The Department of Motor Vehicles oversees the issuance of title. Titles will protect you against theft and will also help the state upon locating your vehicles. When a car changes its ownership, the processing and applying for title is required. Likewise when you purchase your vehicle under account or borrowed your funds, the title will have the marked “lien” by the DMV.
When you purchased a vehicle under a lien, you will be considering to pay it wholly likewise you might be confused or unknowledgeable on how to transfer the title, when changing the name the name to the title, on transferring the title, and of what necessary documents are to bring.
Transferring the Title to a Buyer
Privately selling the vehicle into buyer, you must need to sign the title named into the new owner. Then the new owner will process the title in their name to the DMV.
The Section A which is on the front of the title which has spaces including the sellers’ name, the name and address of the buyer, and record the up-to-date odometer reading of the car purchased: should be fills up. Also added the space on how much did you sell the vehicle likewise when it is donated, you should write “charitable donation” Thus the buyer too need to fills in his or her name, address, and signs the title.
When you purchase the car under an account, terms, or simply borrowed money to buy it; the title with its recorded lien will be given to the lien holder who is the lender, however the registration card and license plates will be furnished for you.
The lien holder will then notify the DMV within 10 days that you already have paid off the lien. The lien holder will mark the title as “lien satisfied” then send it to you. Upon receiving the “lien satisfied” title then you can replace the title at the DMV to clear the title and change any necessary modification within the license. Yet you’ll need to pay $10 as title fee.
Also you need to assure that the lien holder already inform the DMV when it is not, you need to bring the title to any DMV customer service center and apply for a substitute title using the application form. You will also pay $10 then you’ll have the new title.
After receiving the title given by the lien holder, but likewise it is lost and damaged, you will need release letter from the lender as a proof that the lien is already fulfilled. Likewise when the company merged and changed it name or address, you should call the State Corporation Commission to get the new name or address of the company. Or if the company is out of business, get a letter from the State Corporation Commission stating so, and bring it to the DMV. Also bring any receipts, cancelled checks, or other evidence showing that the loan has been paid off, with a notarized personal statement that says you have satisfied the lien.
Recording Supplemental Liens
You will be paying $6, to record the supplemental lien and you can get a supplemental lien title, to the DMV and you should present a completed Application for Supplemental and Transfer Liens.
When you are selling or transferring a ownership of your vehicle but under lien, you should call your lien holder / lender. The lender will then transfers and provide the
The lender should satisfy the existing lien and record a new one for the buyer, if the buyer is taking over the unpaid balance of your loan and he or she was not on the original contract.
The buyer will also have to pay 3% sales and use tax on the unpaid loan balance plus any additional amount paid to the seller, even if the lien holder does not file a supplemental lien. And if the question arises, you do not need a driver's license to own a title.
Surrendering Leased Vehicles
When the lease term is up or your lease is otherwise terminated, you have no further obligation to the DMV for the vehicle if you are relinquishing it. The lessor (owner) will assume responsibility for it.
Retaining Leased Vehicles
If you want to retain a leased vehicle, you must have it titled in your name. You are required to pay the sale and use tax for the vehicle residual value. You might be exempted paying the sales and tax:
(a) By paying the sale and use tax on behalf of the lessor; or,
(b) When you directly purchase the vehicle from the lessor or from the original dealer who lease it.
Likewise when you buy it from another dealer, you indebted sales and use tax. Also, the title must be issued to a person named on the lease, and the lease cannot have been to a business or any commercial entity.
You should be able to complete the Application for Supplemental and Transfer Liens or Replacement and Substitute Titles when wanting to add a name to the existing title. Yet you should carry it out to any DMV location and bring with you all the applicable fees. When deleting a name to the existing title, the owner will then complete the Section A on the title certificate.
Changing Your Name on a Title
Likewise in other case, when changing your name on a title you should be able to present to any DMV location the following: the Application for Change of Existing Vehicle Record and the Application for Supplemental and Transfer Liens or Replacement and Substitute Titles completely filled in; the proof of name change such as divorce decree, marriage license, or court order; of course, the existing title certificate; and, a $10 fee for substitute title.
When you freely contributed your vehicle, you should fill in the Section A of the title completely. You should sign as “gift” the space where it asks how much you sold your vehicle. Then the recipient will complete the buyer's section.