New York is a big state with an average population of 84.7 lakhs, as per 2021 census. Now, imagine the amount of cars that this state would have. There are around 4 million registered cars and trucks in New York.
It is obvious that people with that much amount of cars and trucks have used autotraders to sell their vehicle.
If you’re one of them, then, don’t worry! We have listed all the important points that will be required in selling of a car.
These points will not only make your selling car process an easy one but will also result in time efficient sale.
So Let’s get started and see what you’ll have to do.
Let the Buyer Inspect the Car
Most of the buyers will expect the sellers to let them allow for the inspection of the car. This usually involves licensed mechanic who will be inspecting the car. Buyer usually pays for this service. Both Buyer and seller will decide the place and timings of the inspection mutually.
It is advisable to the seller that he cleans his vehicle thoroughly and replace the small parts (floor mats, windshield wipers,etc). This will help in increasing the value of vehicle and will make the sale more beneficial for the seller.
Transfer Of title
In order to transfer the ownership of certification of title, The buyer is required to fill out and sign the transfer section of the proof of ownership on an original New York State certificate of title.
Information listed can not be altered or erased. If it is, the seller will need to order a replacement title
The transfer section must be notorized if the proof of ownership is a certificate of title from a few select states.
In New York, sellers don’t need to remove the lien from the vehicle’s title. The original title and original lien release can be given to the buyer.
Application for duplicate certificate of title form MV-902 is submitted, in case of loss of title. The fees is also paid along with the submission of form
In case of death of vehicle’s owner, New York provides checklist MV-843.
In New York state, even if the vehicle is owned by two owners, only one of them needs to sign the title or transfer the ownership.
Registration fees and use tax fees are posted by DMV online. Title certificate for any motor vehicle made in 1972 or earlier can not be issued.
Organize and Gather All the Information
This is a very important step and can not be skipped at any cost. It is important to locate your vehicle’s title, maintenance record, owner’s manual and any other documents related to the car.
Current safety and inspection report should be included. This report is really compulsory as New York law states that vehicles can not be registered unless the DMV has a record of the vehicle. The record should show that the vehicle has passed the required emission inspection within the last 12 months.
Bill Of Sale
Bill of sale is really important and helpful, in case if the problem arises when the buyer has the vehicle registered in their own name or has the title transferred. It is important to keep one thing in mind that bill of sale alone is not an acceptable proof of ownership without other documentation.
Bill of sale involves the following information:
Purchase price
Legal full names and signatures of buyers and sellers
Date of sale
Vehicle Identification Number (VIN)
Year and make of the vehicle
The New York DMV offers bill of sale form MV-912 for car sellers.
Even if the vehicle is gift, the buyer will have to sogn the bill of sale and indicate a price of “$0” and fill out statement of transaction form DTF-802
Present Odometer Readings and Damage Disclosure
In New York, it is mandatory for seller to disclose the current mileage and conditions of the vehicle to the buyer. DMV Form MV 103 is required, if your current vehicle title doesn’t disclose this information.
Any vehicle of model year 2011 or newer will require an odometer disclosure whereas starting on January 1, 2031, any vehicle that is less than 20 model years old will require an odometer disclosure.
Filling Out A Statement of Transaction
Statement of transaction form DTF-802 must be filled out by both buyer and seller.
This form is then submitted to the New York DMV where the sales tax is calculated and collected from the buyer. It is to be noted that vehicles that gifts are not included in this sales tax.
At last, the buyer will have to submit the Vehicle registration or the title application form MV-82
Removing the License Plates and Registration Stickers
It is important to removing the lincense plastes and the registration stickers from the windshield before handing over your vehicle to the potential buyer.
These are turned over to the DMV office as soon as possible, unless the lincense plate is transferred to another vehicle.
You may be charged with traffic or parking violations performed by the buyer, if you do not properly dispose of the plates and registration stickers.
Related Questions Asked by the Viewers
Q1. Can you change ownership of the vehicle online?
You can change the registered keeper online, using the V5C reference number. This process is by far the quickest way of changing ownership, with the DVLA's records being updated instantly during office hours, and it avoids the risk of losing documents in the post.
Q2. How long does it take to change the ownership of the car?
This is usually within 4 weeks of you notifying them of the change.
