Are you planning to get rid of the car that you've got stored in your garage gathering cobwebs? And do you want to purchase a new car but don't know what to do with your existing car? You may want to look for a buyer or post a notice on eBay, Craigslist, or the local classified ads that you are selling your car. If you already have a buyer and your new buyer agreed on the selling price of your vehicle, the next thing you need to attend to is the transfer of your Car Title to the new owner. It is important for you to immediately do the transferring so you will not be held liable whatever incident or situation that a new owner might be into.
- Prepare your certificate of title. If you are planning to sell your existing car to a certain person, it is important for you that the original certificate of ownership or the car title is with you. If you cannot find your title, you may call the bank or lending institution which financed your car loan. If the lending institution is already closed, you may seek the help of Federal Deposit Insurance Corporation so you can still get a copy. This certificate of title is the main document that the Department of Motor Vehicles will ask once you visit their office to transfers your car title to the new owner. This is just to ensure that you are the real owner of the car and you will have no problem in transferring the certificate of ownership to the new owner.
- Maintain your car insurance. Even though you're planning to sell your vehicle, this doesn't mean that you will stop the car insurance that you are paying for your car. But you have to make sure that the new owner of your car will insure your vehicle immediately after you turn it over. This insurance will be asked for by the Department of Motor Vehicles as one of the other requirements in transferring you car title.
- Seal the deal. Now that you are ready to transfer your car title to the new owner, visit the Department of Motor Vehicles together with the new owner of your car to make sure that all necessary papers that needs to be filled up is properly and completely accomplished to avoid complication in the future. Once you are at the DMV, you will be asked for your driver's license, certificate or proof of insurance, certificate or bill of sale indicating the agreed selling price, the certificate of title, the Vehicle Identification Number and current odometer reading of your car.
- Accept the payment for transferring of car title. After transferring your car title to the new person and having agreed on the requirements given by the DMV, the DMV will ask you to pay for a transfer fee to seal the transaction. The payment ranges from $20-$300 depending on county or state you are residing in.
Now that you have accomplished everything and signed all the papers for the transferring of your car title to another person, it is important that you still maintain your communication with the new owner if in case something might go wrong with your car.