Who holds the title in a non
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Quick Facts About Car Titles
You may have heard the saying, “You can’t tell the players without a program.” When it comes to the ownership of a car, its certificate of title is that program. For interested parties, such as the government and potential buyers, a title identifies the vehicle and its owners, present and past. Basically, the title is a vehicle’s birth certificate, Social Security number, and passport rolled into one document. The title is a document required to buy or sell a vehicle and it’s the most important document attached to your car. Use our quick links below to skip ahead in the article.
What Is a Car Title?A car title is a legal document establishing proof of ownership of a vehicle. Issued by the state where the car, truck, or SUV got purchased, the title accompanies the vehicle throughout its life. It’s reissued with each new owner and any new state of residence. What Should It Look Like?Looking every bit like a car’s birth certificate, the title will include the seal of the issuing state. Although the information displayed on a title varies by state, generally, every title includes certain facts like the below.
A seller scamming the system isn’t unheard of. But, it’s up to you to ensure the title the seller presents is indeed a legal title. There are some things you can look for and do to avoid being duped.
Buying a New Car: What Happens to the Title?In terms of a title, buying a new car is a no-brainer. The dealer takes care of all things title-related. You will pay any fees involved, but the dealer deals with the paperwork. When you buy a car, you either pay cash, lease, or finance. Only when you pay cash will you receive the original title. And, processing it might take as long as 30 days. Leasing a car is glorified renting. You never receive the actual title because the car never belongs to you. When you finance a vehicle, you will receive a copy of the title within 90 days. It will identify the lender as a lienholder. When you’ve paid the loan in full, you will receive the actual title reflecting you as the owner free and clear. Selling or Trading a Car: What Do You Need to Know?You don’t need to do anything when selling a car to a dealership or trading it in as part of the transaction for acquiring another vehicle. Whether you own a clear title or your title has a lienholder, the dealership will handle any title issues. Selling your car to another private individual, however, requires some effort from you. If you’ve satisfied the vehicle loan and have a free-and-clear title, you only need to fill in the transfer information. This includes you and the buyer signing in the appropriate places. Both parties should keep a copy. NOTE: Some states require notarized signatures. You will also need a bill of sale as part of this transaction. You and the buyer should keep copies with the signatures of both parties. Unless you know the buyer, accept only cash or a cashier’s check as payment. If you still owe money on the vehicle and a lien is on the title, things just got more complicated. The lender will want the loan paid off to release the lien. At this point, the easiest way forward is to complete the entire transaction at the lender’s offices. If it’s a local bank or credit union, everything can be done right then and there. You will need to make arrangements with your lender. If completing the transfer at the lender’s location isn’t possible, the lender will still want the loan paid in full before transferring the vehicle. You will have to hammer this out with the buyer. The best way forward, in this case, is for the buyer to pay your lender. The lender will issue you a clear title, and you can proceed with the transfer. Lost Car Title: What Are the Options?Don’t panic if your title turns up missing. There will be a fee, but you can replace it. You can apply for the replacement online, but we recommend going to your local Department of Motor Vehicles (DMV) branch. In-person is better. First, go to your state’s DMV website to see exactly what information and documents you need to take. But, usually, the list includes:
How to File for a Lost TitleTo replace a lost title, check out this resource from Finance and Insurance Tools. It provides the links to state applications for replacement titles plus the cost. According to the F&I, the cost will range from $2 to 95, depending on the state where you live. RELATED ARTICLES: How to Sell a Car Without a Title How to Transfer a Car TitleEvery state has its own rules concerning car titles. Your life will probably be much easier, in the long run, to keep up with changes as they happen. That means getting an updated title when relocating to a new state or when the vehicle changes hands. That’s true even when the vehicle moves from one family member to another. How to Transfer a Car Title to a New StateAs if you don’t have enough on your plate when moving to a new state, add registering and re-titling your car to the mix. States have their own timetables for making your car legal in its new home, but 30 days is a good place to start. Some states require an emissions test or a safety inspection or both to title and register an out-of-state vehicle. Many require a physical VIN verification, as well. It’s up to you to determine what is necessary for your new home. If you come from a state that issues titles, take your current title to the local DMV or Department of Transportation office. Additionally, you’ll need your driver’s license, the current odometer reading, proof of residence (electric bill, apartment lease, and so forth), and a form of payment. If your new state requires any of the tests mentioned above, you’ll need proof of passing those. Some states like Vermont don’t require titles for cars more than 15-years-old. If you are coming from a state that doesn’t issue titles, you will need your current registration, financing paperwork, and all the other documentation listed in the last paragraph. RELATED: Buying a Car From Out of State How to Transfer a Car Title to a Family MemberAlthough it makes sense that transferring title to a family member would somehow be easier, the process is the same as with an outside buyer. This is so, whether the title is clear or if there is a lienholder. If it’s clear, fill out the required information on the current title and sign where appropriate. If the state requires a bill of sale, it must be completed, even in the case of a gift. The family member then applies for a new title. If there is a lien, the lender will require payment before clearing the lien. How to Transfer a Car Title with Two OwnersThe title transfer process is the same with two owners as it is with one. That is, with one possible exception. It’s the difference between “or” and “and.” If “or” separates the two owners’ names, either owner can legally sign the title transfer. If “and” separates the two names, you will need the signatures of both owners for the title transfer. What Are the Types of Car Titles?There are at least 18 types of car titles. As a private-party car owner, you’ll never come in contact with most of them.
What Is the Difference Between a Car Title and Car Registration?The difference between a car title and car registration is that a title proves ownership, while a car’s registration allows a vehicle to be legally driven. More Guides:
Where are HDB title deeds kept?Where are Title Deeds Stored? If your property is under mortgage or you have used your Central Provident Fund (CPF) monies to buy your property, your title deed will be safe-kept at the Land Titles Registry of the Singapore Land Authority (SLA) under the Paperless Title Scheme.
Does HDB have title deed?It clearly shows that the owner is not an “owner” of the flat. The so called 'Title Deed' is given to the owner when all mortgages are paid. However, what is written on it is a reminder that HDB owners do not really own their flat.
What does title mean on a document?Key Takeaways. A title is a document that shows legal ownership to a property or asset. A title can represent ownership of a real asset such as a car or an intangible property or assets such as a trademark.
What does title mean on a form?A title is typically the official part of your name, placed at the beginning to signify a certain status or function. So, do you prefer "Mr.," "Mrs.," "Dr." or "Ms"?
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