Official Oklahoma 737 Form

Detailed Instructions for Using Oklahoma 737

Filling out the Oklahoma 737 form is a process that involves documenting the repossession of a vehicle, boat, or outboard motor. It is important to ensure all the information provided is accurate to avoid any potential issues. The form requires details about the repossessed item, the individual from whom it was repossessed, and the lienholder conducting the repossession. Completing this form is the first step in the legal transfer of title following a repossession. Here are the steps needed to fill out the form accurately.

1. Enter the Oklahoma Title Number of the repossessed item in the designated space.
2. Fill in the Model Year & Make alongside the Body Type of the repossessed vehicle, boat, or outboard motor.
3. Provide the VIN/Serial Number for a vehicle or outboard motor, and the HIN Number alongside the Boat Registration Number for a boat.
4. Specify the License Plate Number including the Year & State, and enter the Registration Decal Number with its Expiration Date (Month/Year).
5. Document the full name and City/State of the individual from whom the item was repossessed under "Repossessed From".
6. Enter the Repossessing Lienholder’s Name, Daytime Phone Number, and either the Lender’s Federal Employer Identification Number (FEIN) or, if an individual, the Driver License Number of the Repossessing Lienholder.
7. Provide the Repossessing Lienholder’s Mailing Address, City, State, ZIP, and Email Address.
8. Indicate the Date of Possession and whether the item was Impounded, with details of the Impoundment Location if applicable. If the repossession situation does not fit into provided categories, use the "Other" section to explain.
9. Read the lender’s declaration statement carefully to ensure understanding and agreement, then sign the form where indicated.
10. Complete the Notary section, including the State and County. This section must be filled out in the presence of a Notary Public who will also sign and date the form, and apply their seal.

After completing the 737 form with the necessary information, the next steps include gathering the required supporting documentation. This documentation consists of a properly completed Repossession Affidavit, a copy of the chattel mortgage, conditional sales contract or other type of security agreement, and a lien release form or statement. If there is more than one lienholder, additional steps and documentation will be required. Progressing through these next steps is crucial for the successful application for a repossession title. Direct any questions to the Oklahoma Tax Commission Motor Vehicle Division for clarification and ensure compliance with all Oklahoma laws regarding repossession.

Frequently Asked Questions about the Oklahoma 737 Form - Affidavit of Repossession

1. What is the Oklahoma 737 form used for?

The Oklahoma 737 form is an affidavit of repossession that is used by lenders or their legal agents to document the lawful repossession of a vehicle, boat, or outboard motor. This form is a critical part of the process for repossessing property when a debtor defaults on a loan secured by that property.

2. What information do I need to fill out the 737 form?

To complete the 737 form, you'll need the Oklahoma title number, the year and make of the model, VIN or serial number for a vehicle or outboard motor, or HIN number for a boat. Additionally, information about the repossession, including the repossessing lienholder’s name, contact details, and either their Lender’s FEIN or, if an individual, their driver license number, along with the date of possession and details of any impoundment, must be provided.

3. What supporting documentation is required with the 737 form?

When submitting the 737 form, you must also provide:

• A properly completed Repossession Affidavit.
• An actual or certified copy of the chattel mortgage, conditional sales contract or other type of security agreement.
• A signed lien release form or a notarized lien release statement. If more than one lienholder exists, additional documentation such as a certified letter to the second lienholder is required.
• Insurance Security Verification Form for motor vehicles or an affidavit of nonuse, unless exempt.
• For manufactured homes, proof of current year taxes paid or a statement that taxes are not due.
4. Who needs to sign the Oklahoma 737 form?

The 737 form must be signed by the individual repossessing the property, or the legal agent of the firm that holds the valid security agreement on the property. This signature must be notarized, so the form also requires the notary public's signature and seal.

5. Where do I submit the completed Oklahoma 737 form?

Once completed and notarized, the form along with all required supporting documentation should be submitted to either the nearest motor license agent or directly to the Motor Vehicle Division of the Oklahoma Tax Commission. It can also be beneficial to keep a copy for your records.

6. Who can I contact for more information or if I have questions?

If you have further questions or need more information regarding the 737 form, you can contact the Oklahoma Tax Commission Motor Vehicle Division at their toll-free number for in-state calls 1-800-522-8165, or directly at (405) 521-3221. Additional information can also be found on the Motor Vehicle Section of the Oklahoma Tax Commission website.

When completing the Oklahoma Tax Commission's Form 737, which is the Affidavit of Repossession of a Vehicle, Boat, or Outboard Motor, individuals often make several mistakes. Recognizing and avoiding these common errors can ensure a smoother process in repossessing a vehicle, boat, or outboard motor legally. Below are eight frequent missteps to be aware of:

1. Incomplete or inaccurate details in the section on the repossessed item, such as the Oklahoma Title Number, Model Year & Make, Body Type, VIN (Vehicle Identification Number) for vehicles or outboard motors, HIN (Hull Identification Number) for boats, Boat Registration Number, License Plate Number, or the correct Year & State of the registration. Each detail is crucial for the affidavit's accuracy.
2. Failure to furnish complete information about the individual or entity from whom the item was repossessed, including Name and City/State. This information is essential to identify the party accurately and ensure that all legal requirements are met.
3. Leaving out contact information and identification details of the repossession lienholder. These details include the Name, Daytime Phone Number, Lender’s FEIN (Federal Employer Identification Number), or, if an individual, the Driver License Number of the Repossessing Lienholder, and Email Address.
4. Incorrectly listing the mailing address for the lienholder, which should include the City, State, and ZIP. An accurate mailing address safeguards the efficient communication and processing of the repossession affidavit.
5. Not specifying the precise Date of Possession or incorrectly describing the status of the vehicle as "Impounded" or under a different condition. Precise dates and conditions under which possession was obtained are mandatory.
6. Errors in the declaration section, where there is a need to affirm the truthful completion of the affidavit, the legal basis of the security agreement, and the proper legal proceedings followed. It is crucial to affirm these declarations to avoid legal complications.
7. Omission of the lender's or agent’s signature, the state of the affidavit's execution, and the county, or failing to have the document notarized, which is a critical step for the affidavit’s legal standing.
8. Not providing the required supporting documentation, such as:
   • A properly completed Repossession Affidavit.
   • A copy of the chattel mortgage, conditional sales contract, or other type of security agreement.
   • An acceptable, signed lien release form, or a notarized lien released statement, and, if applicable, notification to any second lienholders.
   • Relevant insurance verification forms or exemptions, and for manufactured homes, proof of current year taxes paid or not due.

Being meticulous in filling out the form, paying close attention to the required fields, and ensuring all supporting documentation is complete and accurate can prevent delays or issues in the repossession process. Avoiding these common mistakes can make repossessing a vehicle, boat, or outboard motor more straightforward and legally compliant.

When handling the repossession of a vehicle, boat, or outboard motor in Oklahoma, as guided by the Oklahoma 737 form, it's crucial to recognize the importance of accompanying documents that make the process legally binding and comprehensive. The 737 form itself is a detailed affidavit requiring specific supporting documentation. We'll explore six additional forms and documents often used with the Oklahoma 737 form to ensure a thorough and proper repossession procedure.

• Chattel Mortgage or Conditional Sales Contract: This document provides proof of the security interest in the vehicle, boat, or outboard motor. It details the terms of the agreement between the buyer and the seller, confirming that the item was pledged as collateral for the loan.
• Lien Release Form: Once the debt is satisfied, a lien release form is necessary to remove the lienholder's interest from the title, indicating that no further claim on the property exists by the lienholder.
• Certified Letter to Second Lienholder: If there's more than one lienholder, a certified letter must be sent to the secondary lienholder, notifying them of the primary lienholder's intent to repossess. This document ensures communication and legal procedure compliance.
• Insurance Security Verification Form: For motor vehicles, this document is crucial to confirm that the vehicle meets state insurance requirements. In cases where insurance verification is exempt, an alternate form such as the Oklahoma Tax Commission Form 797 may be used.
• OTC Form 936 for Manufactured Homes: If repossessing a manufactured home, this form proves that taxes for the current year have been paid. It's a vital piece of documentation ensuring no tax liabilities on the property.
• Notarized Lien Release Statement: Similar to the lien release form, this notarized statement officially documents the satisfaction of the debt and the release of the lien. It's a formal acknowledgment that the repossession process adheres to legal standards.

Together, these documents play integral roles in the repossession process, ensuring that all legal requirements are met and that the rights of all parties are protected. From establishing the initial security interest with a chattel mortgage or a sales contract to the finalization of the process through lien releases, each form and document complements the Oklahoma 737 form to navigate the complexities of repossession. It's a coordinated effort that underscores the importance of diligent record-keeping and adherence to legal protocols.

The "Affidavit of Nonuse in Lieu of Liability Insurance" mirrors the Oklahoma 737 form in its role as a legal declaration. It is used when a vehicle is not in operation, to affirm that it is not being used, thus exempting the owner from needing liability insurance. Similar to the 737 form, it requires accurate information about the vehicle and owner, and a notary must also verify the document. Both serve as formal statements to the Oklahoma Tax Commission but under different circumstances.

The "Insurance Security Verification Form" shares commonalities with the Oklahoma 737 form as they both involve vehicles and are required by the Oklahoma Tax Commission. This verification form is necessary for proving that a vehicle has the requisite insurance coverage. It is akin to the 737 form in that it provides detailed information about the vehicle, including identification numbers and insurance details, to comply with state regulations.

A "Lien Release Form" is closely related to the 737 form in its utility for documenting changes in the legal status of a vehicle, boat, or outboard motor's title. When a lien on a vehicle is paid off, this form officially removes the lienholder's interest, similar to how the 737 form records the transfer of possession due to repossession. Both documents ensure the Oklahoma Tax Commission is updated on the current status and rightful ownership of the property.

The "Conditional Sales Contract" also resonates with aspects of the 737 form. This contract records an agreement where the sale of the item (such as a vehicle or boat) is contingent upon certain terms, often including the final payment. Similar to the 737, it includes detailed information about the property and the involved parties. When the item is repossessed due to a breach of the contract terms, the 737 form acts as the affidavit supporting this repossession.

A "Chattel Mortgage" document for vehicles, boats, or outboard motors shares features with the Oklahoma 737 form. It secures a loan on personal property with the item itself as collateral. If the borrower defaults, the lender may repossess the property. The 737 form is then utilized to document this repossession legally, indicating the property descriptions, and securing the lender's interest, similar to the initial chattel mortgage purpose.

The "Repossession Title Application" parallels the 737 form by being part of the process in which ownership of a repossessed item is formally transferred. After a vehicle, boat, or motor is repossessed, this application is needed to issue a new title reflecting the current ownership. The 737 form, providing proof of repossession, is a crucial document in this application process, ensuring that the repossession is recognized legally.

Finally, the "Manufactured Homes Tax Status Verification" (OTC Form 936) shares a procedural similarity with the 737 form. Form 936 is required to verify that the current year's taxes on a manufactured home have been paid or are not due, crucial for various transactions involving manufactured homes. The similarity lies in the requirement of the 737 form to handle repossessions, where ensuring compliance with tax and legal obligations is essential for the process to be valid and recognized by the state.

When completing the Oklahoma 737 form, an Affidavit of Repossession of a Vehicle, Boat, or Outboard Motor, certain practices should be followed to ensure a smooth and compliant process. Below are guidelines that outline what you should and shouldn't do:

• Do thoroughly read the entire form before filling it out. Understanding all the requirements will help prevent errors.
• Do verify the accuracy of all information, including the Oklahoma Title Number, VIN/Serial Number, and HIN Number (for boats) to ensure all details correctly match the repossessed property.
• Do include a properly completed Repossession Affidavit and ensure that all sections are filled out in accordance with Oklahoma law.
• Do provide the correct legal documentation, such as the chattel mortgage or sales contract, which must indicate that the vehicle, boat, or outboard motor was pledged as collateral.
• Do ensure that any lien release forms provided are signed and, if necessary, notarized, to clear the title of previous liens effectively.
• Don't forget to contact any secondary lienholders, if applicable, and provide the required certified letter of intent to repossess. Remember to keep copies of any postal receipts as proof of mailing.
• Don't submit the form without ensuring that all supporting documentation is attached, including lien releases from previous lienholders if there is more than one.
• Don't disregard the requirements for insurance verification. If the vehicle is not exempt, include the Insurance Security Verification Form or an Affidavit of Nonuse in Lieu of Liability Insurance (Form 797).
• Don't hesitate to reach out to the Oklahoma Tax Commission or check their website if there are any questions or clarity needed regarding the form or the documentation required.

Adhering to these dos and don'ts will help facilitate a smooth and compliant repossession process, reducing the likelihood of delays or legal issues arising from the repossession affidavit filing.

Understanding the Form 737—the Affidavit of Repossession in Oklahoma—can sometimes be confusing, leading to common misconceptions. Let's clear up some of the most prevalent misunderstandings about this document.

• It's Only for Vehicles: While it's often referred to as a vehicle repossession form, Form 737 is also used for the repossession of boats and outboard motors, not just vehicles.
• Lenders Can Repossess at Any Time: Another misconception is that lenders can immediately repossess the collateral once a borrower defaults. In reality, the repossession must follow proper legal procedures as outlined by Oklahoma law, ensuring that the process is fair and legally compliant.
• No Notification is Required: Many believe that lenders do not need to notify secondary lienholders before repossessing the collateral. However, Form 737 requires that a notice of intent to repossess must be sent to any second lienholders at least ten (10) days before submitting the repossession affidavit, highlighting the importance of communication in the repossession process.
• Signing Authority: There's a common misunderstanding that anyone associated with the lending institution can sign the affidavit. The form clearly states that it must be signed by an individual or legal agent holding a valid security agreement on the described property. This ensures that the person handling the repossession has the authority to do so.
• Submission Without Supporting Documents: Some think that the affidavit alone is enough to complete the repossession process. However, supporting documentation, including a properly completed Repossession Affidavit, the original secuirty agreement, and, if applicable, lien release forms are mandatory for the application to be approved.
• Insurance Verification is Always Required: It's a common mistake to assume that insurance verification must always be provided with the Form 737. While insurance information is crucial, the requirement can be waived for repossession cases where the repossessor is exempt from the insurance verification requirement, emphasizing the need to understand specific circumstances where exemptions apply.
• Physical Possession Equals Ownership: Lastly, many believe that once a lender or agent has physical possession of the property, they automatically own it. The truth is, until the Oklahoma Tax Commission approves the Repossession Application and processes all related documentation, legal ownership has not been transferred. The process ensures registrations are properly updated to reflect the new ownership status.

Understanding these intricacies can make navigating the repossession process in Oklahoma smoother for both lenders and borrowers, ensuring that rights and responsibilities are properly recognized and upheld.

Filling out and using the Oklahoma 737 form correctly is crucial for those involved in the reposession of a vehicle, boat, or outboard motor due to a default on the terms of a security agreement. Here are the key takeaways to ensure compliance and accuracy during this process:

• The form must be completely filled out, providing detailed information about the repossessed property, including the Oklahoma title number, model year, make, body type, and applicable identification numbers.
• It's important to accurately record the details of the individual or entity from whom the property was repossessed, including their name and location.
• The repossession affidavit requires information about the lienholder, including their name, contact number, mailing address, and either the Federal Employer Identification Number (FEIN) or, if an individual, the driver license number of the repossessing lienholder.
• Lenders need to declare that the repossession action is a result of a debtor's default under a valid security agreement and that the repossessor has obtained possession of the property through proper legal proceedings based on Oklahoma law.
• Documentation supporting the repossession action must accompany the affidavit, including a properly completed Repossession Affidavit and a copy of the chattel mortgage, conditional sales contract, or security agreement.
• If applicable, a lien release form or a notarized statement releasing the lien should be provided. This is especially important if there is more than one lienholder involved.
• For repossessions involving multiple lienholders, the form requires evidence of a certified letter sent to the secondary lienholder, notifying them of the intent to repossess the property. This includes the date of the letter and proof of mailing.
• The form stipulates different documentation requirements for motor vehicles and manufactured homes, including insurance verification through the Insurance Security Verification Form or an Affidavit of Nonuse in lieu of liability insurance for vehicles, and proof of current year taxes paid for manufactured homes.
• It is required that the signer of the affidavit swear or affirm that the information provided is true and accurate and that they are the rightful lienholder or legal agent of the firm holding the security agreement on the described property.
• Questions or uncertainties regarding the form or repossession process can be directed to the Oklahoma Tax Commission Motor To ensure compliance and prevent issues, it's advised to consult the Motor Vehicle Division or visit the Oklahoma Tax Commission website for guidance and additional information.

Adhering to these guidelines not only simplifies the repossession process but also ensures that all legal requirements are met, thereby safeguarding the interests of all parties involved.