1. To facilitate vehicle sales and sales financing within the Virgin Islands by simplifying procedures for transfers and the creation and perfection of liens;
2. To curtail losses by buyers, both consumers and dealers, from purchases of stolen vehicles and vehicles subject to defects in title and undisclosed liens;
3. To provide the Bureau of Motor Vehicles and other law enforcement with adequate legal tools to combat the trafficking of stolen vehicles;
4. To furnish convenient evidence of vehicle ownership and lien status and to make easier not only the transfer of vehicles but also their use by the Virgin Islands consumer as collateral for lower cost loans for emergency purposes;
5. To permit the combined advantages of centralized issuance of certificates of title for vehicles by the Bureau of Motor Vehicles and the decentralized filing, with local officials on St. Croix, St. John and St. Thomas, of applications relating to certificates;
6. To prevent the invasion by the Federal Government into the regulation of motor vehicle certificates of title in the Virgin Islands and the other states and territories as threatened by proposed federal legislation;
7. To establish uniformity of state and territorial laws governing certificates of title for vehicles and their meaning and effect and to remove existing impediments to the free transfer of vehicles from one jurisdiction to another; and
8. To accomplish the above objectives with due consideration for the convenience of buyers and owners of vehicles and the administrative problems of motor vehicle administrators, dealers and manufacturers and of lending and financing agencies.