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Hey guys, I'm going to be buying a truck from a co-worker in the next few days and I just had a few questions regarding the title transfer and registration and that kind of stuff. I haven't done this in a lot of years and when I did, it was in another state. (I'm now in Louisiana, btw, if it matters)
So, I know he has to sign over the title to me and include the sale price. Do I have to get the title notarized? Does anything need to be notarized at all?
Do I then call my insurance company and get my coverage transferred from my current vehicle?
After that, do I just drive over to the OMV and get the vehicle registered and pay any taxes? Will I get a temporary tag?
Does the seller have to take the plates or do I keep them? If he does, how do I prepare for a possible traffic stop?
Any guidance on this would be very appreciated.
Sorry for being so clueless about this!
Your best bet is to call your local DMV to ask the questions about the title, notarization, bill of sale, etc. States vary widely, regarding whether the plates stay with the vehicle, or with the previous owner.
That said, you need to have insurance on this vehicle the moment you purchase it. And do not drop the insurance on your current vehicle until it is sold.
Thanks for the reply.
I did find some info at my state's OMV website, although there's some ambiguity about some of it.
I also found that for trucks, the plate can be transferred. I don't know what makes trucks special, but I wonder if they're referring to regular pickup trucks. I guess that will be found out at the OMV.
Looks like the only thing we'll have to do is get the title filled out, signed and notarized, fill out the odometer disclosure form, then get the truck covered with insurance, obtain proof of that somehow, then drive to the OMV to process the transfer and registration.
Soup Sandwich;32750702]Hey guys, I'm going to be buying a truck from a co-worker
sometimes it's best way to ruin relationship with that co worker. In case truck turns out to be a lemon.
in the next few days and I just had a few questions regarding the title transfer and registration and that kind of stuff. I haven't done this in a lot of years and when I did, it was in another state. (I'm now in Louisiana, btw, if it matters)
So, I know he has to sign over the title to me and include the sale price. Do I have to get the title notarized? Does anything need to be notarized at all?
No.He can write a simple bill of sale stating condition and if there is any warranty attached. otherwise, he simply hands you signed title. Should he have been a good friend, he could have put a lowest possibole sale price onto it, to save you on tax $$.
Do I then call my insurance company and get my coverage transferred from my current vehicle?
Yes.
After that, do I just drive over to the OMV and get the vehicle registered and pay any taxes? Will I get a temporary tag?
Tab should be on the license plate. You will have yey many days, usually 30, to transfer ownership in your name. DMV will issue you registration that you sign and keep inside the truck, then title in your name
Does the seller have to take the plates or do I keep them? If he does, how do I prepare for a possible traffic stop? It's up to seller. I parted with some plates, I keep my vanity ones, on 3rd vehicle now. You simply buy trip permit from DMV, it's nominal fee, slap it onto rear window and off you go.You should also have your insurance notified, in case chit hits the fan, that you will be DRIVING that vehicle; they'll send you proof of insurance fax or to your cell, so you are covered. Life happens.
Any guidance on this would be very appreciated.
Sorry for being so clueless about this!
You worry too much. Daily do I notice cars on the road with nothing on them - no license plates, no nothing.
Soup Sandwich;32750702]Hey guys, I'm going to be buying a truck from a co-worker
sometimes it's best way to ruin relationship with that co worker. In case truck turns out to be a lemon.
in the next few days and I just had a few questions regarding the title transfer and registration and that kind of stuff. I haven't done this in a lot of years and when I did, it was in another state. (I'm now in Louisiana, btw, if it matters)
So, I know he has to sign over the title to me and include the sale price. Do I have to get the title notarized? Does anything need to be notarized at all?
No.He can write a simple bill of sale stating condition and if there is any warranty attached. otherwise, he simply hands you signed title. Should he have been a good friend, he could have put a lowest possibole sale price onto it, to save you on tax $$.
Do I then call my insurance company and get my coverage transferred from my current vehicle?
Yes.
After that, do I just drive over to the OMV and get the vehicle registered and pay any taxes? Will I get a temporary tag?
Tab should be on the license plate. You will have yey many days, usually 30, to transfer ownership in your name. DMV will issue you registration that you sign and keep inside the truck, then title in your name
Does the seller have to take the plates or do I keep them? If he does, how do I prepare for a possible traffic stop? It's up to seller. I parted with some plates, I keep my vanity ones, on 3rd vehicle now. You simply buy trip permit from DMV, it's nominal fee, slap it onto rear window and off you go.You should also have your insurance notified, in case chit hits the fan, that you will be DRIVING that vehicle; they'll send you proof of insurance fax or to your cell, so you are covered. Life happens.
Any guidance on this would be very appreciated.
Sorry for being so clueless about this!
You worry too much. Daily do I notice cars on the road with nothing on them - no license plates, no nothing.
Thanks.
[/quote]
Priceless! "If he's a good friend he can say you paid less for the vehicle so that he can be complicit with defrauding the state of sales tax" Hey, what are friends for?
Priceless! "If he's a good friend he can say you paid less for the vehicle so that he can be complicit with defrauding the state of sales tax" Hey, what are friends for?[/quote]
I've never put down the real selling price for a vehicle. Here in CA the DMV will charge you a percentage of the amount of the sale just for the transfer of title. I found this out years ago when I bought a Toyota 4Runner and put down the price of 2500 on the bill of sale. Big mistake. Just to TRANSFER the title to my name the DMV wanted 200 dollars plus the cost of the tags plus the cost of the smog test. So just to do the paper work they were going to charge me well over 300 dollars when all was said and done.
The state has many other ways to screw it's residents so I like to use lube whenever possible.
Giving us your state would help in providing advice...
You gave it in his first post: Louisiana.
I lived in Louisiana (DeRidder), when you register the vehicle, you'll have to pay taxes on the vehicle. If you paid tax on it already out of state (instance would be if you already owned the car and need to get it registered to LA) then you have to prove that you paid the tax already.
That said, you need to have insurance on this vehicle the moment you purchase it.
Most people's insurance will cover a newely purchased car to get it home, using that insurance policy's "proof of insurance," and you simply call up your insurance comapny when you get the car home and the insurance will be backdated. They have this policy because you may not buy the car you are going to look at for whatever reason, so there's no reason to get the policy BEFORE you buy the car, and there's usually no way to get a policy on the day that you are doing the transaction (so often it's done on a weekend when no one is open anyhow). So you use the insurance card for your current vehicle until you get the car home and put it on your policy.
You'll need to get proof of insurance for the new vehicle before you transfer the tags at your local OMV office, but once you've bought the insurance, then it's usually easy to get that proof either in an email from your agent or the online branch of the insurance company.
Quote:
And do not drop the insurance on your current vehicle until it is sold.
Thanks for the tips guys.
Just as an update, it all went without a hitch (save for an incorrect last name on the new registration)
We went to a Notary Public with his title, signed it over to me, filled out the info, then I added the truck to my insurance, printed out the new ID cards, went over to the OMV and gave them the title, registration, license, proof of insurance, and a check. They transferred the plates because it's a truck.
Finally, once my old car was put in someone else's name and insured by them, I removed it from my insurance.
I'd forgotten how easy it was.
I think I was just put off by the instructions at the state OMV website, which listed way more stuff to do that was unnecessary.
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