By now everybody’s seen the news where the state of California is looking to ban sales of gas-powered cars – basically, everything has to be an electric vehicle. There’s more to it than just California because you might think, California is only one state and I don’t live in California so it’s not going to affect me. Well, let’s take a look.
Even though California is technically one out of 50 states, it represents about 15-18% of the automobile market. So when manufacturers build vehicles they have to make sure they keep California in mind because it’s a larger than average share of the national vehicle sales market. In addition, there are other states that are doing this. The state of Washington has already announced that they’re doing this as well. So now you add those two together, there are also four or five other states that have either announced they’re going to phase out gas-powered cars within the next few years or they’re expected to do so very shortly. If you add up all of the states that have already either announced or certainly will, you have about one-third of the population of this country living in a state where gasoline vehicles will no longer be eligible to be purchased. In fact, some states will not even allow you to register them. In the state of Washington, the law says not only can you not buy them but you can’t even register them. If you already own one, when this law passes, your registration will be rejected when you try to renew it. It seems that California will let you keep the gasoline car you already have. It’s unclear whether you’d be allowed to buy one in another state and bring it into California.
The writing is on the wall right, electric vehicles are being shepherded in as a requirement where gasoline vehicles won’t be. Look at this point if the states pass these laws, even if the manufacturers or you as a consumer want a gasoline car, it might even be impossible because manufacturers aren’t going to build cars that are essentially illegal in a large part of the country. And in addition, they’re not going to build parts for cars that are being phased out. So if you have a 10-year-old car or a 5-year-old car that needs parts, 10 years from now you might not be able to get parts. Many people think, well I’ll just keep my gas car forever and keep driving it, good luck with that. You might not be able to continue to maintain that car in operating condition if parts aren’t available. Even things like computer chips, electronic parts, or collision parts. What if the car gets crashed and you need a fender and there are no fenders? What if the brakes go out and you can’t buy brakes? So you might think, well maybe I’ll just bite the bullet and buy an electric vehicle, well not so fast. At the same time, this is happening, EV prices are going up. According to this article from The Verge, electric vehicle prices are going up. In fact, Ford announced recently for a lot of vehicles, they’re increasing the prices between $6,000 and $8,000 for electric vehicles due to what they call “production cost increases”.
So what does this mean? What does it mean for you as a consumer? For the market and for the industry? Let’s first start with what are your comments. If you are a consumer, what are your thoughts on the fact that electric vehicles may not be a choice anymore and may be a requirement? If you don’t live in California, what if your state decided to do the same thing? What if the market realities made it so that you couldn’t find a gasoline vehicle? What if the manufacturers are not making gasoline vehicles, are you prepared to live a life with an electric-only vehicle? Do you have the capability to charge it? Does match your transportation usage? Are you in the automotive industry? Are you a repair shop? Are you prepared for the transition to electric vehicles? Does your shop have the right technology to repair and fix these vehicles? In fact, are these third-party repair shops even going to be a thing with electric vehicles? It might be dealer-only repairs.
Think about this – if you have a cell phone or a computer, most of those things are under warranty, or the repairs are done through a download or only at the authorized retailer or it may be that third-party repair shop with aftermarket parts. Local garages are not really even needed anymore because everything’s electronic, there are no mechanical parts. Is that industry going to fade away? What about collision repairs? Well, the collision repair of an EV is more than just sheet metal. In most cases, if the floor pan of a car gets damaged, and almost every collision even light impact damaged the floor pan, that’s where the battery is. If the battery is damaged, that’s more than just sheet metal repair, that’s a mechanical item that may have to go back to the dealer.
What about dealers themselves? What is this going to do for the future of automotive retailing? Is it going to change how you run your dealership? What about used car lots? Will it be practical to buy and sell used electric vehicles? A five-year-old electric vehicle might have more than a hundred thousand miles and now your battery is out of warranty. Most manufacturers warranty the battery for eight years or a hundred thousand miles. Well, some people hit a hundred thousand in five years. That’s only 20,000 miles a year. Many people drive more than 20,000 miles a year. So in five years if that battery is out of warranty, does that make the car worth anything? Is it worth even buying or selling these cars? Because if the battery costs $15,000 $18,000, is a five-year-old car even worth that to replace a battery? So tell us what your thoughts are. This is all brand new, this is a new world a new era, all new information. We’d like to hear your feedback on what you think about the transition to electric vehicles. What do these new laws changing mean for you? And what opinions do you have about this?
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Order Vermont Title LoopholeOrder Deceased Owner Title TransferOrder Bonded Title ProcessOrder Abandoned Vehicle ProcessOrder Prior Owner ContactOrder Lien Release Request LetterPGlmcmFtZSBzcmM9Imh0dHBzOi8vYXBwLmFjdWl0eXNjaGVkdWxpbmcuY29tL3NjaGVkdWxlLnBocD9vd25lcj0xOTQ4ODEyNiZhcHBvaW50bWVudFR5cGU9MjMwNjY0MTAiIHRpdGxlPSJTY2hlZHVsZSBBcHBvaW50bWVudCIgd2lkdGg9IjEwMCUiIGhlaWdodD0iODAwIiBmcmFtZUJvcmRlcj0iMCI+PC9pZnJhbWU+PHNjcmlwdCBzcmM9Imh0dHBzOi8vZW1iZWQuYWN1aXR5c2NoZWR1bGluZy5jb20vanMvZW1iZWQuanMiIHR5cGU9InRleHQvamF2YXNjcmlwdCI+PC9zY3JpcHQ+
When it comes down to deciding between a manual transmission or an automatic transmission, the decision is often one of preference rather than necessity. The difference between a manual transmission and an automatic transmission is all in the name. Manual transmissions require you to manually shift gears, while automatic transmissions shift gears for you automatically.
At the end of the day, it boils down to preference. However, there are some important things that you should know about both types of transmission and their pros and cons. Both are capable of getting the job done, it’s just a matter of what transmission works best for you.
When a loved one dies, questions can arise about what to do with their vehicle(s). Fortunately, most states have a process for transferring ownership of the vehicle to another party or for canceling the title altogether. While all states are different, there are general similarities that can help you get started on your deceased owner title transfer.
Before transferring a vehicle title from the deceased owner, you should check if the title has survivorship. If the title has survivorship, then the title is automatically transferred into the survivor’s name. If there is no survivorship, will the estate be probated? Meaning, has the deceased owner left a will that will go through the court system for the vehicle? If the answer is yes to either of these questions, you may be able to transfer ownership more quickly with official documents or a will from an attorney or bank.
If there is no will or probate needed, then you will have to seek permission from all other legal heirs before transferring ownership of any property into your name.
If the vehicle in question does not have a survivorship clause and the estate is not being probated, most states have a process by which one may obtain a title from a deceased owner. To apply for a new title from a deceased owner, you’ll typically need the following items:
Each state has a different application for title transfers. They can be found online or at your local Department of Motor Vehicles office. Before you begin, check with your state’s department to make sure you have all the right paperwork because there may be additional requirements in your state.
The inheritance affidavit is a document needed when transferring ownership of a vehicle from a deceased owner. This document outlines the ownership of the vehicle as assigned by all of the surviving heirs of the property/vehicle. In order to transfer ownership, all heirs must sign this document and it must be notarized.
The odometer disclosure provides a true and accurate statement of mileage at the time of sale. Some states allow for this to be disclosed on the bill of sale or the title application, although some states have a completely separate Odometer Disclosure process.
The bill of sale is written proof that you purchased the vehicle from the heir. Think of your bill of sale as a receipt of purchase. In many states, the bill of sale must be notarized for deceased owner title transfers. If it’s not required in your state, it may be beneficial to have the document notarized anyway to add extra legitimacy to your document.
If there is a lien on the vehicle, then the title is unable to be transferred until the lien is released from the lender. In some instances, for example, if the lien is more than 10 years old, the lender can send you a letter of non-interest in lieu of a lien release. This letter of non-interest states that the lender is no longer interested in pursuing the lien.
Not all states require the death certificate to be included in the application for title. However, be sure to check your state’s requirements prior to submitting your application.
Upon submission of the state title application for deceased owner transfer, make sure to include the appropriate title fees designated by your state.
The DMV title transfer process can be confusing and tedious, especially when you’re also dealing with the loss of a loved one. Remember as you are caring for your deceased loved one’s property you also remember to care for yourself. If there is an estate or survivorship, consider consulting or hiring a lawyer to assist you in this process. We always recommend getting good legal advice when transferring a title from a deceased owner, the DMV cannot provide legal advice.
The vehicle title, registration, and bill of sale are all very important documents to have as a vehicle owner. These three documents may seem similar, but they have very different purposes. In this article, we’ll explain the difference between each document.
The vehicle title, also known as the certificate of title, is a legal document issued by the department of motor vehicles in your state that assigns ownership over a particular vehicle. In addition to serving as proof of ownership, the vehicle title may also be used to transfer ownership of a car.
The registration document is required by law before you can legally drive a car on public roads. This document contains information about the vehicle’s make, model, year, and VIN (vehicle identification number). It also includes your name as well as any other individuals who are listed as owners of the vehicle. Since the name of the registrants does not equate to ownership, the registration by itself is often not considered sufficient proof of ownership.
The bill of sale is the receipt from the transaction of the vehicle. It states who sold the vehicle, who bought it, and for how much. The bill of sale does not assign ownership, it only serves as proof of the transaction.
The vehicle title, registration, and bill of sale together form a crucial paper trail for any vehicle owner. By understanding the distinctions between each document, you will avoid confusion should you ever have to refer to them again. And if you’re shopping for a vehicle, this background knowledge will aid in your decision-making process.
If you’re leasing a car, what should you do if that lease is about to end? Maybe you’re a few months away from your lease termination, maybe have a few payments left, or maybe it’s pretty much done. You have three options for disposing of that vehicle, in most cases. Every lease is a little different but this is how most lease contracts have been created over the years.
Option number one is you can bring the car back to the dealer, drop off the keys, and walk away. As long as you are under the maximum mileage and you have no major wear and tear or damage, you’re off the hook. You bring in the car, drop off the keys, and walk away. However, keep in mind if you do that, you might be walking away from hundreds or thousands of dollars in equity that you didn’t even know you had. The dealer is not going to tell you that though.
Option number two is you can trade it in for a new vehicle. Now, be very careful if you’re trading it in that you understand the difference between a trade-in and a turn-in. Here’s why– with automotive leases, the way it works is you have a guaranteed buyout at the end of your lease. You have a fixed price that you’re allowed to buy that car for at the end of your lease. That price served a few purposes. First of all, it was used to reduce the amount you had to finance. For example, say you bought a $30,000 car and the dealer figured in three years that car is going to be worth $12,000. What they would do is they would take that $12,000 and take it off of your financing right off the bat. They would basically give you a $12,000 down payment so you only had to pay the $18,000 difference between what you’re paying for it and what it’s worth in three years.
So you make payments on that $18,000. At the end of that term, if you wanted to pay the amount you could pay it and you’d own it, or you could just give it back to them and they use that value to pay the money that they reduced your price from the beginning. Now, how did they figure that value? What they did was they based it on what they thought the vehicle was going to be worth in three years and they’ve got to be pretty close. If they guessed too high, now they’re stuck with the vehicle. If they guessed too low, your payments are going to be too high and you won’t buy the car. So they have to be pretty accurate and they use historical records, book values, projected depreciation, and all kinds of factors. For the most part, they’re pretty good at this. However, in the last two years, vehicle prices and used car vehicle prices have skyrocketed. Many cars are actually worth more now than they were when they were brand new. We see cars selling all the time as used cars two or three years old with 20,000 miles for more than the original sticker price.
So if you have a vehicle that was leased, let’s say that $30,000 vehicle and they projected the value was only going to be $12,000. What happens now if the market has changed in your vehicles worth $20,000 instead of $12,000? Well, guess what? You still have the option to buy it for $12,000. Meaning that if it’s worth $20,000, you can buy it for $12,000 and either sell it for $20,000 and pocket $8,000 in profit. Or you can trade it in for $20,000 minus the $12,000, that would put $8,000 towards your next car, but don’t let the dealer swallow up that equity. If you just turn in and buy a new vehicle, they’re going to keep that $8,000, and they’re going to buy it for $12,000, let you buy the new vehicle just for whatever the price was, and not apply that equity toward your new car. Unless you really pay attention to the paperwork, you may not even know that even happened.
What happens if you want to keep your car? Well, that’s good because now you’re buying a car for $12,000 that if you went somewhere else to buy it is worth $20,000 in today’s market. So pay very close attention to your lease. Look at your contract. More than likely you have a firm option fixed price to buy that car at the end of your lease that was in your contract. Can’t change it. It doesn’t matter the mileage condition if you’re buying it because it’s your car. Now the other advantage of buying that car is you’re buying a used car that you know the history you know the prior owner, you know everything about it. How lucky is that? Most times you buy a used car you’re buying a pig in a poke. You don’t know where that car’s been. This car you know where it’s been, plus if for some reason you are over on mileage or there’s damage, you buy it that doesn’t come into play. You don’t have to pay a penalty if you’re buying the car. Now, there may be a couple of things to keep in mind.
First, some leases require that if you’re selling it at the end of the lease you have to buy it. You can’t sell it to somebody else right away. You have to buy it first and then resell it. You know, that’s a little bit scammy but if that’s in the contract that’s what it is. You may also have what’s called a disposition fee meaning that you have to pay $200 or $300 to dispose of the car to buy it. Your contract will determine that, if it’s not in your original lease contract a dealer can’t add it later. So make sure that if the dealer is adding fees for you to buy your own car that they were in the original contract. If they’re not in there they can’t add fees. Some dealers even will go and say they have to certify your car because you’re buying it from them. They claim they have to make sure it’s safe for the road so you end up paying them $1,000 to give you a certification. Check with your local statutes to find out what the laws are in your state. There have been many dealers who have tried to mark up cars for people to buy their own cars and found out you can’t do that. But once you do it, you’ve agreed to it, you may not be able to get that money back. So check your contract.
Start doing this early start doing this month earlier than the lease ends because if you’re pressed for time in the end you may have to accept a contract that maybe you don’t have time to research. Also, look at financing. If you go to the dealer, they might hit you with higher financing than if you go to your own bank or credit union to buy your car and you might be able to do it that way. Make sure that if you do buy out of your own car, you get the title transferred because that lease car is not titled in your name. It’s titled in the name of the lease company. So once you buy the car you want the title to be transferred from the lease company to you as the owner, make sure you get that title in your hands. We get a lot of people that contact us that say, Hey I bought my vehicle and I never got the title from the lease company. Now it’s a hassle because what if the lease company is out of business three years later or they don’t know about it? You want to get that title transferred immediately into your name. Let us know your questions, and put your message in the comments, but this is a good way to get a great deal on a vehicle that you already know a lot about.
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