You may come across customers who aren’t familiar with your specific vehicle-buying process, including title transfer of ownership. They may have moved from a different state or this could be their first time purchasing a vehicle from an auto dealership. Consolidated Automotive Services of Indiana has years of experience assisting automotive dealers across all 50 states with a wide range of title services. Here’s what your customers may want to know about your specific transfer of ownership process.
Information to Be Reviewed
There’s a lot of information that needs to be checked and documented before a vehicle purchase can be finalized. To complete the title transfer of ownership without delays, the title information must be accurate and match the vehicle’s VIN, the buyer’s information, and the lender’s information. Other documents that may need to be checked include these:
- Customer’s photo ID
- Signed title and registration application
- Proof of insurance for the buyer
What to Expect at Your Dealership
Most automotive dealers follow these transfer of ownership steps when selling a vehicle:
- The business office handles most title paperwork and checks for any liens against the title.
- The customer is charged title and registration fees as part of the final sale.
- The auto dealer office pays those fees to the state on the customer’s behalf.
- The customer is charged a document or filing fee for this service.
- The customer will receive an updated title in the mail with the lender listed as the title owner or the customer’s name listed if they did not secure financing for the car.
What Happens When the Customer Pays off Their Loan
If a customer is taking out a loan for their vehicle, they may have questions regarding what happens once the vehicle is paid off. Below are the typical steps a customer needs to follow to have the title transferred to their name:
- The lender sends a lien release letter to the customer, which is a legal document stating that the auto loan has been paid in full.
- The customer, now owner, must contact their state’s DMV to have the title transferred to their name.
- The owner must bring the vehicle title, the lien release letter, proof of insurance, and a photo ID to the DMV appointment.
Assisting Automotive Dealers with All Title Services
At Consolidated Auto, we are more than happy to assist you with all your title needs, such as duplicate titles, salvage titles, repossession titles, UCC filings, and more. Call us at (812) 988-8300 to request a quote today.
Source: Wollenhaupt, Gary. “How to Transfer a Car Title.” Web article. LendingTree. 10 Mar. 2022. Web. 08 Mar. 2023.