How do you sell a car without a title if it’s necessary to transfer ownership?
There are many reasons why your car’s title could be missing. Maybe the car was a gift from a relative or a friend. Or, perhaps, you lost the title in a pile of paperwork. Whatever the case, you need to know how to sell a car without a title. Luckily, there are alternative methods when you don’t have a title in hand.
Before You Sell Your Car, Try To Replace the Title
While you might have a legitimate reason for not providing a title, buyers will be wary of any vehicle without one. It’s best to have the title replaced before you sell your car.
The state where the vehicle is registered can provide you with a copy of the title if you own the vehicle outright. For a financed or leased vehicle, you need to request a copy of the title from the lender. Depending on the state, you may also be required to hold the title for some time, such as 30 days, before you can transfer ownership.
Your copy can be sent electronically if your state participates in the electronic lien and title (ELT) program. Otherwise, it typically takes a few weeks to receive the title copy. In any case, once you obtain your new title, the old one is void (should you ever find it with last year’s tax returns).
A Car Loan and No Title
What if you have a bill of sale for a new or used car because you purchased it with a loan, and your lender has the title?
Work with your lender or lienholder to determine how much the payoff will be. Reach an agreement on the sale price with your potential new owners after calculating how much debt you need to pay off and how much profit you’ll make.
When you pay off the loan with the buyer’s cash, the lender will release the title to you for delivery to the buyer.
Selling Older Cars
Some states do not issue titles to vehicles over a certain age. A handwritten bill of sale is acceptable to sell your car in this case, provided it contains information about the car, the sale price, the date of purchase, and the contact information for both the buyer and seller.
Selling A Car Online
You can avoid the stress of dealing with buyers by using Get More Cheddar in Youngstown for selling a car online. They’ll work with you to obtain all the necessary paperwork for your state’s regulations. Contact today to get started.