What if the secured party is not a financial institution?
If the secured party is not a recognized financial institution, then a security agreement between the secured party and debtor must be presented. The contract must be signed by both the lender and the vehicle owner and include a description of the vehicle (year, make and vehicle identification number), the amount of the lien, the method of payment, the date of the creation of the lien and a statement (optional) indicating that the secured party can repossess the vehicle in the case of non-payment. The repossession clause needs to state the terms of the repossession and the vehicle owner needs to acknowledge the clause by signing within the clause.
