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Important Issues When Selling a Used Car

Selling a used car can be a complicated process. This article explains the procedure people have to follow when selling a used car.

Those of you who are planning to sell their used vehicles, have to pay attention to a lot of details, including the title transfer, negotiations over the price, insurance, registration, and so on. The main responsibility of a seller of a used vehicle is providing a car title. The vehicle title is important because it establishes ownership of a vehicle, so if you have a clean title, you can prove that you own your vehicle and you can sell it whenever you want to. Before you sell your used car, you must make sure you have the title, which should be transferred over to the buyer. A car title is a document which contains the license plate number, the vehicle identification number, the year of manufacture, the gross vehicle weight rating, the name and address of the legal owner, and the purchase price.

The seller of a used vehicle has to make sure the title is transferred accordingly. If you don't make a proper title transfer, you may be subject to fines and penalties. Also, if you sell your car and it's still titled in your name, you will be held responsible for traffic violations the new owner commits in the future, and you are going to have to pay traffic tickets and be held responsible for car accidents the buyer causes.

The procedure of selling a used car consists of several steps. Apart from the title, the seller has to have the car's registration, as well. It's important to complete the financial transaction before you transfer the title, because once the car is titled in the buyer's name, they are not legally obligated to pay anything.

When transferring a title, both the seller and the buyer have to sign it. The seller also has to provide the DMV with an odometer disclosure, which shows the car's mileage at the time it's sold. Another important document is the Bill of Sale. The seller provides the buyer with a Bill of Sale after the buyer pays the price for the car. Your car has to be paid off if you want to be able to sell it. Only after you pay off your car loan, you can give the Bill of Sale to the buyer and transfer the title to their name. If you were wondering about taxes, you don't have to pay any sales taxes when selling a used carPsychology Articles, as you already paid it when you first bought the vehicle.

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ABOUT THE AUTHOR


By Jordan Perch, automotive researcher and blogger at DMV.com.



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