Arkansas Title Reference Guide - IAA

1 Arkansas Title Reference Guide The IAA Vehicle Alternate Method of Disposal Guide is a proprietary document prepared solely for internal use by Insurance Auto Auctions, Inc., its subsidiaries and affiliated entities ( IAA ). No part of this document is to be photocopied, reproduced, stored in a retrieval system, transmitted electronically, or disclosed to a third party without prior written consent of Diversified Services Administration or IAA Executive Management. 2013. Insurance Auto Auctions, Inc. I N S U R A N C E A U T O A U C T I O N S. Last Updated 022014. Table of Contents Contact Information .. 3. Title and Disposal Information .. 4. Standard Title Processing .. 4. OMV Title Fees .. 4. Duplicate Title .. 4. Additional Information.

2 5. Deceased Owner Requirements .. 5. Repossessed Vehicle .. 5. Name Changes .. 5. Owner Retain .. 5. Un-Recovered 5. Alternate Disposal .. 6. State Guidelines .. 6. Title Requirements by Vehicle Type .. 6. Title Branding Guidelines .. 7. Determining the Correct Title Type .. 8. Frequently Asked Questions .. 9. What type of PoA is required if the Title is not signed? .. 9. What is required to correct a mistake that is made by the owner on the back of the Title ?.. 9. Is a copy of the written estimate needed to process the Title ? .. 9. If an owner's full name is listed, does he/she need to sign as listed on the face of the Title ? .. 9. Sample Documents .. 10. Arkansas Title (Front) .. 10.. 10. Arkansas Title (Back) .. 11. Arkansas Secure Power of Attorney.

3 12. Please note - This document is intended to cover most requirements for obtaining a negotiable, lien-free Title . It is not intended to replace motor vehicle department regulations or rulings. If you have Title questions please contact IAA's Title Solutions Department Please direct any questions, comments, or corrections to IAA's Title Solutions Team. Page 2. Toll Free - 888-MY- Title (888-698-4853). 2013. Insurance Auto Auctions, Inc. I N S U R A N C E A U T O A U C T I O N S. Last Updated 022014. Contact Information IAA Website: Title Questions: IAA Title Solutions 7835 Woodland Drive Suite 200. Indianapolis, IN 46278. Toll Free: 888-698-4853. FAX: 855-584-5198. Arkansas IAA Branch: Little Rock 4900 S Kerr Rd Scott, AR 72142. Phone: 501-961-2886.

4 Fax: 501-961-1805. Auction: Wednesdays 9:30AM CT. Office of Motor Vehicle: Ragland Building 1900 W 7th St, Ste 1100. Little Rock, AR 72201. Mailing Address Department of Finance and Administration Office of Motor Vehicles, PO Box 1272. Records Unit, Room 1100. Little Rock, AR 72203. Phone: 501-682-4692. Fax: 501-682-4756. Arkansas DMV Forms Please direct any questions, comments, or corrections to IAA's Title Solutions Team. Page 3. Toll Free - 888-MY- Title (888-698-4853). 2013. Insurance Auto Auctions, Inc. I N S U R A N C E A U T O A U C T I O N S. Last Updated 022014. Title mistakes can be costly and significantly delay the processing and sale of salvage vehicles. Catching potential errors before the Title paperwork goes to auction prevents Title problems that delay a vehicle's sale by weeks or even months.

5 Title and Disposal Information Standard Title Processing IAA will apply for the appropriate Title in the insurance company's name. In order to initiate this process the vehicle provider must supply the following documentation: Properly Executed Title If owner held Title at time of loss, then the provider must send a Title that has been properly executed by the owner or the Title including the correctly executed Power of Attorney (PoA.) If the lienholder possessed the Title at the time of the loss, then the provider must send the unsigned Title with a lien release if applicable or lienholder signed off on Title , and a Secure Power of Attorney signed by the owner. Lien Release (if applicable) Lien to be satisfied and dated on the face, or include separate notarized lien termination statement on lienholder letterhead with a vehicle description and owner's name(s).

6 Odometer Disclosure Odometer disclosure is required for vehicles less than seven (7) model years. This can be accomplished on the Title or with a separate odometer statement, signed by the owner. Mileage should be stated with a verified reading and should not be an estimate or guess. If IAA is not processing the Title , please attach the properly executed sale document and any additional required forms as outlined above to a coversheet with your selling instructions noted. Forward these documents to the appropriate IAA Branch. OMV Title Fees Please contact your local IAA Branch or OMV for up-to-date fees. Salvage Title fee: $ Duplicate Title fee: $ Duplicate Title With the insured's cooperation, IAA can apply for a duplicate Title . IAA will need: Two (2) Arkansas Secure PoA's or two (2) generic, notarized PoAs TIMA Form 2 and lien release if applicable Copy of the Lien Release is acceptable Please direct any questions, comments, or corrections to IAA's Title Solutions Team.

7 Page 4. Toll Free - 888-MY- Title (888-698-4853). 2013. Insurance Auto Auctions, Inc. I N S U R A N C E A U T O A U C T I O N S. Last Updated 022014. Additional Information Deceased Owner Requirements Joint Ownership Copy of Death Certificate / Spouse signs Title Single Named Title Surviving spouse signs Title / Copy of Death Certificate Only one named owner on Title or court appointed executor Letters of Testamentary or Letters of Administrator. Executor signs as seller on Title Repossessed Vehicle Lienholder signs as owner Lien release original signature on Title or financial institute letterhead, non-notarized VIN and Vehicle Year / Make / Model Affidavit of Repossession Plates remain with debtor Name Changes If the insured's name is different than the name that appears on the Title ( different last name or nickname instead of first name), a copy of the marriage license, divorce decree or court document stating legal name has changed may be required in addition to the signed Title .

8 Please contact an Arkansas branch if questions arise. If name on Title is completely different, this could be a situation where the owner purchased the vehicle from someone and did not Title it properly. In this scenario the owner will be required to pay sales taxes and have the vehicle titled properly before it can be sold. Contact your local IAA branch or Title Solutions for assistance in resolving these situations. Title Solutions requires written approval via email or fax from provider before providing assistance. Owner Retain If the vehicle has been declared a total loss by the provider and deemed repairable, the owner may retain the vehicle but must obtain a salvage Title . By law the owner must provide proof of salvage before payment can be issued or must relinquish Title to insurance company to apply for salvage Title on their behalf.

9 Un-Recovered Theft Insurance company is required to apply for the salvage Title . However clear Title applicants must have an Arkansas address. Arkansas will mail the Title to address shown as "special mailing address,". however, the applicant section still must have an Arkansas address. When insurance company does not have an office in Arkansas , IAA Little Rock address can be used and the special mailing address section can be IAA's address. Please direct any questions, comments, or corrections to IAA's Title Solutions Team. Page 5. Toll Free - 888-MY- Title (888-698-4853). 2013. Insurance Auto Auctions, Inc. I N S U R A N C E A U T O A U C T I O N S. Last Updated 022014. Alternate Disposal Total Loss Settlement Title -- >/ 30 days post settlement.

10 Requirements follow . o Salvage or Parts Only Title o Total Loss Settlement Title surrendered o VIN Inquiry o Certified Letters Two (2) attempts last known LH / owner o Parts Only Declaration of Damage required o Sales Tax not applicable to provider on settlement transactions o Online DMV Screen Previous Title Info = P. o Proceeds = $ if IAA sends letters Abandonment - If the Provider is unable to obtain a negotiable Title , they can abandon the vehicle to IAA via a written notification on Provider letterhead releasing their interest, and payment of $50. disposal fee. IAA will file all necessary paperwork to sell the vehicle on an Affidavit of Abandonment. Bonded Title - Written notification on provider letterhead if the ACV is greater than $8,000.