PA DMV Form MV-950/MV-950A. Notification of Assignment of Secured Interest in a Vehicle

Form MV-950 or MV-950A is used for the notification of the assignment of a secured interest in a vehicle. This form is primarily used in situations where a vehicle has been financed or leased, and the secured party wishes to publicize their interest in the vehicle. The purpose of this form is to establish a legal record of the secured party's claim and protect their rights in case of default or repossession.

The form consists of sections where the secured party needs to provide their name, contact information, and detailed information about the vehicle, such as its make, model, and identification number. Additionally, the form requires information about the debtor or individual receiving the loan or lease, including their name, address, and contact details.

Important fields in this form include the names and contact information of both the secured party and the debtor. Accurate completion of these fields is crucial to ensure that the notification is properly recorded. Failing to provide the correct information or incomplete submission of this form may result in legal complications or challenges in case of a dispute.

Application Example: ABC Bank has financed the purchase of a car for John Doe. As part of the financing agreement, ABC Bank needs to notify the Pennsylvania Department of Transportation about their secured interest in the vehicle. The bank completes Form MV-950 by providing their details as the secured party, along with John Doe's information as the debtor. They also include all essential vehicle information, such as the make, model, and VIN number. Once completed, ABC Bank submits the form to the Pennsylvania Department of Transportation to establish their interest in the vehicle.

Related Forms: A related form to consider in conjunction with Form MV-950/MV-950A is Form MV-901, which is used for applying for a certificate of title for a vehicle. While Form MV-950/MV-950A notifies the secured party's interest in the vehicle, Form MV-901 establishes ownership and provides a legal document proving title.