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April 26th, 2009

“Used-Car Blacklist”

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Back in January Kiplinger’s Personal Finance Magazine published a small article called the “Used-Car Blacklist.” The National Motor Vehicle Title Information System (NMVTIS) was established back in 1992, but has only begun to gain serious participation. The “beefed-up registry of damaged vehicles,” as Kiplinger puts it, is designed to provide consumers with background information on the vehicle, much in the same way the CarFax report does, but for much cheaper.

According to www.nmvtis.gov, “NMVTIS is an electronic system that enables users to access automobile titling information, including brand history and certain historical theft data. A “brand” is a descriptive label assigned to a vehicle by a state that identifies the vehicle’s current or prior condition, such as “junk,” “salvage,” or “flood.” By capturing into one system specific pieces of information from state motor vehicle titling agencies, automobile recyclers, junk and salvage yards, and insurance carriers, NMVTIS protects states and consumers from title fraud, keeps stolen vehicles from being retitled, and makes it more difficult for criminals to conceal stolen vehicles for criminal purposes.”

For more information, and to see at which level your state is participating, visit www.nmvtis.gov.

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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