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Motor
Vehicle Titling Law
When
a dealership sends a pay off to a lien holder, how
soon must the lien holder release its lien and
send the title to the dealership?
Ohio
Revised Code Section 4505.13 provides that when a
lien is satisfied by a motor vehicle dealership,
the secured party must convey the vehicle title
with lien notation canceled to the dealership
within seven business days after verification
of good funds.
In the event a secured party is unable to
convey the title within the applicable time
period, it may convey an affidavit to the
dealership indicating that the security interest
has been discharged, together with the appropriate
amount it will cost the dealership to obtain a
duplicate title.
Ohio
law further
states that secured parties who fail to fulfill
their obligation to convey the title or the
affidavit with required payment within the
appropriate period of time must pay the dealership
a late fee. This late fee is ten dollars ($10) per
day for each certificate of title or affidavit
with required payment that is conveyed to the
dealership more than seven business days, but less
than twenty-one (21) days, after the secured party
processes good funds.
It must pay twenty-five ($25) per day
thereafter.
How
can a dealer obtain a certificate of title to an
unclaimed motor vehicle?
Ohio
law allows the
owner of a repair garage or place of storage to
obtain a clear title to an unclaimed vehicle if
the value of the vehicle is less than $2500.00 and
has been unclaimed for 15 days or more following
completion of the requested repair or the agreed
term of storage.
The process for obtaining a title is as
follows:
·
Complete
BMV Form 3702 “Unclaimed Motor Vehicle
Affidavit”
·
Send
completed form and $2.00 to the Ohio BMV Title
Division
·
You
will receive the form back with owner/lienholder
information;
·
Send
notice to the owner/lienholder via certified mail,
return receipt requested, advising the amount owed
and that they have 15 days to remit payment and
remove the vehicle;
·
If
payment is not received 15 days after mailing the
notice and the dealer has the signed receipt or
has been notified that delivery was not possible,
take the affidavit and proof of the mailing to any
County Title Office to apply for title.
What
is the BMV 3772 Form?
Can I use it for all my title application
needs?
BMV
form 3772 was first introduced in September 2004
to allow the BMV to transfer an “e-title”
directly from the name of the customer who had
traded in the vehicle to the dealer’s name
without obtaining a physical duplicate title.
Since 2004, the form has been modified to
accomplish much more.
BMV form 3772 may now also be used
to:
·
apply
for title in a purchaser or lessee’s name;
·
apply
for a replacement title;
·
apply
for a memorandum title;
·
may
be used as a power of attorney;
·
may
be used as an odometer statement;
BMV
form 3772 may not be used to apply for a
duplicate title in the customer’s name.
Can
a vehicle be titled in the name of a minor?
Yes,
however a parent or legal guardian must sign a
“Minor Consent Form” (BMV Form 3751).
Ohio
law allows a person signing as parent or guardian
to complete the form in the dealer’s presence or
to provide proper identification to the Clerk of
Courts at the time the application is presented.
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