Pub. 3 2013 Issue 3

20 AUTOMOBILE DEALER NEWS ILLINOIS www.illinoisdealers.com ATTENTION DEALERSHIP TITLE – F&I DEPARTMENTS QUICK LIEN RELEASE TITLE MAY BE YOUR ANSWER FOR PROBLEM TITLES The newly enacted IADA-sponsored legislation that created a $20 lien release certi fi cate of titlemay help you process your trouble applications. An Illinois dealer can apply for a lien release certi fi cate of title if a customer trades in a vehicle and the dealer is unable to obtain the vehicle title, but is able to obtain proof that all liens on the vehicle have been satis fi ed. The lien release title will save the dealer the time it takes for a slow-moving lienholder to deliver the certi fi cate of title and allow the dealer to sell a traded-in vehicle without delay. IADA is working with the Secretary of State’s Of fi ce and CVR to develop an electronic application process for the lien release certi fi cate of title and will announce when it becomes available. Until an electronic application becomes available, to apply for a lien release title: FOR A VEHICLE LAST TITLED IN ILLINOIS 1. Submit an Application for Vehicle Transaction (VSD-190) with the DUPLICATE TITLE and CORRECTED TITLE boxes marked. 2. Do not change the recorded owner on the title application. 3. Use the dealership address in the mailback instructions. 4. Leave the lienholder box blank. 5. Include a copy of the lien release letter, which must include the vehicle owner(s) name(s), the year, make, and Vehicle Identi fi cation Number of the vehicle, and a statement that the lien has been paid in full. 6. Get the owner’s signature, directly or via a Power of Attorney. 7. Submit a $20 fee (or $50 if you want it expedited) FOR A VEHICLE LAST TITLED IN ANOTHER STATE 1. Submit an Application for Vehicle Transaction (VSD-190) with the TITLE ONLY box marked. 2. Do not change the recorded owner on the title application. 3. Use the dealership address in the mailback instructions. 4. Leave the lienholder box blank. 5. Include a copy of a vehicle history report showing the last title number and state of issue. 6. Include a copy of the lien release letter, which must include the vehicle owner(s) name(s), the year, make, and Vehicle Identi fi cation Number of the vehicle, and a statement that the lien has been paid in full. 7. Get the owner’s signature, directly or via a Power of Attorney. 8. Submit a $20 fee (or $50 if you want it expedited) 9. In the case of a trade-in with a non-Illinois title, you must also include veri fi cation of the last known out of state address of the owner in the address fi eld of the application. If you have any questions about the lien release certi fi cate of title, please contact IADA at (217) 753-0220.