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Wisdom & Authority Title Solutions
|Posted on April 10, 2018 at 1:54 PM||comments (20)|
In this series-Types of Auto Titles, I'll discuss and examine the names of different types of auto titles. Likewise the processing mechanisms of these titles will be discussed in the next segment, but for now; I'll stick to the names only.
In this segment, I'll cover the different names of auto titles and the purpose or reasoning for naming different auto titles in the first place.
There are 4 different kinds of auto titles:
1. Original Title
2. Substitute Title
3. Supplemental/Transfer of Lien Title
4. Replacement Titles
Description of Each:
1. Original Title-is a title that has been created or established for the very first time for the owner/s on record.
2. Substitute Title-is a title in which a change has taken place regarding the owner and or the vehicle. Common changes are the name change of the owner/s on record, odometer, VIN corrections, removing a lien, etc.
3. Supplemental/Transfer of Lien Title-is when a lien is being added to a title record or a lien is being transferred on the title record.
4. Replacement Title-is a title that is rendered when the original or prior title on record is lost, stolen or mutilated.
Next, the purpose for classifying auto titles with different names; all has to do with the title record for DMV purposes. In essence, DMV keeps track of what occurs during the life of an auto title, while the vehicle is titled to its owner/s. For example, if someone goes to the DMV and obtain a title because they lost a prior title; they'll apply for a replacement title.
On a final note, you can tell the type of title you have based on the description shown on your title. Normally you'll see at the top of the title words such as Original, Replacement, etc. and there is an accompanying date which shows when the title was created or rendered. Helpful Tip: When applying for a title, please be advised that the current title will always cancel any title that was issued before it. So if you lost a title, but happen to find the original one after the duplicate title was issued, you won't be able to use the first one.
To learn more about this series please check back with segment two that will be shared soon. For more information about auto titles, please read my other blogs at wisdomandauthority.com
Vehicle Title Administrator & Owner of Wisdom & Authority Title Solutions LLC
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