DMV DIRECT NEWS September 2015

MANAGING YOUR MV-50 INVENTORY

Have you ever been notified by a lienholder that their interest has not been perfected on the title or that the incorrect lienholder was listed? It’s a problem, but one we can correct with little difficulty. Here is a checklist of what you will need to submit to us, so we can make the correction 2) The original MV-901 (lien release) for the incorrect lienholder, or an original signed and notarized letter of non-interest on the lending institution’s letterhead. 3) A new completed MV-900 (Notice of Lien). 4) A check for $5.00, payable to the Commissioner of Motor Vehicles. (If you entered the wrong five-digit lien filing code, but the lienholder name and address is correct, no check is needed.) 5) A letter explaining the correction, on dealership letterhead. Send all of the above documentation to DMV-DIRECT on a transmittal marked “Lien Correction” and we‘ll take it from there. LIENHOLDER CORRECTION CHECKLIST in a timely manner. 1) The original title.

The most “popular” penalty on the DMV violation list is the 5 Day Rule, for submitting registration and title paperwork. Within five calendar days of issuing a temporary registration, dealers must deliver completed paperwork, along with all fees, to the DMV. This is the case whether you’re selling a vehicle in-state or out-of-state. Failure to submit the paperwork on time is not only a violation, it risks letting the customer’s temporary registration expire before it’s replaced. Be aware that private bureaus who offer “runner” services are not official agents of the DMV. If you use such a service to deliver registration paperwork, the 5 Day “clock” is running until that service delivers the paperwork to a local DMV or county clerk’s office. The following documentation is required for a complete application: • MCO/MSO or Title (and MV-901 lien release, if applicable) • MV-50 (retail certificate of sale) • MV-82 (registration/title application) • Current Insurance Card (FS-20) • Proof of ID (NYS driver’s license or six points of ID) It’s important to note that selling a vehicle without all the necessary paperwork in-house is itself a violation, which can easily cause you to break the 5 Day Rule. This can result in costly fines, and maybe even impact your ability to issue license plates. Be proactive about ordering replacement MV-50 books. If your dealership has five books allocated, don’t wait until you’ve completed three, to order replacements. When you complete a book, order a book. To obtain replacement books, a dealer should overnight-mail a completed book back to DMV. Dealers can expedite the shipment of new MV-50s to their dealership by paying a $10.00 fee for shipping, which GNYADA recommends. RECORD RETENTION: DMV regulations require dealers to retain their copies of MV-50s for five years. GNYADA is currently working with the DMV to create and implement the use of electronic MV-50s, which will make the processing of transactions significantly smoother. AVOID THE #1 DMV VIOLATION

Please contact us with any questions: (718)747-0400.