(a) Notwithstanding any other law, a person authorized to dispose of property for which a lien under this chapter is attached may dispose of the property in accordance with Subchapter D, Chapter 683, Transportation Code, if:
(1) the property is a motor vehicle; and
(2) the person determines that:
(A) the vehicle's only residual value is as a source of parts or scrap metal; or
(B) it is not economical to dispose of the vehicle at a public sale.
(b) If a person disposes of the property under Subsection (a), the person shall apply the fair market value of the motor vehicle to the charges due to the person.