Registration and Title (Lien Recording) Instructions
If purchased from a private seller: Take the original title signed by the seller, bill of sale and proof of insurance to the DMV. Register and title the collateral in your name and record IBMSECU as the first lien holder. In most cases, the DMV will send the title to IBMSECU; however, should you receive the title after registration and lien placement, simply forward it to IBMSECU.
If purchased from a dealer: In general, the dealer will complete the registration and lien placement and, in most cases, the DMV will forward the title to IBMSECU. Should you receive the title after registration and lien placement, simply forward it to IBMSECU.
A lien is the right to take and hold or sell property of a debtor as security or payment for a debt. IBMSECU requires Members who offer collateral to secure a loan, such as a car loan or personal expense loan, to record IBMSECU as the first lien holder on that collateral. This means that if the Member defaults on the loan, IBMSECU can take the collateral and sell it to pay off the loan.
When applying for a collateral loan, Members must supply the vehicle identification number (VIN) when using an automobile or motorcycle as collateral on a loan, or a hull number or serial number when using a boat or other collateral. IBMSECU requires this number at the time of application, unless the loan is a pre-approval. The VIN or hull number is a required field on the pre-approved loan draft.