Everything You Need to Know about UCC Filings

April 12, 2024 | all 50 states

If you’ve ever ventured into the world of business financing or transactions, you might have come across the term “UCC filing.” While it might sound complex, understanding what a UCC filing entails is crucial for entrepreneurs, lenders, and anyone securing assets or loans. Continue reading to learn more from the team at Consolidated Automotive Services of Indiana.

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4 UCC Documents for Commercial Lenders

July 10, 2023 | finance companies

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.1. UCC-1 Financing StatementThe 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 AmendmentA UCC-3 is filed when any changes to the original UCC-1 need to be made, such as:Termination: The debtor … Continued

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4 FAQs about UCC Filings for Business Customers

June 11, 2022 | all 50 states

As an auto financing company, you have the right to file a UCC lien when a business customer acquires an auto loan through your company. This filing protects your interests if the borrower defaults on the vehicle loan, files for bankruptcy, or experiences some other type of financial misfortune. At Consolidated Automotive Services of Indiana, we’d like to share how a UCC filing can benefit your business.

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UCC Filings for Dealerships: What They Are & Why You Need Them

February 16, 2021 | all 50 states

While you may be familiar with UCC filings, it’s always a good idea to ensure you understand the importance of this financial statement. UCC, Uniform Commercial Code, is a set of laws designed to provide consistency across all 50 states on commercial and secured transactions, such as the sale of vehicles. If you are an auto dealership that provides financing services to your customers, you will most likely need to conduct UCC filings as part of your business. Consolidated Automotive Services of Indiana understands the ins and outs of UCC filings and why they are important to your vehicle dealership. Keep reading to learn more about UCC filings for your automotive business.

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