Why Do Most People Ask About How To Transfer A Car Title?
Transferring a car title to a family member is not as easy as buying or selling a car. The government wants to ensure that assets are not being traded wrongfully, which is why a car title transfer requires extensive documentation, making the process complicated. Therefore, many people tend to ask questions about it.
A car title is the document that proves your ownership of the vehicle. Are you gifting your car to a loved one? Or, are you receiving a car as inheritance due to a family member’s demise? In both cases, the car title needs to be transferred to the new owner because without it, driving the car will be a violation of federal law.
Is A Car Title Important?
For any vehicle owner, the car title is one of the most important documents as it grants the right of ownership. You need it not only for driving the car but also for further selling it to a buyer. Car information such as Vehicle Identification Number (VIN), weight of the car, and the odometer reading are mentioned on the car title.
It also mentions the name of the owner and the buyer/seller details. If you are not in possession of a car title or you’ve misplaced it, contact the Department of Motor Vehicle (DMV) at the earliest to avoid legal trouble.
How Can I Transfer A Car Title?
The exercise of transferring a car title can vary for every state in the US. However, the first step usually involves filling an application with the DMV. The documents required at this stage include the Odometer Disclosure Statement (for cars less than 10 years old), Assignment of Title, and Affidavit of Motor Vehicle Gift Transfer. The next step is to shell out the application fees and state’s taxes, as specified on the DMV’s website.
Did you know that tax isn’t imposed on inherited property in all American states except Pennsylvania, Kentucky, New Jersey, Maryland, Iowa, and Nebraska?
This means, you might save a few dollars if you’re acquiring a car as inheritance. Additional paperwork such as an Affidavit of Heirship may be a requisite.
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Things You Need To Know
Whether you are transferring your car title to your child or gifting your car to a family member, you need to know whose name is listed on the car title currently. If it’s just you, that’s okay. But if you purchased the car on loan, the lender will probably be mentioned too. In this case, you need to take care of the loan first.
Secondly, the recipient of the car title will need to purchase a new auto insurance policy for the car as they will not be covered by your previous insurance. This isn’t necessary if your child is driving on a learner’s permit, but it is required once they get their full license.
Who Are Qualified For The Family Member Car Title Transfer?
Your family members such as parents, step-parents, grandparents, spouses, biological as well as adopted children, step-children, grandchildren, siblings, half-siblings, in-laws, uncles, and aunts are eligible for the car title transfer. They need to have the same surname as yours and if they don’t, then you’ll have to furnish documents to validate your association. Also, for immediate family, no sales tax is levied.
Sometimes it is hard for people who urgently need cash but have bad credit to borrow money with loans, so some of them may choose to buy used cars from a family member and show it as a gift in papers. However, searching for personal loans or installment loans at iPaydayLoans is a better option. Here, you can find lenders who would like to give you offers even if you have an unsatisfactory credit score.
What Should The Persons Receiving The Vehicle Do?
If you are receiving a car title transfer, you need to show documents proving that you have a car insurance policy. To do this, get in touch with your insurance company and request them to provide you a letter of proof. Share this letter with the DMV and you’re good to go.
After this, the only thing left to do is to wait for the new title to arrive at your home via mail. When your postman delivers the car title, scrutinize the details mentioned on it and ensure they’re accurate.
FAQ
Before Transferring An Auto Title, What Should I Do?
Make sure you have an emission certificate for your car and sufficient funds to pay the transfer fee charged by the DMV. Also, if your car loan lender’s name appears on the existing title, you will need to pay off the loan.
Is It Possible To Transfer The Car Title From Business To Personal?
Similar to transferring among two persons, the car title can be transferred from a business to a person. The owner of the business will need to carry out the formalities and sign over the car title to you.
What Information Should I Provide To Complete The Vehicle Title Transfer?
The person transferring the car title needs to provide their name and driver’s license details, the receiver’s name, odometer reading at time of transfer, date of application, and signatures of both the parties. In the sale price, ‘gift’ needs to be mentioned.
When Am I Unable To Transfer The Ownership Of My Car?
If you do not have your hands on the car title, you can not transfer the car’s ownership. If your car title is nowhere to be found, you can plead to the DMV to reissue it. Every state may have a different process, and you will most likely have to pay a fee.
What Fees Do I Need To Pay?
The car title transfer fee will depend on your car’s value, the city/county you live in, and on the purchase date. This can cost anywhere starting from $65.You might also have to pay a Road Improvement Fee, Vehicle License Fee (approximately 0.65% of car’s value), etc.
What If I Have A Loan I Am Still Paying Off?
You can either pay off the remaining loan amount or ask the lender to shift the loan responsibility to your family member who will be the new car owner. If you pay off the loan, ensure that the loan company’s name is stripped off from the car title before transferring.