist, you are getting assistance from a professional; not a novice. Whether you are under someone else's authority, or want to have your own authority, I can assist you with being in compliance. Focus on securing deals for your company, while Wisdom & Authority Titling Solutions takes on your licensing, titling and registration responsibilities. Don't get swept under the rug of jargon, and red tape; get accuracy and solutions today.

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May 2011

Liens on Vehicles & Titles : Part One

Starting A Trucking Company?