What is the purpose of the Alabama MVT 20 1 form?
The Alabama MVT 20 1 form is specifically designed for lienholders to record or transfer a lien on a vehicle that has an outstanding Alabama title. It is important to note that this form cannot be used for transferring ownership of the vehicle or by designated agents. The form ensures that a lien is properly recorded in accordance with Alabama law.
Who should complete the MVT 20 1 form?
The form should be completed by the lienholder, which is the entity or individual who has a security interest in the vehicle. This may include banks, credit unions, or other financial institutions that have provided a loan for the vehicle. The vehicle owner also needs to provide their information, as both parties must certify the accuracy of the details provided.
What information is required on the MVT 20 1 form?
The form requires various pieces of information, including the vehicle identification number (VIN), make, model, year, color, and current odometer reading. Additionally, the owner's name and address, as well as the lienholder's name and address, must be included. It is essential that this information matches what appears on the surrendered Alabama title, except for address changes.
Is there a fee associated with submitting the MVT 20 1 form?
Yes, there is a non-refundable application processing fee of $15. This fee must be submitted in certified funds payable to the Alabama Department of Revenue. Personal checks and cash are not accepted. It is advisable to ensure that the payment accompanies the completed form to avoid any processing delays.
What supporting documents are needed with the MVT 20 1 form?
When submitting the MVT 20 1 form, it is necessary to include the current Alabama title for the vehicle. This title serves as proof of ownership and is required to process the lien recording. Without the title, the application cannot be completed.
Are there any exemptions for using the MVT 20 1 form?
Yes, there are specific exemptions. For instance, no certificate of title will be issued for manufactured homes, trailers, or vehicles that are more than 20 or 35 model years old, depending on the type of vehicle. Additionally, low-speed vehicles, which are defined by specific criteria, are also exempt from titling. These exemptions mean that if a vehicle falls under these categories, the MVT 20 1 form cannot be used.
How should the MVT 20 1 form be filled out?
The form must be typed or printed clearly. Illegible forms will be returned, so attention to detail is crucial. Each section of the form must be completed accurately, including vehicle information and owner details. Both the assignor and assignee must sign the form to certify that all information is true and correct.
What happens after the MVT 20 1 form is submitted?
After submission, the Alabama Department of Revenue will review the application. If everything is in order and the fee has been paid, the lien will be recorded, and a new certificate of title will be issued that reflects the lien information. If there are any issues, such as missing information or payment, the application may be returned for correction.
Where can I obtain additional copies of the MVT 20 1 form?
Additional copies of the MVT 20 1 form can be obtained from the Alabama Department of Revenue's website. The form is available for download, allowing users to print as many copies as needed. This ensures that all lienholders have access to the necessary documentation for their transactions.