Kentucky Title Reference Guide - Insurance Auto Auctions

[Pages:14]Kentucky 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.

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Table of Contents

Contact Information ................................................................................................................................................ 3 Title and Disposal Information ............................................................................................................................... 4

Standard Title Processing ................................................................................................................................... 4 DMV Title Fees .................................................................................................................................................. 4 Duplicate Title .................................................................................................................................................... 5 Other Information ................................................................................................................................................... 5 Deceased Owner Requirements .......................................................................................................................... 5 Name Changes .................................................................................................................................................... 5 Owner Retained .................................................................................................................................................. 5 Un-Recovered Theft............................................................................................................................................ 5 Alternate Disposal............................................................................................................................................... 5 State Guidelines ...................................................................................................................................................... 6 Title Requirements by Vehicle Type .................................................................................................................. 6 Title Branding Guidelines................................................................................................................................... 7 Determining the Correct Title Type.................................................................................................................... 8 Frequently Asked Questions ................................................................................................................................... 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 What is required to correct a mistake that is made by the owner on the back of the title?................................. 9 Does the Lienholder hold the title in Kentucky? ................................................................................................ 9 What paperwork is required when an owner is deceased? ................................................................................. 9 What do I do if the insured cannot locate the title? ............................................................................................ 9 What if my insured's name is different than on the face of the title? ................................................................. 9 Example Documents ............................................................................................................................................. 10 Kentucky Title (Front) ...................................................................................................................................... 10 Kentucky Title (Back)....................................................................................................................................... 11 Glossary ................................................................................................................................................................ 12 Index ..................................................................................................................................................................... 14

Please direct any questions, comments or corrections to IAA's Title Solutions team. TitleSolutions@ Toll Free - 888-MY-TITLE (888-698-4853) ? 2013. Insurance Auto Auctions, Inc.

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Please note - This document is intended to cover most requirements for obtaining a negotiable, lien-free title. It is not intended to replace motor vehicle department regulations or rulings. If you have title questions please contact IAA's Title Solutions Department (TitleSolutions@).

Contact Information

IAA Website:



Title Questions:

IAA ? Title Solutions 7835 Woodland Drive Suite 200 Indianapolis, IN 46278 Toll Free: 888-698-4853 FAX: 855-584-5198 TitleSolutions@

IAA Locations in Kentucky:

Ashland 123 Four Wheel Drive Ashland, KY 41102 Phone: 606-928-1234 Fax: 606-928-0276 Auction: Bi-Tuesday at 9:30 AM ET

Bowling Green 710 Woodford Avenue Bowling Green, KY 42101 Phone: 270-843-3555 Fax: 270-843-4897 Auction: Second/Fourth Friday 9:30AM CT

Paducah 1701 Lane Road Paducah, KY 42003 Phone: 270-443-8565 Fax: 270-443-8549 Auction: Third Tuesday of each month

Louisville 1825 South Preston Highway Shepherdsville, KY 40165 Phone: 502-543-0831 Fax; 502-543-1289 Auction: First/Third Friday

Motor Vehicle Department:

Division of Motor Vehicle Licensing 200 Mero Street Frankfort, KY 40622 Phone: 502-564-2737 Kentucky Motor Vehicle Licensing

Please direct any questions, comments or corrections to IAA's Title Solutions team. TitleSolutions@ Toll Free - 888-MY-TITLE (888-698-4853) ? 2013. Insurance Auto Auctions, Inc.

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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.

Title and Disposal Information

Standard Title Processing

IAA will apply for the appropriate title in the insurance company's name. In order to initiate this process the vehicle provider must provide the following documentation:

Properly Executed Title ? o Non-Lien ? Original title signed by all titled owners o Lien ? Original title, unsigned Lien released on front of title by lienholder ? requires signature and stamp Generic Notarized Power of Attorney, signed by all titled owners o Missing Title ? Generic, Notarized Power of Attorney, signed by all titled owners

Lien Release (if applicable) ? o Lien released on the front of the title by a financial institute (bank, credit union, etc) o Must be released by signature and stamp o Must include year, make, model, and VIN and titled owner's name, file number / date of filing. Names must match o Title Lien Statement State Form TC96-187E required ? no alternates

Odometer Disclosure ? Odometer disclosure is required for vehicles less than 10 model 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 your coversheet, with your selling instructions noted, and forward to the appropriate IAA Branch.

DMV Title Fees

Salvage title fee: Duplicate title fee: U/T: ATV:

$9.00 $6.00 $9.00 $15.00

Please direct any questions, comments or corrections to IAA's Title Solutions team. TitleSolutions@ Toll Free - 888-MY-TITLE (888-698-4853) ? 2013. Insurance Auto Auctions, Inc.

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Duplicate Title

With the insured's cooperation, IAA can apply for a duplicate title. IAA will need:

One (1) generic, notarized Power of Attorney from owner. Lien release (if applicable)

Other Information

Deceased Owner Requirements

If JTWROS, surviving spouse signs title; copy of Death Certificate required If joint ownership and the title states "or" then only one (1) owner needs to sign If no conjunction or the title states "and" then survivor must supply a court order or letter of

administration signed by a judge (no death cert is needed) and executor must sign the title and provide court order Executor ? if not signing title, PoA is required

Name Changes

If your insured's name is different than it appears on the title (i.e. different last name or nickname instead of first name), a copy of the marriage license or court document stating legal name has changed may be required in addition to the signed title. Please contact branch if questions arise.

If the name is completely different then this could be a situation where the owner purchased the vehicle from someone and didn't title it properly. In most cases the owner will be required to pay sales taxes and have the vehicle titled properly before it can be sold. Contact your local IAA auction or Title Solutions for assistance in resolving these situations.

PoA or one in the same

Owner Retained

If the vehicle has been declared a total loss by the Provider the owner is required to obtain salvage title and provide a copy of the salvage title to the Provider. Settlement held until Salvage Title received.

Un-Recovered Theft

The provider is required to obtain a salvage title in their name because the provider will need proof of ownership if the vehicle is recovered. PoA and copy of DL for all titled owners. Salvage title is only option required

Alternate Disposal

Parts Only--KY title only, No lien, Taxes current year paid

Please direct any questions, comments or corrections to IAA's Title Solutions team. TitleSolutions@ Toll Free - 888-MY-TITLE (888-698-4853) ? 2013. Insurance Auto Auctions, Inc.

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State Guidelines

Title Requirements by Vehicle Type

Vehicle Type

Titled

Note

Passenger vehicles

Yes

ATVs

* Contact branch for specific details

Boats

Yes After 1/1/1986

Commercial trucks (i.e. tractor trailers) Yes

Farm Equipment

Yes

Manufactured and mobile homes

Yes

Mopeds

No Sell on Bill of Sale

Motor Homes and RV's

Yes

Motorcycles

Yes

Off-road vehicles

No Sell on Bill of Sale

Snowmobiles

No Sell on Bill of Sale

Trailers with GVRW greater than 3000 lbs Trailers with GVWR 3000 lbs or less

Yes No Sell on bill of sale

Please direct any questions, comments or corrections to IAA's Title Solutions team. TitleSolutions@ Toll Free - 888-MY-TITLE (888-698-4853) ? 2013. Insurance Auto Auctions, Inc.

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Title Branding Guidelines

Salvage Title Salvage titles are required for vehicles that are stolen or have been deemed

uneconomical to repair by the insurance company.

Salvage Repairable ? A Salvage-Repairable title is for vehicles that have been declared a total loss but are repairable. This type of title requires at least one sub-brand.

Collision Theft Fire Vandalism Salt Flood Other

Clear Title

To request a clear title we need the following ? Must be accompanied by letter from Insurance Company on their letterhead, stating that the vehicle has less then 75% damage and are requesting a clear title. Also must be accompanied by the original repair estimate. Affidavit of non-highway use, Resale certificate for provider

Please direct any questions, comments or corrections to IAA's Title Solutions team. TitleSolutions@ Toll Free - 888-MY-TITLE (888-698-4853) ? 2013. Insurance Auto Auctions, Inc.

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Determining the Correct Title Type

Vehicle declared a total loss

Is vehicle a

Y

junked vehicle,

snowmobile,

ORV, or moped?

Vehicle not titled in Kentucky

N

Is vehicle an ATV?

Y

Titling at owner's discretion

N

Is cost of repair ................
................

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