Selling an unwanted car for cash is one of the best financial decisions you can make.
It allows you to do countless things such as go on vacation, invest long-term, or build up an emergency fund.
However, you may be wondering what paperwork is needed to sell a car for cash in today’s day and age.
Well, the following tells you about the paperwork needed to sell a car for cash in New York:
Vehicle Title
How does the buyer know that the car belongs to you? Through the original vehicle title of course. Hence it is the most important piece of paperwork required to sell a car.
Not having the title indicates a lot of things such as the vehicle being stolen or it not being completely paid off to the bank.
You can apply for a replacement title to the DMV who will mail it to you after a designated period, if you fulfill their requirements.
Signed Bill of Sale
This is also one of the most crucial documents for selling an old car for cash. When you have a bill of sale, it absolves you of responsibility in case of any legal trouble with the car.
The Bill of Sale includes the following:
- Year and Make
- Vehicle Identification Number (VIN)
- Date of Sale
- Purchase Price
- Names and Signatures
Even if you give away your vehicle, the buyer must sign the bill and write down 0 dollars in the price section. The Bill of Sale form MV-912 is to be filled.
Statement of Transaction
Both parties are also supposed to fill the Statement of Transaction form DTF-802.
The statement is to be submitted to the DMV where the vehicle sales tax is calculated and paid by the buyer.
Notice of Lien and Sale
You are to remove your license plates and registration sticker from your windshield and turn them in at a DMV office as soon as possible.
After selling the vehicle, you have to let the DMV know that you no longer own it via mailing form MV-901 or through their website.
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