Transferring a car title is essential when buying or selling a vehicle in Ohio. Whether you’re a first-time car buyer or a seasoned owner looking to transfer your vehicle ownership, understanding the necessary requirements is crucial. Ohio’s Bureau of Motor Vehicles (BMV) has established specific guidelines to ensure a smooth and legal car title transfer. This article will explain what documents are required to transfer a car title in Ohio and how to ensure a smooth transfer of ownership.
The seller must complete the assignment of ownership section on the back of the title certificate. Ensure that all information is properly spelled and that the title has no stray marks. Stray marks or damages will result in the title being deemed invalid by the BMV.
If the vehicle was last titled in Ohio, the buyer will need to bring the following items to the title office within 30 days:
If the vehicle was not last titled in Ohio, the buyer will need to bring the following items to the title office within 30 days:
On the back of every car title that is issued, you’ll find a section to transfer ownership. A properly assigned title is one that has the transfer section completed in its entirety, the sale date is recorded, and the purchase price is clearly stated.
Sales tax
Upon the transfer of ownership, the buyer must pay sales tax on the vehicle’s purchase price. In addition to documenting the purchase price on the title, consider documenting it on a bill of sale and make a copy for both the buyer and seller to keep for their records. The sales tax amount varies by county; contact your county title office to determine the sales tax rate.
More than one owner
If more than one owner is to be listed on the title, all parties must be present at the BMV for the transaction unless a notarized power of attorney is obtained.
If the vehicle was not last titled in Ohio, it will require an out-of-state VIN inspection before receiving a new title. VIN inspections can be obtained at any Ohio deputy registrar license agency or Ohio licensed motor vehicle dealership.
Transferring your car title in Ohio doesn’t have to be a hassle. By learning the requirements for the transfer and gathering the proper documentation, you can transfer your car title in Ohio with ease. Remember, in Ohio, car titles are issued by the County Clerk of Courts Title offices. If you have questions about the transfer requirements, reach out to the title office in your county. If it’s your car, you deserve a title in your name.
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For many years, we have discussed obtaining a lien release for a vehicle, even with outstanding debts. We have explored the steps involved in acquiring a lien release, and recent developments regarding a company named American Car Center have brought this topic to the forefront. This underscores the importance of validating the method and suggestions we have been advocating for over a decade on how to ultimately obtain a lien release.
Now, let us delve into the backstory of American Car Center’s closure and the process of obtaining a lien release.
So, here’s what happened: American Car Center, a sizable dealership organization with approximately 40 or 50 locations across the Southeast, operated by selling cars to customers and providing in-house financing. Essentially, they functioned as a “buy here pay here” lot, where customers financed their purchases through them and made payments directly to them. Once the payments were completed, customers would receive the title for their vehicle.
However, an unfortunate circumstance arose when American Car Center went out of business. This situation gave rise to a multitude of issues concerning outstanding payments, the ownership of the title, and other related complications.
We have been recommending a specific approach for years if you possess a vehicle that has been either charged off or written off and has any uncertainties regarding the title or lien release. Our suggestion is to request a lien release directly from the lien holder.
However, paying attention to how you initiate this process is crucial. It is not advisable to handle it over the phone or through email, nor should you attempt to resolve it by simply calling them. The most effective course of action is to personally visit the lien holder’s office.
What you want to do is do it in writing in a very specific way. You prepare the document that’s a lien release, print it, mail it to them for signature put a return envelope with the self-addressed envelope.
And so when this American car center went out of business, a lot of people reached out to the better business bureau. Brian Oglesbee from the Better Business Bureau has provided guidance on this matter. “Customers uncertain whether they should continue making payments have expressed their concerns,” According to the BBB representative, “some customers have fulfilled their payments but have yet to receive the car title.” The BBB advisors recommend that these customers request a release of lien form from the DMV and subsequently send it to the finance company.
Make the process convenient for them by providing a self-addressed stamped envelope, as most companies lack a dedicated department for form completion. This way, you simplify the procedure. Customers can easily send the completed forms back and receive the lien release. It closely aligns with what you previously mentioned.
We have repeatedly emphasized that most companies lack a specific department for lien releases, and this Better Business Bureau representative has corroborated that. They have confirmed that this approach is the most effective means of obtaining a lien release for your vehicle. Companies may even grant a lien release despite outstanding debts if you approach them correctly.
The controversy surrounding American Car Center is not to be taken lightly; it has evolved into a significant crisis that has jeopardized the titles of tens of thousands of individuals. Therefore, it is imperative to ensure that you make the correct request. Avoid doing it over the phone; certainly, if you are still making payments, it is crucial to continue doing so. However, it is equally important to ask for a lien release. Witnessing the availability of solutions for consumers in such situations is reassuring. Our aim is to prevent any unfortunate outcomes where you may lose both your vehicle and the substantial investment you have made over time.
Get peace of mind with CarTitles.com’s step-by-step assistance in obtaining your title and lien release after the closure of American Car Center.
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So, what is going on with used car prices? Was this recent little blip and drop in price just a head fake, and will it be only a drop in the bucket? If you’re in the market for a used car, now might be the time to buy because they may go up again. You might be expecting used car prices to crash, but here are some big headlines and data behind the scenes that show why that might be the case.
First of all, according to CNBC, there may not be a return to normal for the used vehicle market. There was a decline in price through the end of last year in 2022, but inventories remain low, and the pause in production might make used cars back up on the upswing.
We’re seeing that already used car prices are surging again. This is from March 30th, so whenever you’re watching this, it’s the beginning of 2023. According to the article, it says, “Nice while it lasted for nearly a year.” The average used vehicle price has been edging towards affordability for millions of people. It didn’t crash; it’s edging up slowly. The relief felt belated and slight, but it was welcome. However, the supply of used vehicles is failing to keep up with demand, and prices are creeping up again, with signs pointing to further increases.
Why is that? Well, you’ve got to remember that during 2020 and 2021, new cars were not produced at the same volume as in the past. So now, in 2023, a three-year-old used car is a 2020 model. They hardly made any new cars in 2020. Therefore, the amount and volume of available inventory are meager because we’re going through that dip where new cars weren’t produced at the time. At the same time, the demand for used vehicles is going through the roof. People want to buy used cars. Why is that? Here’s why.
New cars are now at an average transaction price of $50,000. So, the executives at Toyota say we’ll soon be paying $50,000 as the average transaction price for new cars. The average new car transaction price is around $47,480, and it’s only going up. The used car market isn’t going to slow down either. So, many factors are at play that put pressure on used car pricing, pushing them upward. Therefore, if you’re looking for a used car, that may be a problem.
It also comes in at the lower end, in the three or $4,000 range. Let’s take a look. According to one dealer, many customers can’t afford either new or late-model used cars. Some potential buyers he knows are using tax refunds to make ends meet. Used, inexpensive cars are now becoming more of a luxury. The market needs vehicles that are three, four, and $5,000 right now. Behind the vehicle shortage and inflated prices is the principle of supply and demand. It’s elementary, right? Again, they repeat that new cars are priced at $48,000, which is beyond reach for many. This will not make a return to what they call “normal.” Notice “normal” means what it was four or five years ago. That’s history.
In 2018 or 2019, there were plenty of new cars being produced. You could buy a nice new car for $30,000 to $35,000. And in 2014 or 2015, there were tons of vehicles produced. So, a three-year-old used car was easy to find in 2018, right? If you’re in 2018 and looking for a three-year-old car, 2018 minus three is 2015. In 2015, there were around 12 million to 14 million new cars produced. There were plenty of them around.
Well, now fast forward to 2023. If you go back to three years ago, few cars were produced, and the new cars had a much higher price. So, all these factors are coming together to make finding a good used car for a decent price difficult. Additionally, with the high-interest rates, one of these articles shows that the used car interest rate is now 11%. So, you went from 8% to 11% in one year, and that’s going to have a significant effect on your ultimate car payment.
If you get a three-year-old car, you can get a four-year loan, resulting in a much higher payment than a five-year loan on a new car at 11%. You know, you’re looking at monthly payments of six to $700 for a used car. New vehicles are even worse. New cars are averaging about a thousand dollars a month for the price of a $50,000 car. So, keep this in mind as you’re shopping. And if you know you’re going to need a car in the next couple of years, now might be the time to buy because it’s possible that the prices won’t go any lower and they might start creeping back up.
Get expert advice for buying or selling your car with TelAdvice.com. Our team of automotive experts can provide you with tailored advice to navigate the process with confidence. Schedule your consultation today and take the first step towards a stress-free buying or selling experience.
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If you’re selling your car in Texas, it’s important to understand the requirements to transfer the car title. Did you know you could still be liable for tickets, tolls, and other penalties if you don’t transfer your car title to the new buyer? To avoid this, let’s discuss how to properly transfer a car title in Texas and how to notify the Texas Department of Motor Vehicles (TxDMV) of the sale.
To transfer a Texas car title, you’ll need to provide the following documents to your buyer:
As the seller of a Texas vehicle, you must provide an Application for Texas Title and/or Registration (Form 130-U) to the buyer and sign in the seller’s space at the bottom. We recommend completing this form as much as possible to ensure all the buyer has to do is verify the information and sign at the bottom.
A bill of sale is not required to sell your car in Texas, but it is highly recommended that you provide one anyway. We recommend making a copy for the buyer and one for your records. If you have any supporting documentation to support the title transfer, such as a lien release or power of attorney, provide those to the buyer at the time of sale.
Once you’re ready to sell your car, here are the next steps to transfer your title:
Step 1: Provide the above-mentioned documents to the buyer at the time of the sale.
Step 2: Visit the TxDMV with the buyer to ensure the Application for Texas Title and/or Registration (Form 130-U) is completed and filed correctly.
Step 3: Submit a vehicle transfer notification to the TxDMV
When your Texas-titled vehicle is successfully transferred to the buyer, it’s crucial that you notify the TxDMV within 30 days of the transaction. Doing so removes your vehicle liability and assigns it to the buyer. Remember, if you don’t remove your liability from the vehicle, you can be stuck with tickets, tolls, and civil penalties that the new owner accrues.
Knowing how to navigate the title transfer process in Texas is crucial if you are selling your car. By providing the necessary documentation to the buyer and notifying the TxDMV after the sale, you can be assured that the Texas title transfer process will be smooth and hassle-free.
Are you planning to sell or transfer motor vehicle ownership in New York State? If so, it’s important to know the necessary tax obligations associated with the transaction. One crucial aspect is completing the Statement of Transaction (DTF-802), which significantly determines the sales or use tax liability. This guide will walk you through the step-by-step process of completing DMV form DTF-802, ensuring a smooth and compliant transaction.
This New York DMV form must be completed when sales tax is not collected at the time of purchase or if the vehicle was received as a gift. A private sale may be an example of a vehicle transaction where sales tax is not collected at the time of purchase, although this is not the only possibility. If you purchased a vehicle or were gifted in New York and did not pay sales tax on the vehicle, you’ll likely need to complete the Statement of Transaction (DTF-802).
Before you start filling out the form, ensure you have all the necessary information. To complete DMV form DTF-802, you will need:
Once you have gathered the required information, locate a copy of form DTF-802. You can obtain this form from the official website of the New York State Department of Taxation and Finance, visit your local DMV branch, or click this link HERE to download the form. Complete each section of the form as follows:
Start by entering the vehicle’s identification number (VIN), year, make, and model in the appropriate fields on the form. This information helps identify the specific vehicle involved in the transaction. If the vehicle is an ATV or snowmobile, ensure the storage and delivery locations are recorded in this section.
Enter the buyer’s name, address, and contact details accurately under New Owner Information. Double-check this information to avoid any potential errors.
Enter the seller’s name, address, and contact details as the seller in the designated fields. Ensure that this information is accurate and up to date.
In this section, select the type of transaction that resulted in possession of the vehicle. If you’ve been gifted the vehicle or purchased it from a private party, select the box that best represents the situation. If you have a relation to the seller, select the appropriate box next to the transaction date.
In this section, you must provide the vehicle’s purchase price or fair market value. This value will be used to determine the applicable sales or use tax. Be sure to provide an accurate and honest assessment of the value. Ensure that you have the most current valuation of your vehicle, whether that’s done through an appraisal or using the NADA valuation resources. Check with your DMV for the specific type of valuation to provide for this form.
Review the form to ensure accuracy once you have completed all the necessary fields. Sign and date the form in the respective spaces provided. If there are any stray markings or damages to this form, it will not be accepted. Fraudulent submission of this document with intent to evade tax is a misdemeanor punishable by a fine of up to $10,000 for an individual and $20,000 for a corporation.
If any of these situations apply, the seller or donor must complete section 6:
After completing and reviewing form DTF-802, make a copy for your records. Submit this form and any other accompanying forms (title application, etc.) to your nearest New York DMV location to record the transaction and pay sales tax on your vehicle.
Completing New York State DMV form DTF-802 is an important step when selling or transferring motor vehicle ownership in the state. By following this step-by-step guide, you can ensure that you provide all the necessary information accurately and meet your tax obligations. Remember to stay informed about any updates or changes to the form by referring to the official resources provided by the New York State Department of Taxation and Finance.
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