Processing a vehicle sight draft

Time to start the day:

Pull inventory packets for units sold the previous day.

Review the Outstanding units delivered in Axcessa or current tool used by the organization.

Match inventory packets to deals as received in accounting.

Time to process the vehicle sight draft transaction:

Starting with the basics, does the serial number on the paperwork match the title or MSO in hand?

Do you have all the monies due for each deal?

Note: refer to the organization’s rules for the process on 8300’s

Does the price on the sales or purchase agreement match the payments submitted?

Match the monies on the sales agreement against the DMS system or safe log.

Using the checklist, make sure all the required documents are in the deal with authorized signatures and complete.

Depending on the organization, the required documents, should include:

  1. What is required by the lender for funding?
  2. What is required for compliance?
  3. What is required by the organization?
  4. What is required by the state for all sales transactions?

Please refer to the checklist as a guideline.

Processing the vehicle sight draft transaction:

Before you start is the MSO or title assigned to the dealership?

Review the instructions on the sight draft.

Assign the MSO (manufacturer’s statement of origin) or Title to the new customer, get it notarized.

Complete the lien packet according to the lender and organization guidelines.

Perfect the lien per the state’s requirements if necessary.

Upon receipt of the perfected lien, attach to MSO or title (if necessary).

Depending on the state it may be necessary to initiate and pay for the title transfer (check with the organization’s process).

Make copies of all paperwork for the car deal sales packet or to be scanned.

Communicating with the lien-holder of the vehicle sight draft:

Send sight draft out by courier or overnight per the organization’s process.

*If the bank or lien-holder that the vehicle sight draft was submitted is a local organization I would recommend waiting for payment.

*If the bank or lien-holder that the vehicle sight draft was submitted for is out of area, check with the organization’s process.  If the process is to overnight the vehicle sight draft, enclose instructions and an overnight return packet to expedite the process.

Checkpoint Log deals in the DMS system if that is an option or create an Excel worksheet as vehicle sights are submitted for payment from the lien holder.