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I am an independent dealer with a DC license an had to

Customer Question
repossess a car titled in...
I am an independent dealer with a DC license an had to repossess a car titled in Maryland. Wa
JA: Thanks. Can you give me any more details about your issue?
Customer: What do I need to do to have the title change from the owner's name to my company name. I am the lien holder
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Submitted: 1 year ago.Category: Business Law
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Customer reply replied 1 year ago
If I am mistaking. I have to give notice to the owner what is owe, and any charges or expense incurred, when and where the vehicle is going auctioned. Also can I sell the car myself?
What does Maryland law requires?
Answered in 1 day by:
2/27/2016
Business Lawyer: Richard - Bizlaw, Attorney replied 1 year ago
Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,705
Experience: 30 years of corporate, litigation and international law
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Hello, my name is ***** ***** I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.

Under MD law you must conduct a sale you cannot just put the title in your name.

Within 5 days of repossession you must give the debtor by personal delivery or registered or certified mail a notice that provides the following:

(1) The right of the borrower to redeem the goods, and the amount payable for them;

(2) The rights of the borrower as to a resale, and his liability for a deficiency; and

(3) The exact location where the goods are stored and the address where any payment is to be made or notice delivered.

Once you repossess the vehicle you must hold the car for at least 15 days to give the debtor a chance to redeem the vehicle.

You must sell the car at a private sale or through a public auction. At least 10 days before the sale you must give the debtor notice by certified mail r/r/r of the date, time and place of the sale. After the sale you must give the debtor a full accounting of the sale and what happened to the sales proceeds. Here is a link to the relevant statute 12-115 of the Commercial law that explains these requirements in detail.

https://govt.westlaw.com/mdc/Document/N7D60EFB09CDA11DB9BCF9DAC28345A2A?viewType=FullText&originationContext=documenttoc&transitionType=CategoryPageItem&contextData=(sc.Default)

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Customer reply replied 1 year ago
You didn't answer the second question
Customer: What do I need to do to have the title change from the owner's name to my company name. I am the lien holder
Business Lawyer: Richard - Bizlaw, Attorney replied 1 year ago

I am sorry I overlooked your second question. I was out for a while and am just getting back. Below is what must be done to change the title.

The Notice of Security Interest Filing serves as an ownership document when a lien holder repossesses the vehicle. To utilize the form for repossession, the lien holder needs to complete the Certification of Repossession on the reverse of the document including the odometer disclosure statement. The lien holder may then apply for a “repossession title” by completing the application for title and submitting it to the Motor Vehicle Administration with a fee of $100.00. The MVA also requires a Condition Report as an additional source of odometer mileage verification. Note 1: If the lien holder is anyone “other than” a bank, credit union, or finance company, a copy of the lien contract must be provided for repossession. Note 2: This transaction is excise tax exempt as long as the vehicle was titled in Maryland in the debtor’s name and the lien holder is only applying for title in their name to transfer the vehicle to a new owner. If the lien holder does not wish to apply for a repossession title in their name, they may use the SIF to assign ownership. In this case, the certification of repossession is completed including the odometer disclosure, and the lien holder also completes the assignment of ownership section on the reverse of the document. In this case the SIF serves as the ownership document for the vehicle. A Condition Report is also 94 required as an additional source of odometer mileage verification. Note: If the lien holder is anyone other than a bank, credit union, or finance company, a copy of the lien contract must be provided for repossession.

You will find the above in the MVA Administration handbook. Here is the link

http://www.mva.maryland.gov/_resources/docs/Interactive-Title-and-Registration-Manual.pdf

If I have answered all your questions, please positively rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.

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