+++++

NMVTIS Glossary

Anti-Car Theft Act: Act passed in 1992 to prevent and deter auto theft. Title II of the Act authorizes NMVTIS and is intended to address automobile title fraud. The NMVTIS Final Rule was published in the Federal Register on January 30, 2009.

Auto Recycler: A business that acquires vehicles for recycled use as parts, scrap, or similar purposes.

Brand: Descriptive labels regarding the status of a motor vehicle, such as “junk,” “salvage,” and “flood” vehicles.

Certificate of Title (Title): A document issued by a state showing ownership of an automobile.

Consumer: The individual or entity buying an automobile or financing the purchase of an automobile. Consumers include private individuals, dealers, auction companies or entities engaged in the business of purchasing used automobiles, lenders financing the purchase of new or used automobiles, and automobile dealers.

Insurance Carrier: An individual or entity engaged in the business of underwriting automobile insurance.

Junk Automobile: An automobile that:
(A) Is incapable of operating on public streets, roads, and highways; and
(B) Has no value except as a source of parts or scrap.

Junk Yard: An individual or entity engaged in the business of acquiring or owning junk automobiles for:
(A) Resale in their entirety or as spare parts; or
(B) Rebuilding, restoration, or crushing.

NMVTIS Operator: The individual or entity authorized or designated as the operator of NMVTIS under 49 U.S.C. 30502(b), or the office designated by the Attorney General, if there is no authorized or designated individual or entity.

Purchaser: The individual or entity buying an automobile or financing the purchase of an automobile. Purchasers may be private citizens, dealers, auction companies or entities engaged in the business or purchasing used automobiles, lenders financing the purchase of new or used automobiles, and automobile dealers.

Salvage Automobile: An automobile that is damaged by collision, fire, flood, accident, trespass, or other event, to the extent that its fair salvage value plus the cost of repairing the automobile for legal operation on public streets, roads, and highways would be more than the fair market value of the automobile immediately before the event that caused the damage. Salvage automobiles include automobiles determined to be a total loss under the law of the applicable jurisdiction or designated as a total loss by an insurer under the terms of its policies, regardless of whether or not the ownership of the vehicle is transferred to the insurance carrier.

Salvage Pool: An entity that acquires junk and salvage automobiles from a variety of parties and consolidates them for resale at a common point of sale.

Salvage Yard: An individual or entity engaged in the business of acquiring or owning salvage automobiles for:
(A) resale in their entirety or as spare parts; or
(B) rebuilding, restoration, or crushing.

This definition includes scrap vehicle shredders and scrap metal processors, as well as “pull- or pick-apart yards,” salvage pools, salvage auctions, and other types of auctions, businesses, and individuals that handle salvage vehicles (including vehicles declared a “total loss”).

Total Loss: The cost of repairing such vehicles plus projected supplements plus projected diminished resale value plus rental reimbursement expense exceeds the cost of buying the damaged motor vehicle at its pre-accident value, minus the proceeds of selling the damaged motor vehicle for salvage.

VIN: Vehicle Identification Number; a unique number given to each motor vehicle for identification purposes.