Common use of Security Interest in Financed Vehicles Clause in Contracts

Security Interest in Financed Vehicles. Immediately prior to the transfer of the Receivables by the Seller to the Depositor, each Receivable was secured by a valid, binding and enforceable first priority perfected security interest in favor of the Seller in the related Financed Vehicle, or all necessary and appropriate actions shall have been commenced that would result in the valid perfection of a first priority security interest in favor of the Seller in the Financed Vehicle, which security interest has been validly assigned by the Seller to the Depositor. 1: Confirm the Title Documents report CarMax, or an acceptable variation of the name, as the first lien holder 2: Confirm the buyer’s name as stated on the Contract matches the name on the Title Documents 3: Confirm the vehicle identification number (VIN) on the Contract matches the VIN number as reported on the Title Documents