Oklahoma Title Reference Guide - IAA

1 Oklahoma 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 12/2014 Please direct any questions, comments, or corrections to IAA s Title Solutions Team. Toll Free - 888-MY- Title (888-698-4853) 2013. Insurance Auto Auctions, Inc. Page 2 Table of Contents Contact Information .. 3 Title and Disposal Information.

2 4 Standard Title Processing .. 4 DMV Title Fees .. 4 Duplicate Title .. 4 Additional Information .. 5 Deceased Owner Requirements .. 5 Repossessed Vehicle .. 5 Name Changes .. 5 Owner Retain .. 5 Un-Recovered 5 Alternate Disposal .. 6 State Guidelines .. 7 Title Requirements by Vehicle Type .. 7 Title Branding Guidelines .. 7 Determining the Correct Title Type .. 8 Frequently Asked Questions .. 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 What type of PoA is required if the Title is not signed? .. 9 If an owner s full name is listed, does he/she need to sign as listed on the face of the Title ? .. 9 Example Documents .. 10 Oklahoma Title (Front) .. 10 Oklahoma Title (Back) .. 10 Glossary .. 12 Index .. 14 Please note - This document is intended to cover most requirements for obtaining a negotiable, lien-free Title .

3 It is not intended to replace motor vehicle department regulations or rulings. If you have Title questions please contact IAA s Title Solutions Department I N S U R A N C EA U T OA U C T I O N SLast Updated 12/2014 Please direct any questions, comments, or corrections to IAA s Title Solutions Team. Toll Free - 888-MY- Title (888-698-4853) 2013. Insurance Auto Auctions, Inc. Page 3 Contact Information IAA Website: Title Questions: IAA Title Solutions 7835 Woodland DriveSuite 200 Indianapolis, IN 46278 Toll Free: 888-698-4853 FAX: 855-584-5198 IAA Locations in Oklahoma : Oklahoma City 7300 N. I-35 Service Road Oklahoma City, OK 73121 Phone: 405-475-0230 Fax: 405-475-1701 Auction: Bi-Wednesday, 09:30 AM CT Tulsa 13805 E Apache Street Tulsa, OK 74116 Phone: 918-439-1066 Fax: 405-680-9204 Auction: Tuesday, 9:30 AM CT Motor Vehicle Department: Oklahoma Tax Commission, Motor Vehicle Division 2501 Lincoln Boulevard Oklahoma City, Oklahoma 73194 Phone: 405-521-3344 I N S U R A N C E A U T O A U C T I O N S Last Updated 12/2014 Please direct any questions, comments, or corrections to IAA s Title Solutions Team.

4 Toll Free - 888-MY- Title (888-698-4853) 2013. Insurance Auto Auctions, Inc. Page 4 Title and Disposal Information Standard Title Processing IAA will apply for the appropriate Title in the Provider 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 (notarized) 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 notarized 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).

5 If print screen with the DMV verifies clear Title , lien release is not required. Odometer Disclosure Odometer disclosure is required for vehicles < 10 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. DMV Title Fees Please contact your local IAA Branch or DMV for up-to-date fees. The state requires registration to be current on all units sold. If the registration has expired it has to be brought current. The cost varies per unit since it is determined based on how long the registration has been expired.

6 Duplicate - $ Salvage - $ Duplicate Title With the owner s cooperation, IAA can apply for a duplicate Title . IAA will need: One (1) notarized generic Power of Attorney form signed by all titled owners Lien Release, original on lienholder letterhead and notarized. (if applicable) Title mistakes can be costly and can significantly delay the sale of salvage vehicles. Catching these potential errors before the Title paperwork goes to the auction can prevent Title problems that will delay a vehicle s sale by weeks or even months. I N S U R A N C E A U T O A U C T I O N S Last Updated 12/2014 Please direct any questions, comments, or corrections to IAA s Title Solutions Team. Toll Free - 888-MY- Title (888-698-4853) 2013. Insurance Auto Auctions, Inc. Page 5 Additional Information Deceased Owner Requirements Joint Ownership with Right of Survivorship (JTWROS) vehicle ownership transfers to survivor.

7 A copy of the death Certificate is needed. Ownership listed on Title with and between names Requires copy of death Certificate, survivor signs as seller. Only one (1) name listed on the Title Required items are court documents showing appointment with executor signed as seller (notarized signature on Title .) Repossessed Vehicle On a repossessed vehicle, the lienholder must complete a Repossession Affidavit and submit it with the security agreement and lien release to the DMV for approval Title in LH name The state has additional Title fees to process a repossession Title , contact the Oklahoma branch for more details 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 Oklahoma 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 . The provider must first notify DMV by notarized statement on company letterhead identifying the vehicle, stating the percent of damage, and the date of loss. A copy goes to the owner and the original must be sent to the DMV.

9 The DMV will note their system and notify the owner to submit their Oklahoma DMV Owner Retained Notice for salvage Title Un-Recovered Theft The provider does not have to apply for a salvage Title until the unit is recovered, however the provider may apply for a clear Title in their name to show proof of ownership if the vehicle is recovered. Fees and registration must be current, or state will not issue a Title . I N S U R A N C E A U T O A U C T I O N S Last Updated 12/2014 Please direct any questions, comments, or corrections to IAA s Title Solutions Team. Toll Free - 888-MY- Title (888-698-4853) 2013. Insurance Auto Auctions, Inc. Page 6 Vehicles <10 years, provider must apply for salvage Title . Vehicles > 10 years, a clear Title can be obtained. Alternate Disposal Abandonment without proceeds - If the Provider is unable to obtain a negotiable Title , they can abandon the vehicle to IAA with written notification on Provider letterhead releasing interest.

10 Fees vary, contact IAA branch. Title 42 IAA Branch will need written notification on Provider letterhead requesting the Title 42 process and proof of payment. Cost is $200 and averages 6 10 weeks turnaround. Proceeds go to the Provider. Bill of Sale If no lien listed or lien is released, Provider can request vehicle to be sold on Bill of Sale with written notification on Provider Letterhead. Proceeds will go to the provider with no fee. I N S U R A N C E A U T O A U C T I O N S Last Updated 12/2014 Please direct any questions, comments, or corrections to IAA s Title Solutions Team. Toll Free - 888-MY- Title (888-698-4853) 2013. Insurance Auto Auctions, Inc. Page 7 State Guidelines Title Requirements by Vehicle Type Vehicle Type Titled Note Passenger vehicles Yes ATVs Yes Not titled if built before 07/01/2005 Boats Yes Outboard motors with greater than 10 HP must be titled Commercial trucks ( tractor trailers) Yes Farm Equipment No Bill of Sale - Can only be used if the vehicle is titled in Oklahoma Manufactured and mobile homes Yes Mopeds Yes Motor Homes and RV s Yes Motorcycles Yes Off-road vehicles No Title if built after 07/2005.