What Steps Do I Need To Take After Selling My Car?
Selling a car is complicated and stressful. To sell it, you'll need to determine its worth, gather up its paperwork, clean it, take pictures of it and post them in an online ad, and negotiate with potential buyers and schedule appointments.
Once you've sold the car to a buyer, it's not the end for you. There is more for you to do to complete your vehicle transfer and avoid consequences. Follow these steps.
MAKE SURE YOUR TRANSFER PAPERWORK IS COMPLETE
This paperwork includes Vehicle Transfer, Change of Ownership, and Notice of Disposal forms. They need to be signed by both the buyer and seller when a car is sold. Keep copies of these forms as a record of your transfer and date of sale. In some states, the responsibility is on the seller to prepare and submit these transfer papers, while in other states, the responsibility lies with the buyer.
NOTIFY THE DMV FOR A RELEASE OF LIABILITY
When there is a change in ownership of your vehicle, you may need to notify your local DMV office. You'll need to know the new car owner's information and inform the DMV about it. This is referred to as a “release of liability” or “notice of transfer.” A notice of transfer can be done online rather than waiting in line.
It's important to do this as quickly as possible. It's a simple thing to do, but also, a simple thing to forget. Always keep this in mind when selling your car, and you won't get in any trouble.
BILL OF SALE
Depending on the state in which you live, your state's DMV may require you to obtain a “Bill of Sale,” or it may be optional. If it's necessary or not, a bill of sale can be an essential part of any vehicle transaction for both the buyer and the seller.
According to this source, a Bill of Sale is required in Arizona, California, Connecticut, Florida, Georgia, Idaho, Indiana, Kansas, Maryland, Missouri, Montana, Nevada, New Mexico, New York, North Dakota, Oregon, South Dakota, Utah, Vermont, Virginia, Washington, and West Virginia.
CANCEL YOUR INSURANCE
Once you've told the DMV of the “transfer of liability” or “notice of transfer,” you'll need to cancel your insurance. Give your insurance company a call and tell them to remove your car from their policy.
PRINT A COPY OF BILL OF SALE
Print or email yourself the Bill of Sale document. There is no legal reason for this; it's just a secondary way of keeping a record of your car sale and other details, much like the transfer paperwork.
TRANSFER YOUR EZ-PASS, OR TAG PASS
If you have a Tollway or EZ-Pass account, be sure it's been transferred to your new vehicle and plates before you get into your new car.
DON'T WORRY ABOUT THE LICENSE PLATE
Many people wonder what will happen to their old license plates after a vehicle sale. Most standardized license plates change with the vehicle during its sale. Usually, the DMV requires you to bring in the old plates so they can reissue it to the new owner. You, the original owner, may keep specialized plates. Just take those plates off the car and inform the DMV that you are doing this.
As soon as all of these tasks are complete, you are free from any responsibility regarding your former car. It's recommended to do all these things as quickly as possible before your new owner drives the vehicle. After all, they could crash that car while it is still covered under your insurance.
Are you getting ready to sell your vehicle? We Buy All Cars in NJ has a location in Voorhees, NJ open from 10 am to 7 pm Monday through Saturday. You can call the owner, Jason, directly at 856-834-5558 or fill out their form for a free quote!
Don't Trade ItWe Will Buy It
Whether it's worth$100 or $100,000