Form VTR-264. Repossessed Motor Vehicle Affidavit

The Form VTR-264 is a legal document used by lienholders in the state of Texas to certify that a motor vehicle has been repossessed. The main purpose of this form is to fulfill the legal requirement of notifying the Texas Department of Motor Vehicles (DMV) that the vehicle has been repossessed and is no longer in the possession of the previous owner.

The form consists of several important fields, including the lienholder's name and address, the original owner's name and address, the vehicle make and model, and the date of repossession. The parties involved in this form are the lienholder and the Texas DMV.

When compiling this form, the lienholder will need to provide the necessary information about the vehicle, such as the license plate number and VIN, as well as any additional documents required by the DMV, such as a copy of the repossession order or a letter from the previous owner.

Examples of application cases include a lienholder who has repossessed a vehicle from a previous owner who has defaulted on their loan payments. The form can also be used to notify the DMV of a voluntary surrender of the vehicle by the previous owner.

The benefits of using this form include compliance with Texas law and protection of the lienholder's legal rights. However, the challenges and risks of using this form include potential delays in processing or denial of the application if the required information or documents are not provided.

Related forms include the Form VTR-265, which is used to transfer ownership of a repossessed vehicle, and the Form VTR-271, which is used to request a title for a repossessed vehicle. An analogue to this form is the Form UCC-3, which is used to amend a UCC-1 financing statement.

The differences between these forms lie in their specific purposes and required information. The Form VTR-264 is specifically for certifying that a vehicle has been repossessed, while the Form VTR-265 is for transferring ownership of a repossessed vehicle, and the Form VTR-271 is for requesting a title for a repossessed vehicle.

The Form VTR-264 affects the future of the lienholder by ensuring that they have fulfilled their legal obligations and protected their legal rights in the repossession of the vehicle. The form is submitted to the Texas DMV either online or in person at a local DMV office, and the information is stored in the DMV's database for future reference.