Adding a Security Interest Application

When a prospective security interest holder applies for a security interest in a vehicle and supplies payment for the application, you can add a security interest application to the system and post the collected funds to an escrow account. You might do this if you receive notification that a loan has been approved for a vehicle before vehicle ownership is established. Then, when the customer comes in to title the vehicle, you can apply the security interest to the vehicle and use the funds from the escrow account to pay the fee.

Tip: Prior to adding a security interest application, try to add the security interest holder to the vehicle. If it has already been added to the vehicle, it is not necessary to add a security interest application. For more information, see Adding a Security Interest to a Vehicle.

To add a security interest application

1. On the VRT menu, select SI Application > Add SI Application.

   The SI Application Prequalifier window appears.

2. Enter the SI holder, vehicle, and customer identification numbers and click Continue.

   When the SI holder, vehicle, and customer that you entered are identified, the SI Application window appears.

   Note: You must enter the full VIN. If you entered a partial identification number or if the vehicle or customer you entered is not found, the Search window appears. For more information, see Entering Information on a Prequalifier Window.

3. Verify the information on the window and click Pay Now.

   MOVRS checks for errors. See Errors, Discretionary Edits, and Warnings if you need help resolving errors. When all errors are resolved or if no errors are found, the payment processing application opens.

4. Enter the payment information.

   Tip: If you need specific help with the cash drawer, see Processing a Payment in the Cash Drawer and Finance online help.

   This payment is put into an escrow account until the security interest application is applied to a vehicle. The security interest can now be applied to the vehicle when ownership is transferred. You will take the payment for the security interest from the escrow account created by the SI application.