Title Clerk Daily Duties

Start the day off by pulling inventory packets for vehicles sold the prior day.

Store all inventory packets for all sold vehicles within reach. If the package is missing a title, power of attorney or lien release see the Title Clerk. Begin the process to replace missing documents or contact the organization’s Title Clerk for help.

Match inventory packets to new or used vehicle sales transactions as submitted to the Accounting Office.

Create a list of all vehicle sales not submitted to the Accounting Office, update the list of outstanding car deals or sales transactions (create one in the DMS or use Excel).

Distribute copies of the list of outstanding sales transactions to managers via email or follow the process for your organization.

The first step in reviewing vehicle sales transactions submitted to the Accounting office is to verify that all monies (cash, checks, cashier’s check, money order, travelers check, credit card) are accounted for on each vehicle sales transaction (check the organization process for further verification).

Confirm the organization’s process if funds are missing on a sales transactions.

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

Utilizing the organization’s checklist time to process sales transactions submitted to the Accounting office.  If the organization does not have a checklist see the attached.

Assign the manufacturer’s statement of origin or title to the new owner, (Is the title or manufacturer’s statement of origin assigned to the dealership).

Make copies of all paperwork for the car deal jacket to be scanned.

Perfect the lien per the state’s requirements.

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

Obtain signatures on the back of the contract.

Upon receipt of the perfected lien, attach to the signed contract.

Log deals in the Data management system if that is an option or create an excel worksheet to monitor outstanding contracts daily.

Send contracts out by courier or over-night per the organization’s process unless Electronic contracts are an option.

Processing the car deal (sight drafts)

Start the day off by pulling inventory packets for vehicles sold the prior day.

Store all inventory packets for all vehicles sold within reach. If the package is missing a title, power of attorney or lien release see the Title Clerk.  Start the process to replace or contact the organization’s Title Clerk for help.

Match inventory packets to new or used car vehicles sales as submitted to the office.

Update the outstanding deals list (create one in your DMS or using Excel

Distribute copies of the list of outstanding sales transactions to managers via email or follow the process for your organization.

The first step of reviewing vehicle sales transactions submitted to the Accounting office is to verify that all monies (cash, checks, cashier’s check, money order, travelers check, credit card) are accounted for on each vehicle sales transaction (check the organization process for further verification).

Confirm the organizations’ process if all funds are not verified on each deal or sales transaction.

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

Utilizing the organization’s checklist time to process sales transactions submitted to the Accounting office.  If the organization does not have a checklist see the attached.

Assign the manufacturer’s statement of origin or title to the new owner, (Is the title or manufacturer’s statement of origin assigned to the dealership).

Make copies of all paperwork for the car deal jacket to be scanned.

Perfect the lien per the state’s requirements.

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

Obtain signatures on the back of the contract.

Upon receipt of the perfected lien, attach to the signed contract.

Log deals in the Data management system if that is an option or create an excel worksheet to monitor outstanding contracts daily.

Send vehicle sight draft out by courier or over-night per the organization’s process.

Processing the car deal or sales transaction (cash, MO, cashier’s check)

Start the day off by pulling inventory packets for vehicle sales sold the prior day.

Store all inventory packets for all vehicle sales within reach. If the package is missing a title, power of attorney or lien release see the Title Clerk.  Start the process to replace or contact the organization’s Title Clerk for help.

Match inventory packets to new or used car deals submitted to the office.

Update the outstanding deals list (create one in your DMS or using Excel

Distribute copies of the list of outstanding sales transactions to managers via email or follow the process for your organization.

The first step of reviewing vehicle sales transactions submitted to the Accounting office is to verify that all monies (cash, checks, cashier’s check, money order, travelers check, credit card) are accounted for on each vehicle sales transaction (check the organization process for further verification).

Confirm the organizations’ process if all funds are not verified on each deal or sales transaction.

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

Utilizing the organization’s checklist time to process deals submitted to the accounting office.  If the organization does not have a checklist see the attached.

Assign the manufacturers statement of origin or title to the new owner, (Is the title assigned to the dealership)

Make copies of all paperwork for the car deal jacket to be scanned.

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

Upon receipt of the perfected lien, attach to manufactures statement of origin so or title (if necessary)

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

Daily for all deals – creating the trade packet

If the car deal or sales transaction has a trade vehicle:

Create the trade-in packet.

Utilizing the checklist for the organization to complete the trade packet.

Payoff the trade-in if necessary requesting a lien release or title from the lien holder.

Tip: Create a missing title/lien release hot sheet as a means of following up on missing items.

Daily for all deals – upon funding

Create a system for all sales in progress to mail upon funding on a weekly basis.

Upon receipt of funds from vehicle sight drafts or retail installment contracts update the contract/drafts in transit log.

Note:  a vast majority of payments from the lender maybe be paid via ACH, check with the Office Manager for further instructions on applying for payments.

Follow-up on all deals in transit not paid for status updates from the finance department or the lender (insert updates notes on the contracts/drafts log).

Totals on the contracts/drafts in transit log must match what is recorded in the Data Management System.

Depending on the organization the Title Clerk should be prepared for daily or weekly meetings (refer to the organizations’ process).

Processing the retail installment contract

Start the day off by pulling inventory packets for vehicles sold the prior day using the DMS or refer to the organization’s process.

Store all inventory packets in one place.

Checkpoint quick review of the outstanding deals list (create one in your DMS or using Excel if it’s not automated).

Distribute copies of the outstanding deals list to front-end managers or follow the procedure for your organization.

Time to start the day.

As submitted to the accounting office, match inventory packets to deals.

Place all deals received and ready for processing in one place.

As you begin the process compare the vehicle identification number on the car deal against the inventory packet in hand.

Cash is the next step, verify that all monies or checks are accounted for in each deal (check the organization’s process for further verification).

*Refer to the organization’s process if all funds are not verified on each sale.

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

If the organization has a checklist, time to process deals submitted to the accounting office, if the organization does not have a checklist, see the attached.

Checkpoint (does the MSO (manufacturers state of origin) or title to the new owner, checkpoint (Is the title assigned to the dealership).

Perfect the lien per the state’s requirements.

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

Next, group all required documents that need to go to the bank for funding (example contract, purchase agreement, see the checklist for reference)

Review the packet to be sure all necessary documents are attached.

Make copies of all documents sent to the bank (lender) for the car packet.

Checkpoint obtain the necessary signatures on the back of the contract upon completion of the retail contact.

Upon receipt of the perfected lien, attach to your contract.

Checkpoint Log each completed deal in the Data Management System if that is an option or create an excel worksheet to monitor daily.

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

Processing the vehicle sight draft

Start the day off by pulling inventory packets for units sold the prior day using the DMS or refer to the organization’s process.

Store all inventory packets in one place.

Checkpoint quick review of the outstanding deals list (create one in your DMS or using Excel if it’s not automated).

Match inventory packets to deals as submitted to the accounting office.

Review the outstanding deals list, distribute copies of the outstanding deals list to the front-end managers or following the procedure for your organization.

As you begin the process compare the vehicle identification number on the car deal against the inventory packet in hand.

Cash is the next step, verify that all money or checks are accounted for in each deal (check the organization’s process for further verification).

Refer to the organization’s process, if all funds are not verified on each deal.

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

Utilizing the organization’s check-list time to process deals submitted to the accounting office.  If the organization does not have a checklist, see the attached.

Checkpoint (does the serial number on the paperwork match the inventory packet in your hand)?

Time to assign the MSO (manufacturers state of origin) or title to the new owner, checkpoint (Is the title assigned to the dealership).

Make copies of all paperwork for the car deal jacket.

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 organizations’ process).

Next, group all required documents that need to go to the bank for funding (example vehicle sight draft, purchase agreement, see the checklist for reference

Checkpoint Log all completed deals in the Data Management System if that is an option or create an Excel worksheet to monitor daily.

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

Processing the car deal (cash, MO, cashier’s check)

Start the day off by pulling inventory packets for vehicles sold the prior day using the DMS or refer to the organization’s process.

Store all inventory packets in one place.

Match inventory packets to the car deals submitted to the accounting office.

Checkpoint Update the outstanding deals list (create one in your DMS or using Excel.

Distribute copies of the outstanding deals list to front-end managers or following the procedure for your organization.

As you begin the process compare the vehicle identification number on the car deal against the inventory packet in hand.

Cash is the next step, verify that all money or checks are accounted for in each deal (check the organization’s process for further verification).

Refer to the organization’s process, if all funds are not verified on each deal.

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

Utilizing the organization’s checklist time to process deals submitted to the accounting office.  If the organization does not have a checklist, see the attached.

Checkpoint (does the serial number on the paperwork match the inventory packet in your hand?

Time to assign the MSO (manufacturers state of origin) or title to the new owner, checkpoint (Is the title assigned to the dealership).

Make copies of all paperwork for the car deal jacket. (Refer to the organization’s checklist, an example of documents are purchase agreement, mileage statement)

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

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 organizations’ process).

Follow-up

Daily for all sales transactions– Is there a trade vehicle?

If the sales transaction has a trade in:

Time to create your trade-in packet (keep in mind each state is different) below is a guideline, refer to the organization’s procedure for further details.

Utilizing the checklist for the organization, time to complete the trade packet.

Upon completion of the trade-in, the packet is complete you should have:

  • Title
  • Lien release
  • If not free and clear, instructions to pay off the trade-in
  • Complete mileage or odometer statement
  • Power of attorney (depending on the organization)
  • Carfax or something from the state verifying the trade information
  • If there is an active lien (payoff off the lien), request the release of lien upon payment in full.
  • If it’s an out of state title or tribal title for the state of Oklahoma (require a VIN inspection from your local tag-office
  • If it’s an out of state title for other states, see the organization’s procedure for additional resources.
  • In the event, it’s an out of state or tribal title it’s necessary to obtain the current state title.
  • Pay off the trade-in, if necessary, requesting the release of lien from the lienholder.
  • Tip: Create a missing title/lien release hot sheet worksheet as a means of following up on missing items.
  • It’s a good idea to keep all completed packets in the general inventory drawer but maintain an accessible area for trade-in packets waiting for additional documents.

Out of state titles

To receive a clear current or in-state title, first, refer to the organization’s process.  Overall in most states, it’s necessary to surrender the following required documents to the local tax assessor or state agency that handles titles and registration for vehicles.  The agency requires:

  • The out of state or tribal title.
  • The original signed and notarized release of lien.
  • Current mileage or odometer statement.
  • Current vehicle identification inspection, signed by an agency or tag office representative.
  • Agency fee
  • Purchase agreement or proof of ownership.
  • For all additional requirements, refer to the guidelines for your state.

Follow-up – something to think about

Daily for all sales transactions

Why was the retail installment contract sent the contract to the bank or lender?  What should happen next?

Once the contract or vehicle sight draft is submitted to the lender or bank, the next thing that should happen is the 48-hour rule of asking why?

Using DealerTrack or RouteOne if either is an option, has your contract reached its destination?  If neither is an option, contact the lender to confirm the retail installment contract has reached its destination.

Is the retail installment packet missing any additional documents?

Are there any notes that pertain to the finance department that needs to be communicated?

Remember cash is king – unless you have verification that the contract is received and in the process with no additional requirements, the dealership is still waiting for funds?

Checkpoint follow-up on all deals in transit or not paid with 72 hours.  Check for status updates from the finance department or the lender.

Update all necessary notes until verification of funds is confirmed.  If there is a tool available consider using it, if not utilize Excel to create a worksheet (see example) to record all pending installment contracts being held for funds.

Depending on the organization the Title Clerk should be prepared for daily or weekly meetings (refer to the organization’s process).  Being ready for the weekly meeting means having updates on all outstanding contracts.

Follow-up – something to think about

Vehicle Sight Draft

Do you know why the vehicle sight draft was submitted to the bank?

What should happen next?

If the vehicle sight draft was sent by courier unless the bank or credit union has a written policy, the dealership should have the funds within 24 hours or less.   Usually, payment is disbursed with a cashier’s check, bank check or money order for the full amount of the vehicle sight draft presented.

If the vehicle sight draft has to be submitted to the lender by mail, the preferred method is Fed-ex as an example of tracking the outstanding vehicle sight draft.

Enclose in an overnight packet:

–    Completed Vehicle sight draft with assigned MSO or title (any other required documents per your state, county or country of origin)

–    Instructions on what is next, which must include where the cashier’s check or funds should be sent and an email address or phone number for questions.

–    Highly encourage enclosing a pre-paid overnight packet to track the incoming outstanding funds.

Maintain a worksheet for all deals in progress until it funds, or if the Organization has an automated system utilize it as a means of tracking outstanding monies, please refer to it.

Why do we code bank funding?

All transactions must have a place to post in the Data Management System.   When we place the account numbers and dollar amounts on the document or check, it’s giving the AR Clerk or another clerk permission to record the funds as notated.  It’s imperative that the instructions are correct the first time.

Checks, Money-order, Cashier’s Check

All payments are coded as such (Account number, amount, Customer Number assigned to the sales transaction)

If unsure what the customer number should be, check with the organization’s process, some organizations utilize an assigned number; others may use the stock number.

Bank funding (ACH transactions)

Must be coded as such (Account number, amount, Customer Number assigned to the sales transaction)

Bank funding with reserve paid

* Dealer Reserve payment represents the amount the dealership earned for assisting the customer with getting their vehicle financed.

When funding is paid with the dealer reserve it must be coded as such (Account number, amount, Customer Number assigned to the sales transaction, then provide the account number for the reserve amount variance, confirm the process for the organization) (210000^25000.00^826254) Contract, vehicle sight draft as an example only

(262000^190.00^826254) When paid with dealer reserve coding example only.   Verify with the organization on handling payment variances.   As an example, if the books reflect $215.00 due from the lender but, the lender paid only $190.00, what happens to the difference?

(–xxxx^25.00^826254) Reserve variance as an example only.

Check the DMS system and make a note of the reserve that was recorded on the books.  Follow the organization’s process for the next step in reconciling the amount paid on reserve compared to what was recorded as a receivable reserve due to the lender.

Customer Service – mailing the required documents

Mailing paperwork to customers on funded sales transactions is the last step and as crucial as the first step of the contract/title clerk process.

Set aside a specific time each day to mail out title papers.  Refer to your organization’s process if you have any further questions.

Upon receipt of all funds from vehicle sight drafts or contracts update your contract/drafts in transit log or the automated log if the organization has one.

Refer to the organization’s process

Confirm in the Data Management System that all funds are received.

Confirm all the necessary documents are reviewed and placed in a secure packet to be mailed to the customer

Depending on the state, keep in mind each state’s requirement may vary.

New vehicles:

MSO assigned to the customer or license plate

Application for a title with a tax stamp

Purchase agreement

Mileage statement

Copy of lien document

Copy of the retail installment contract

Copy of all aftermarket purchases (such as extended warranty, gap)

Depending on the state, Used Vehicles:

The title assigned to the customer or license plate

Tax stamp

Purchase agreement

Mileage statement

Copy of lien document

Copy of the retail installment contract

Copy of all aftermarket purchases (such as extended warranty, gap)

Update the notes in the DMS system to reflect the paperwork was released to the customer.

Time to file away the completed packet.