Source: https://www.carbuyerusa.com/title-processing-procedures-nebraska.htm
Timestamp: 2019-02-21 21:44:46
Document Index: 763608315

Matched Legal Cases: ['§ 60', '§ 60', '§ 60', '§ 60', '§ 60', '§ 37']

Nebraska State Title Processing Procedures, Car Title Transfer
Nebraska State Title Processing Procedures
What documents must an insurer provide to CarBuyerUSA in order to sell a vehicle on a Certificate of Title branded "Salvage"?
What steps must an insurer take in Nebraska to process an owner-retained vehicle?
When an insurance company acquires a salvage vehicle through payment of a total loss settlement on account of damage, the company shall obtain the certificate of title from the owner, surrender such certificate of title to the county clerk or designated county official, and make application for a salvage branded certificate of title which shall be assigned when the company transfers ownership. An insurer shall take title to a salvage vehicle for which a total loss settlement is made unless the owner of the salvage vehicle elects to retain the salvage vehicle. If the owner elects to retain the salvage vehicle, the insurance company shall notify the department of such fact in a format prescribed by the department. The department shall immediately enter the salvage brand onto the computerized record of the vehicle. The insurance company shall also notify the owner of the owner's responsibility to comply with this section. The owner shall, within thirty days after the settlement of the loss, ten days after settlement of the loss in the case of a salvage all-terrain vehicle or minibike, forward the properly endorsed acceptable certificate of title to the county clerk or designated county official in the county designated in section 60-144. The county clerk or designated county official shall, upon receipt of the certificate of title, issue a salvage branded certificate of title for the vehicle.
[Nebraska Revised Statutes § 60-173]
For purposes of sections §§ 60-171 to 177:
(2) Late model vehicle means a vehicle which has (a) a manufacturer's model year designation of, or later than, the year in which the vehicle was wrecked, damaged, or destroyed, or any of the six preceding years or (b)(i) in the case of vehicles other than all-terrain vehicles and minibikes, a retail value of more than ten thousand five hundred dollars until January 1, 2010, and a retail value of more than ten thousand five hundred dollars increased by five hundred dollars every five years thereafter or (ii) in the case of all-terrain vehicles or minibikes, a retail value of more than one thousand seven hundred fifty dollars until January 1, 2010, and a retail value of more than one thousand seven hundred fifty dollars increased by two hundred fifty dollars every five years thereafter;
(4) Previously salvaged means the designation of a rebuilt or reconstructed vehicle which was previously required to be issued a salvage branded certificate of title and which has been inspected as provided in section 60- 146;
(a) A late model vehicle which has been wrecked, damaged, or destroyed to the extent that the estimated total cost of repair to rebuild or reconstruct the vehicle to its condition immediately before it was wrecked, damaged, or destroyed and to restore the vehicle to a condition for legal operation, meets or exceeds seventyfive percent of the retail value of the vehicle at the time it was wrecked, damaged, or destroyed; or
[Nebraska Revised Statutes § 60-171] back to top
CarBuyerUSA will submit these documents along with an Application for Certificate of Title (RV-707) and the appropriate fee to the Department of Motor Vehicles for processing.
CarBuyerUSA, acting under a power of attorney for the insurer, will then sell the vehicle at auction and reassign the insurer’s Certificate of Title to the purchaser.back to top
Thereafter, the Department of Motor Vehicles shall issue a Certificate of Title branded "Salvage" in the name of the insurer.
CarBuyerUSA, acting under a power of attorney for the insurer, will then sell the vehicle at auction and reassign the insurer’s Certificate of Title branded "Salvage" to the purchaser.
[Nebraska Revised Statutes §§ 60-171; 60-173] back to top
After receipt of these documents, CarBuyerUSA will submit these documents along with an Application for Certificate of Title (RV-707) and the appropriate fee to the Department of Motor Vehicle for processing.
Thereafter, the Department of Motor Vehicle shall issue the appropriate title depending upon the damage to the vehicle.
[Nebraska Revised Statutes § 60-170] back to top
If, after the insurance company has paid a total loss settlement, the owner of the damaged vehicle chooses to retain ownership, the Salvage branded Certificate of Title issued to the insurance company must be assigned to the insured.
[Per DMV website] back to top
When the lien is discharged, the holder shall, within fifteen days after payment is received, note a cancellation of the lien on the face of the certificate of title over his, her, or its signature and deliver the certificate of title to the county clerk, the designated county official, or the department which shall note the cancellation of the lien on the face of the certificate of title and on the records of the office. If delivered to a county clerk or designated county official, he or she shall on that day notify the department which shall note the cancellation on its records. The county clerk, the designated county official, or the department shall then return the certificate of title to the owner or as otherwise directed by the owner. The cancellation of the lien shall be noted on the certificate of title without charge.
[Nebraska Revised Statutes § 37-1282(5)] back to top