If your bank or finance company is processing a high volume of secured auto loans, the team at Consolidated Automotive Services of Indiana can lend a helping hand with our UCC filing services. Depending on the circumstances, four different UCC forms must be accurately completed and filed. Let’s examine these documents and what each means for your commercial lending business.

4 UCC Documents for Commercial Lenders

1. UCC-1 Financing Statement

The UCC-1, also known as a Financing Statement, is a public notice filed by the lender that states their interest and legal right to the debtor’s collateral if the debtor should default on the loan. When you approve a vehicle loan for one of your commercial customers, a UCC-1 solidifies your right to ownership of the vehicle if the customer cannot pay the loan in full.  

2. UCC-3 Financing Statement Amendment

A UCC-3 is filed when any changes to the original UCC-1 need to be made, such as:

  • Termination: The debtor has paid the loan in full and you no longer have a financial interest in the vehicle.
  • Assignment: All or some property rights are transferred from one secured party to another.
  • Continuation: The loan has been extended beyond the original date stated on the UCC-1.
  • Party Information Change: The debtor or secured party needs to update their name and/or address.

3. UCC-5 Information Statement

When a UCC-3 is filed due to a change in the debtor’s or secured party’s information, a UCC-5 is filed along with it. This Information Statement records why the changes are being made, typically due to errors on the original UCC-1. It’s essential to remember that a UCC-5 does not amend the original UCC-1. Both the UCC-3 and UCC-5 need to be filed for the changes to be legally updated. 

4. UCC-11 Information Request

A UCC-11 is filed when a bank or finance company searches for UCC information involving particular debtors. With this information request, you can receive certified copies of UCC filings, including a list of all financing statements, certified copies of financing statements, and certified copies of specific financing statements and all related documents.

Reliable & Accurate UCC Filing Services

We look forward to helping you streamline your business processes. In addition to UCC filings, we process lien placements, salvage titles, boat and RV titles, and repossession titles. Call us at (812) 988-8300 to request a quote today.

Source: “UCC Forms.” Web page. IACA. International Association of Commercial Administrators. Web. 09 Jul. 2023.