Current through Register Vol. 35, No. 18, September 24, 2024
A. The procedures specified in 18.19.3.53
NMAC govern the transfer of title to a salvage or non-repairable
vehicle.
B. Transfer to an
insurance company: The steps below are to be followed when an insurance company
takes title to a salvage vehicle or non-repairable vehicle in exchange for a
payment to a person making a claim for vehicle damages.
(1) The insurance company or its authorized
agent shall obtain the title or manufacturer's certificate of origin (MCO) for
the vehicle and verify that the document is in the name of the former
owner.
(2) The former owner or the
former owner's authorized agent shall sign the title or MCO on the seller's
release line. If a business was the former owner, the name of the business must
appear with the signature of the business's owner, officer or agent.
(3) The name of the insurance company shall
be entered in the purchaser section of the title or MCO.
(4) The insurance company shall apply for a
salvage title or non-repairable certificate in its name before transferring
title to the vehicle.
(5) The
insurance company shall submit the endorsed title or MCO to the motor vehicle
division, together with a written explanation of the reason for the branding.
In the case of a salvage vehicle, a statement must be included of the costs of
repair to make the vehicle safe for operation on the highways and the estimate
of its fair market value immediately prior to damage. If the title was issued
by a jurisdiction other than New Mexico, a copy of the title must be sent to
the issuing jurisdiction with a completed "statement of loss".
C. Transfer to person other than
an insurance company: The steps below are to be followed whenever the owner of
a salvage vehicle or a non-repairable vehicle transfers title to any person
other than an insurance company.
(1) The
transferee will make reasonable efforts to verify that the title or
manufacturer's certificate of origin (MCO) is properly in the name of the
transferor.
(2) The transferor or
transferor's authorized agent shall sign the title or MCO on the seller's
release line. If a business is the transferor, the name of the business must
appear with the signature of the business's owner, officer or agent.
(3) The name of the transferee shall be
entered in the purchaser section of the title or MCO.
(4) If the title or MCO is not already
branded with the word "SALVAGE" or "NON-REPAIRABLE", the transferor shall stamp
or otherwise mark in ink the face of the title or MCO with the word "SALVAGE"
or "NON-REPAIRABLE" in letters no less than one-half inch high, at an angle of
approximately 45 degrees to the text of the title or MCO. The branding shall
not cover the portion of the title or MCO which describes the
vehicle.
(5) If the vehicle is a
non-repairable vehicle, the owner may not transfer ownership to any person who
is not a licensed auto recycler.
(6) The transferor shall submit a copy of the
branded title or MCO to the motor vehicle division. If the title or MCO had not
previously been branded with the word "SALVAGE" or "NON-REPAIRABLE", the
transferor shall submit with the title or MCO a written explanation explaining
the reason for the branding.
D. Once a title has been salvage-branded, all
subsequent transfers of title must be by salvage-branded title. Once a
non-repairable vehicle certificate has been issued for a vehicle, the motor
vehicle division shall not issue further ownership certificates for that
vehicle.
