The procedures and approach for selling a car online vary by state. Discover how to sell your used car or truck in New Mexico confidentially.
If you reside in New Mexico's Northwest, Northeast, Southwest, Southeast, or Metro Region and want to sell your used vehicle or truck privately, you've come to the perfect location. With over 700,000 registered trucks and vehicles in New Mexico, it's no surprise that thousands of individual vehicle sellers in the Land of Enchantment have used cashforcarsinc.com to sell their vehicles. We've explained the five stages and documents required to sell a car in New Mexico so you can sell your vehicle quickly and for the most money.
Remember that most states regard the car title as a legal document, so use the legal names (no nicknames) of both individuals involved as well as legible handwriting in black or blue ink. Mistakes, typos, and the use of white-out may render the document null and worthless, so be cautious and take your time filling it out.
Step 1: Allow the buyer to have a third party assess the vehicle
Many private automobile buyers pay for a pre-purchase vehicle check performed by a skilled and certified auto technician of their choice - this is a smart idea. Although the buyer pays for the inspection, the seller and buyer must agree on the date and location of the inspection. If the inspection reveals any problems with the vehicle, you should save the report for your records as the seller. Although New Mexico does not require this inspection and there are no documents to fill out, it is a good idea for the buyer to have the inspection completed prior to the acquisition.
Step 2: Organize and collect all vehicle papers
Find all maintenance records, the owner's manual, and other vehicle-related papers. If you can offer the buyer extensive and thorough maintenance documents, it will give the buyer confidence that the automobile has been properly and regularly maintained. You should also think about providing a car history record from a provider like CarFax or AutoCheck.
The title certificate is the most critical document to have when selling an automobile. If a lien exists on the title, the lienholder must release interest in the vehicle before it may be sold. This can be accomplished by selling the automobile, either by paying it off or obtaining a lien release from the lienholder. For the lien release to be legitimate, Form MVD-10041 must be completed and signed by an authorized agent of your lienholder.
Step 3: Create a Bill of Sale
A bill of sale is not required for most private-party automobile sales in New Mexico. However, if there is information regarding the transaction that is missing from the title, such as the purchase price or an odometer statement, a bill of sale is required. Form MVD-10009 is the official form for this, and it captures information such as the year, make, model, and VIN of the vehicle in question, as well as the purchase price and an odometer statement. When relevant, both the buyer and seller must sign this form. After it's filled out and signed, the seller should create a duplicate and keep it as confirmation that the automobile has legally changed hands.
Step 4: Change the title
If the vehicle's title has been lost, stolen, or severely damaged, you can get a duplicate New Mexico title by completing Form MVD-10901. A duplicate title can be obtained by completing that form and paying a $5 charge.
When privately selling an automobile in New Mexico, both the buyer and seller must fill out the applicable areas on the back of the title. This information contains the buyer's and seller's legal names, addresses, and signatures, as well as the date of the transaction and the odometer reading. When this is filled out correctly and legibly, the buyer can easily transfer registration and obtain a new plate.
The National Highway Traffic Safety Administration's (NHTSA) odometer disclosure standards, which affect some private car purchases in New Mexico, were revised in December 2020. Any vehicle of the model year 2011 or newer (2012, 2013, etc.) that is transferred between January 1, 2021, and December 31, 2030, will require an odometer disclosure. Beginning January 1, 2031, every vehicle less than 20 model years old will be required to have an odometer disclosure. Previously, the NHTSA only mandated disclosure for the first ten years. Cars manufactured before 2010 are exempt from odometer disclosures. On its website, New Mexico provides Form MVD-10187, an Odometer Disclosure Statement.
If the title shows more than one owner, the following number of signatures will be required based on the link between the names: Furthermore, all individuals specified must sign. Alternatively, either vendor can sign; just one signature is necessary. Alternatively, both vendors must sign. If no connection is specified, the default will be "and," and all owners (sellers) must sign.
If you want to give an automobile to a relative, you can use the same procedure as described above to transfer the title, but you must also file an Affidavit of Gift of Motor Vehicle, form MVD-10018. This document must be notarized. It's a similar process to inheriting a car, but you'll need to file proof of the inheritance with the county along with the title of the vehicle in question. You must also complete Form MVD-10013 and have your signature notarized.
Step 5: Take off your license plates and cancel your insurance
Before passing over the car to the buyer, the seller must remove the license plates. If you do not, you may be held accountable for any infractions that occur after the buyer takes ownership of the car. After you sell your car, you can transfer your license plates to another vehicle that you own. If the plates are not transferred, they must be returned to the MVD within 30 days following the transaction. To avoid paying for insurance on a car you no longer own, cancel your insurance as soon as you remove your plates. After selling the car, you must file a Notice of Vehicle Sold, which is Form MVD-10048.
Visit the New Mexico MVD website for further information. If you need a vehicle form that isn't listed above, New Mexico offers this collection of forms.
The Easier Way to Sell Your Car
Now that you've learned everything there is to know about selling a car in New Jersey, it's time to determine where to list it. Cashforcarsinc.com makes it simple to sell your car. With ready-to-sign state documentation, encrypted chat, and more, our platform provides all the tools and recommendations you need to make the transaction a breeze.
