Car Title Transfer Tips
From Adviceopedia
The car title transfer tips listed here will help you the next time you purchase or sell a vehicle.
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Car Title Transfer Tips and Advice
Buying a Car from a Dealer
Simply paying for the vehicle (whether in full or through some type of financing arrangement) doesn't conclude the transaction. The ownership must be registered with the Department of Motor Vehicles (DMV). One benefit of buying a car from a dealer is they will look after providing the necessary documentation to the DMV for you.
Buying a Car Privately
If you purchase your vehicle from a private seller, you will have to provide information about the transaction to the DMV yourself. In some states, you can make an appointment at the local DMV office to present the required documentation. Otherwise, you will need to go to the office and wait in line to complete the title transfer.
Outstanding Lien on Your Vehicle
When you take out a loan or arrange financing through a dealership, the bank or financing company has a legal interest in the car until it is paid off. Depending on where you live, the title documents for your vehicle may be sent to you when completed or sent directly to the lien holder. Once you have finished paying off the loan, you can make arrangements to have the title transferred to yourself.
Take some time to become familiar with your state policies.
Change of Name on the Car Title
If you changed your name on either a marriage or divorce certificate will have to change the title information on your car as well. The new driver's license must be presented at the DMV Office, along with the car's title documents, proof of insurance, and a certified copy of the marriage certificate, divorce decree, or a court order granting the name change.
Adding a Name to the Car Title
Adding another person's name to the car title can be done by having the original owner sign the title document as a "seller" and adding the second person's name as the "buyer" of the car. Both people would have to take the document to the DMV Office to complete the process. They may be required to pay a fee and/or provide an odometer reading for the vehicle.
Deleting a Name from the Car Title
The process for deleting an individual's name from the title to a car is similar to adding a name. The person who wants to remove his or her name signs the title document as a "seller" and the remaining person is designated as a "buyer" of the vehicle.
Giving or Receiving a Car as a Gift
If the vehicle is given or received as a gift, the title must officially be transferred to the new owner. Be sure to get a bill of sale for the transaction, even if it indicates that the selling price was $0.00. Some states require a sales tax to be paid when a car changes hands; if no bill of sale is provided to the DMV, the sales tax owing will be calculated on the fair market value, not on the actual selling price.
No Driver's License
It is possible to be the registered owner of a vehicle in some states without a valid driver's license. Check with the state to see if you qualify.
If you need more information about the car title transfer tips listed here, contact your local DMV Office for assistance.
