Taking the title, bill of sale and promissory note to the DMV, register the item in your name and record AOD Federal Credit Union as the first lien holder. In most cases, the DMV will send the title to AOD Federal Credit Union; however, should you receive the title after registration and lien placement, simply forward it to AOD Federal Credit Union.
In general, the dealer will complete the registration and lien placement and, in most cases, the DMV will forward the title to AOD Federal Credit Union. Should you receive the title after registration and lien placement, simply forward it to AOD Federal Credit Union.
A lien is the right to take and hold or sell the property of a debtor as security or payment for a debt. AOD Federal Credit Union requires members who offer collateral to secure a loan, such as a car loan or personal expense loan, to record AOD Federal Credit Union as the first lien holder on that collateral. This means that if a member defaults on the loan, AOD Federal Credit Union 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. AOD Federal Credit Union 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.