I am planning to sell my car, how can I complete the transaction legally?
Thanks!
2007-03-26 03:37:57 · 4 answers · asked by Boost 1 in Cars & Transportation ➔ Buying & Selling
First you have to own the vehicle. If it is financed, and there is a legal owner on the title, pay it off and get a lien release from the lender. Take that to the DMV and have the legal owners name cleared and a new title issued.
Now you are prepared to sell. It varies by state as to the particulars, but you would sign on the 'seller' line and the buyer on the 'buyer' line. There may be a spot where you have to fill in odometer readings, if so, do so.
Give a bill of sale showing the sale price to the buyer.
The easiest way to do all this is for both of you to go into the DMV and do it there, so you know the vehicle has been transferred out of your name. You don't want surprises down the line. If that isn't possible, most states have a form you can send in showing you have sold the vehicle, so be sure you get the name and address of the buyer so you can report the sale.
http://www.tax.ok.gov/mvforms/773.pdf will show you the Oklahoma notice of transfer form. Check the web page for your state for something like it to report the sale.
2007-03-26 03:49:26 · answer #1 · answered by oklatom 7 · 0⤊ 0⤋
Making sure that your lien has been release from your previous credit union/finance.
The price that you are asking for cannot exceed the value of the car!!!
Make sure both parties sign and date in the correct areas,
please print clearly how much money you are selling the car for in the correct area.
After the title has been properly signed over collect your money write him a receipt, make a copy of the signed over title for your records.. the transaction has been completed..
2007-03-26 10:52:35 · answer #2 · answered by Toya J 3 · 0⤊ 0⤋
First, make sure that you are the owner of the vehicle. You should have a title from the DMV of your state. Then it is a matter of finding a buyer. Once you agree on a price, make out a bill of sale, and have it notarized. The buyer will then be responsible for the vehicle as well as all taxes and fees attached.
2007-03-26 10:41:55 · answer #3 · answered by auditor4u2007 5 · 0⤊ 0⤋
Take the money, go to a notary public and transfer the car to the purchasers name.
2007-03-26 10:41:06 · answer #4 · answered by Dr Dee 7 · 0⤊ 0⤋