Vehicle title

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In the United States, the title certificate for vehicles (also known as car titles or pink slip ) is a legal form, assigning people or businesses as owners legitimate vehicle. A vehicle title in the US is generally issued by the Minister of Foreign Affairs in the state where you purchased a car at the Department of Motor Vehicles (DMV).

Each state in the US has its own process for Title Certificates. When filling the title during a vehicle transaction, the rules in one country do not always apply to different countries. For example, most states do not require a notary when filling the title, while other states in the US make it mandatory for most parties when buying or selling a vehicle.

Some countries have different versions of the same title.

Title certificates usually specify (in most statuses & amp;):

1. Identify information about the vehicle, usually at least the identification number, manufacture, and year of manufacture of the vehicle.
2. Plat numbers.
3. Technical information about the vehicle to determine its tax regime, for example, the weight of the gross vehicle, its driving force, and the current purchase price.
4. The buyer's name and address or "registered owner" usually owns and uses it.
5. If the money is payable on the vehicle, the name of the loan owner or the "rightful owner" to whom this money is due.

When a vehicle is financed, a certificate of ownership is usually held by the creditor, which must release it to the buyer after the balance has been settled. In some states, such as New York and Maryland, the transferred title is sent directly to that individual, but the name of the lender or the lienholder appears in the title as well. To waive the lien after full payment, the lender sends the release of a notary or other supplementary document to that individual.

When a car is sold from one owner to another owner, the title must be transferred to the new owner. This is achieved by requesting approval by the state DMV.

When the vehicle title is lost, the owner on the note may replace the missing title by completing the application with the country that issued the current title. Lost online title apps are available for some countries including Maine, Wisconsin, Virginia, Michigan, New York, Indiana, Maryland, South Carolina, Massachusetts, and Washington DC.

The name "pink slip" is a reference to a California certificate certificate before 1988, when the color is pink; California's current title has vast vertical lines of teal, yellow, and pink with green borders; while the Illinois title is blue, pink, and blue with a purple border; and the Pennsylvania title is blue with a blue border.

Many illegal roads in the 1950s, glorified in movies, showcasing racing for the title of the vehicle, to further the popularity of the term "racing for pink slip," and Pink's 2005-08 series Pinks > developed from it. Also, at The Price Is Right, the Gas Money pricing game displays contestants who try to avoid the true retail price of the car; the price is marked with a pink slip.

In the United Kingdom, there is no equivalent of a vehicle title. Instead, there is a document known as a 'vehicle registration document', issued by the Driver and Vehicle Licensing Agency (DVLA). The current version has a reference number V5C. Before computerization, the title document is a 'log book', and the term is sometimes still used to describe V5C. Document V5 records who the Registered Keeper of the vehicle is; it does not build legal ownership of the vehicle. These documents used to be blue on the front. However, they turned red in 2010/11 after about 2.2 million V5 blank blue documents were stolen, allowing thieves to clone stolen vehicles more easily.

Video Vehicle title

Car ownership loans

The title of the vehicle is also used for car ownership loans, in which car owners grant their vehicle vehicle title creditor as collateral in exchange for a loan. In addition to vehicle titles, lenders often also require the borrower to provide a set of keys to the car and/or purchase a service plan on the roadside. Car ownership loans often involve high interest rates, short time to repay the loan (often 30 days), and the loan amount is less than the monetary value of the car. The borrower also risks losing the car to the creditor if the loan is not repaid. This type of loan is marketed as a small emergency loan.

Maps Vehicle title

See also

• Title (property)
• Vehicle registration certificate

Note

Source of the article : Wikipedia