How you change vehicle ownership can vary from state to state. It is a good idea to check out your state's Department of Motor Vehicles (DMV) on-line to check for your specifications before changing vehicle ownership.
Here are a few suggestions to prepare yourself before you transfer an auto title. By reading this article you may save yourself some extra steps and frustration before you change vehicle ownership.
The first thing to do to change ownership is to be sure the title is clear. A clear title means that the seller does not owe any money on a car loan where the vehicle is the collateral. If there is money still owed there may be a lean against the vehicle and the transfer cannot take place. Most banks require that loans holding the car as collateral must be satisfied before the title will be cleared.
To check to see if a title is clear, ask the seller to see some type of proof before you give him the money for the car. The seller should either present the actual title, or a receipt. When an auto loan is paid in full, most financial institutions give the owner paperwork stating the loan is paid. This most likely will be an actual title. However, if the title needs to be sent via mail, the lender should prepare some type of paperwork that can be considered proof of payment until the title is received.
Hint: If the title has been lost, contact the lending institution to send a copy. The Federal Deposit Insurance Corporation is another source to obtain a copy of the title if it has been lost.
The next suggestion to change vehicle ownership is to have a Bill of Sale. This bill of sale should have the year, make and model of the vehicle. The price paid for the automobile should be on the Bill of Sale also. The odometer reading should be clearly written on the Bill of Sale. It is a good idea that both parties are a part of documenting the odometer reading. The names of both parties should be stated on the Bill of Sale, along with the date of the sale. Some states require that this Bill of Sale be notarized at the time of signature, check with your State Department of Motor Vehicles.
Take the Title and Bill of Sale to the DMV to change vehicle ownership. Again, depending on the state laws of where you live, you will more than likely be required to show proof of insurance. In addition, to change vehicle ownership, you will have to show your driver's license to the DMV, it is a good idea to have all these items.
Plan to pay a fee to change the vehicle ownership. If required, this would be paid to the DMV, and can run anywhere from $20 to $300.00 to have the title transferred.
It's always best to check online with your local DMV office to find out exactly what is required, so you won't have to make more than one trip to the DMV.
By Mike Reitz
Here are a few suggestions to prepare yourself before you transfer an auto title. By reading this article you may save yourself some extra steps and frustration before you change vehicle ownership.
The first thing to do to change ownership is to be sure the title is clear. A clear title means that the seller does not owe any money on a car loan where the vehicle is the collateral. If there is money still owed there may be a lean against the vehicle and the transfer cannot take place. Most banks require that loans holding the car as collateral must be satisfied before the title will be cleared.
To check to see if a title is clear, ask the seller to see some type of proof before you give him the money for the car. The seller should either present the actual title, or a receipt. When an auto loan is paid in full, most financial institutions give the owner paperwork stating the loan is paid. This most likely will be an actual title. However, if the title needs to be sent via mail, the lender should prepare some type of paperwork that can be considered proof of payment until the title is received.
Hint: If the title has been lost, contact the lending institution to send a copy. The Federal Deposit Insurance Corporation is another source to obtain a copy of the title if it has been lost.
The next suggestion to change vehicle ownership is to have a Bill of Sale. This bill of sale should have the year, make and model of the vehicle. The price paid for the automobile should be on the Bill of Sale also. The odometer reading should be clearly written on the Bill of Sale. It is a good idea that both parties are a part of documenting the odometer reading. The names of both parties should be stated on the Bill of Sale, along with the date of the sale. Some states require that this Bill of Sale be notarized at the time of signature, check with your State Department of Motor Vehicles.
Take the Title and Bill of Sale to the DMV to change vehicle ownership. Again, depending on the state laws of where you live, you will more than likely be required to show proof of insurance. In addition, to change vehicle ownership, you will have to show your driver's license to the DMV, it is a good idea to have all these items.
Plan to pay a fee to change the vehicle ownership. If required, this would be paid to the DMV, and can run anywhere from $20 to $300.00 to have the title transferred.
It's always best to check online with your local DMV office to find out exactly what is required, so you won't have to make more than one trip to the DMV.
By Mike Reitz
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