Buying And Selling A Vehicle Privately For The First Time? What To Know
There is more that goes into selling a car and buying a car besides writing a check. Instead, you have to make sure you have done everything correctly so you can get the vehicles transferred, and so you can move on with registration for your new vehicle. If you are buying and selling privately, you won't have a sales associate to help you. Here are some tips if it's your first time selling a car and buying a new one privately.
Take Your Plates
Don't let someone drive off with your plates, or leave the plates on the vehicle if it's going to be listed for sale. You don't want someone to have a vehicle that they are driving around with your name on the plates while they are getting their own plates, because you could be liable for a problem or accident, and vehicle plate theft is a problem that occurs regularly. Leaving the vehicle out can make it a target for vehicle theft. If plates go missing, make sure to report it to the police right away.
Transfer Titles Immediately
If you are exchanging the money for the vehicle at a bank or a financial institution of some kind, ask if the notary there can help to transfer the title. This way you don't have any loose ends after the money has been exchanged, and you aren't responsible for the vehicle after the title has been transferred and notarized by a professional. You may accept cash for the transaction, or ask the buyer to bring a cashier's check for the transaction so there aren't issues.
Bring Your Insurance for Registration
You have to set up insurance for the vehicle that you purchased and activate a policy. Without insurance, you won't be able to get the registration for the vehicle. You will also have to bring the new title for the vehicle, so you can show that you are the owner. Make sure that you cancel the insurance on your old vehicle immediately when opening a policy for your new vehicle.
If you need help with the transaction or you are confused about how things should work, you can contact your local DMV or the notary at the bank to ask what documents they need and what you should do. You don't want to make any mistakes while you are selling and buying cars, so make sure you take your time and do everything right.