When it comes to vehicle title and registration, there is no shortage of relevant terms and acronyms. In fact, while working with a number of different automotive partners, the ACERTUS title-and-registration team is often asked to explain what a specific term, acronym or concept means.
To help companies become more familiar with regularly used title-and-registration terminology, the ACERTUS team has decoded many of these terms and compiled a list for easy reference.
2290 – Heavy-use vehicle tax document. Required for vehicles with a gross vehicle weight of 55,000 pounds or more.
AIRBILL – A shipment tracking number used by carrier services like FedEx and UPS.
BOS – Bill of Sale. Similar to a vehicle-sale receipt, a BOS is a document that transfers ownership of a vehicle from one entity to another.
COI – Certificate of Insurance. This is provided by the insurance company either as an actual card or as an insurance-binder agreement. COIs prove that vehicles meet the minimum insurance-liability requirements in a given state.
DMV – Department of Motor Vehicles. A government agency that administers motor-vehicle registration and driver-licensing services. In the U.S., DMV locations operate at the state level.
DOE – Date of Entry. These apply in the event of a state transfer, where vehicle ownership is not changing, but the vehicle is moving from one state to another. It is defined as the date on which the vehicle was transferred to the new state.
DUP – Duplicate Title. A second title which can be retrieved and used when the current or original title is lost, destroyed or manipulated.
EDR – Earliest Day to Renew. Every state has a different requirement on the number of days a vehicle can be submitted to be renewed, prior to the vehicle’s registration expiration. The EDR is a timeframe, based on the respective state’s requirements, when someone can submit the request for a vehicle to be renewed to the state.
ELT – Electronic Lien and Title. Also known as a digital or non-paper lien and title.
FEIN – Nine-digit number provided to a company by the IRS. Original issuance is given on IRS form 147C.
GVWR – Gross Vehicle Weight Rating. The maximum total weight of a vehicle.
Inspection – Many states require that a vehicle be inspected at a state-certified location or DMV. During such an inspection, a set list of items on the vehicle are confirmed to be in safe operating condition. Common inspection types include VIN, Safety/State and Emissions (sometimes referred to as a smog test).
Lessee – The person or business, also known as the registrant, that drives and makes payments on the vehicle.
Lessor – The owner of the vehicle, oftentimes the leasing company that leases out the vehicle and collects monthly lease payments from the lessee.
Lien – When a vehicle is owned by a person or business but is financed through a financial institution, such as a bank or a credit union. The debt, in the form of a lien, is then carried by the financial institution, which serves as the lienholder.
Lien Release – When the debt of a vehicle is fully repaid, and the lien on the title is removed (i.e. “released”).
Lienholder – The financial institution, such as a bank or credit union, that loans funds to the vehicle buyer for the purchase.
MSO – Manufacturer’s Statement of Origin. This serves as a title before a vehicle is assigned to a certain state.
NAIC Number – Five-digit code that is assigned to an insurance company by the National Association of Insurance Commissioners (NAIC).
Plate – A license plate on a vehicle, also known as a vehicle registration plate.
POA – Power of Attorney. Written authorization to represent or act on another’s behalf in private, business or other legal affairs. As a title-and-registration service provider, ACERTUS uses POA to sign title applications and other licensing documents, as well as to obtain the title and/or registration on behalf of the vehicle’s owner.
PPT – Personal Property Tax. This is a tax on anything deemed personal property, which is property that is not attached to an immobile home or building. Regulations vary state by state, but many states require personal property taxes to be paid at the time of vehicle titling and registration.
Renewal – Every U.S. state requires the renewal of a vehicle registration at a point in time, although requirements around timelines and fees differ state by state.
Repo – Repossession. When a lienholder repossesses a vehicle after the owner defaults on loan payments.
Temp Tag – A temporary permit that can be used when waiting for the completion of a sale or registration renewal, after which a license plate becomes available for use.
Title – A legal document that establishes the person or business who legally owns a vehicle.
VIN – Vehicle Identification Number that is unique to each respective vehicle. Consists of a 17-digit sequence of numbers and letters.
Learn more about ACERTUS’ title-and-registration services, as well as its full range of vehicle-logistics solutions, at https://acertusdelivers.com. To connect with one of our team members or receive a free quote, contact us here or call us at: 855-ACERTUS (855-923-2477).