What procedures do you have to do when selling your car?
Selling your pre-owned car can be a long process and there are a few things you should do before ending the process.
When is a car sale really closed? Is it after the famous handshake or when you receive the agreed money?
Selling your car represents hard work, but you should not lower your guard once you believe that everything is done since there are some documents that you must obtain that will keep you free of the responsibilities of the car that you are going to give to the new owner.
Secure the money before handing over the keys
The first thing you should check when selling your car, before handing over the keys and the invoice, is that you already have the money in your hands. Cash is always an alternative, although it may not be the safest if you are going to have to take it to a bank branch after selling the car.
You can make an appointment outside of a bank branch to deposit the cash or check at that time and be sure that there is no problem before finalizing the deal and delivering the car.
Another good alternative is the bank transfer: They can be done through mobile devices and only when you open your account and see that you already have the money paid, you must deliver the car.
It is key since many states ask for it to be able to make the change of ownership and it will help you protect yourself when selling your car. If the car you sold was used for a crime while the license plates are in your name, that contract could be of great help.
The format is not difficult to find, you can download it for free from your entity’s website or look for it in a nearby stationery store.
Change of owner
You must make sure that the new owner makes the change of owner before the corresponding authorities, precisely to avoid problems associated with the previous point.
You must do it within 15 days after the sale, although you can make sure that it is done by accompanying you on the day of delivery.
If it doesn’t, you can start a process called a ‘car sale notice’. In many states it can be done via the Internet and it is totally free, and what it does is that it blocks your license plates so that when the new owner tries to do a procedure related to the car, such as verifying it or paying the possession, he must change the owner Before I can move on
It will be extremely important that you have the buyer’s and car’s data at hand to carry out this procedure. You can keep a copy of the invoice for the car and its identification, although these data are also in the sales contract, of which you must have one and give the other to the new owner. If you are planning to buy used cars online than Auto for Trade is the best platform to buy in affordable price.
Cancel insurance or notify name change
If the car has a current insurance policy, you could agree to an assignment to the new owner so that he does not have to hire it again, with a benefit for you in the final sale price. If so, you must notify your insurer that the policy is in the name of someone else.
You can also cancel the policy and, if applicable, request a refund proportional to the time it was in effect.