An Affidavit of Repossession is used by lending institutions when a vehicle is repossessed. In most circumstances, a vehicle is seized because the owner could not meet monthly payments as agreed upon in the original loan contract. The lending institution uses an Affidavit of Repossession to legally take over ownership.
An Affidavit of Repossession is a sworn statement that a lender files with a state department of motor vehicles when a vehicle is repossessed. The Affidavit of Repossession form document includes information on how the vehicle was repossessed. The default date of loan, the date the vehicle was repossessed, the amount owed on the vehicle, the value of the vehicle, and all indentifying information.
The Affidavit of Repossession form is needed when a lending institution must repossess a car or boat due to the owner failing to meet their financial obligations. In return, the lending institution then takes possession of the car title. An Affidavit of Repossession is the first of several steps of a title transfer caused by financial default.
When completing an Affidavit of Repossession form, pay close to attention to the directions for filling out the document. Some state forms require a notary public. In most states the Affidavit of Repossession must be filed in the office of the county clerk where the mortgagor lives or where the vehicle was purchased if the mortgagor is a nonresident.