Capital Recoveries, Inc.

These are the current State Requirements for repossession.

 

New Hampshire     

2015

The State of New Hampshire does not require a license for repossession.

Title State: License and Registration information refer to: New Hampshire Division of Motor Vehicles, 10 Hazen Drive, Concord, New Hampshire 03305. Tel.: (603) 271-3111. Fee for search of records: $2.00.

Recording: Liens recorded with Division of Motor Vehicles, Title Bureau. Instrument used is title application.

Recovery: Peaceful repossession permitted.

Redemption: Within 10 days after repossession.

Deficiency: Permitted if provided by security agreement and no provision barring confession of judgment notes.

Special Motor Vehicle Provisions: None.

Documents Required to Transfer Ownership of Motor Vehicle: Title in lienholder's name; repossession affidavit and assignment of title from lienholder to transferee or lien release on title, affidavit of repossession and notarized Bill of Sale. Plates remain with the owner and are transferable.

Maine 

2015

The State of Maine REQUIRES a Repossession License.  Unlicensed activity is illegal.

Title State: License and Registration information refer to: Maine Motor Vehicle Division, State House, Station 29, Title Section, Augusta, Maine 04333. Tel.: (207) 822-6400. Fee for search of records: $4.00.

Recording: Recorded with Clerk of municipality in which debtor lives; or if non-resident, where property is at time of sale. Uniform Commercial Code adopted December, 1964. Recorded with Secretary of State for 1975 models on.

Recovery: Recovery agents are licensed by the State. Recovery must be made under the Right to Cure law, giving a debtor a 20 day notice prior to repossession. The right to cure law is not invoked if the debtor does not carry the required insurance or if the debtor has fled the contractual state.

Redemption: Ten day redemption.

Deficiency: Judgment notes are valid and no statutory provisions resulting in force so assumption is that deficiency is enforceable if permitted by lien instrument.

Special Motor Vehicle Provisions: None.

Documents Required to Transfer Ownership of Motor Vehicle: For 1974 and older models: License registration certificate in lienholder's name. Certified copy of lien instrument, certified copy of contract, notarized Bill of Sale and Power of Attorney. For 1975 and newer models: Certificate of Title and supporting documents. PLATES: Plates remain with owner and may be transferred to another vehicle.

Massachusetts

2015

The State of Massachusetts does not require a license.

Title State: Licensing and Registration information refer to: Massachusetts Registry of Motor Vehicles, Title Division, 1135 Tremont, Boston, Massachusetts 02120. Tel.: (617) 351-9550. Fee for title search: $5.00.

Recording: Security interest and lien perfected upon delivery of application for title (MV-1). A lienholder protects his security interest by filing an application for title and showing himself as a creditor or lienholder on the application.

Recovery: A 21 day Right to cure law is in effect for all Massachusetts contracts. Vehicles cannot be repossessed from property owned or rented by the debtor.

Redemption: After the repossession of a vehicle the debtor must be sent a notice by certified mail, return receipt requested, outlining the lienholder's redemption requirements; including the lienholder's intent to sell collateral either at public auction or by private sale, if the requirements are not fulfilled within twenty working days.

Deficiency: If less than two thousand dollars, none. At time of default, if more than two thousand dollars, deficiency allowable.

Documents Required to Transfer Ownership of Motor Vehicle: Massachusetts is a title state and requires that a lienholder who appears on the issued title, surrender it with the appropriate endorsement and release of lien on the reverse side of title, together with an affidavit of repossession, certified notarized copy of contract, and notarized Bill of Sale, to be given to purchaser when selling a vehicle in Massachusetts, also a notarized Power of Attorney to Agent handling sale. PLATES: Must remain with owner. If on vehicle at time of repossession, mailed back to owner within 48 hours.

Vermont

2015

The State of Vermont does not require a license.

Title State: License and Registration information refer to: Vermont Department of Motor Vehicles, 120 State St., Montpelier, Vermont 05603. Tel.: (802) 828-2000. Fee for search of records: Reasonable fee to be determined by Commissioner.

Recording: In the office of the town clerk of the town of residence of the purchasers; if non-resident, in county where property is located. Uniform Commercial Code adopted in January, 1967.

Recovery: Peaceful repossession permitted.

Redemption: Permitted before sale only by curing the breach of the mortgage.

Deficiency: Judgment notes are invalid.

Special Motor Vehicle Provisions: No special provisions.

Documents Required to Transfer Ownership of Motor Vehicle: Registration in lienholder's name; notarized Power of Attorney, notarized Bill of Sale; repossession affidavit. PLATES: Plates follow the owner if transferred within 5 days. If not, returned to the Commissioner