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I am in Florida, sold my car to a buyer in Tennessee. I am picking him up at the airport this weekend. Now what is customary....for him to drive back up to Tennessee with my TAG or does he need to provide his own tag ? He will not have the title immediately since the car is being financed and the finance company is out of state and will mail me the title (takes about a week). Both him and I will sign bill of sales to protect each other...but is it acceptable that he drive back up to TN with my TAG on ?? Any insight is greatly appreciated from anyone that may know.
The buyer should furnish his own registration/plate. Don't let him drive off with yours. I have bought cars out-of-state and the dealers provided me with a temporary plate from that state. I also have had a person who bought my car show up with his own temp plate. I suppose your buyer could either get one in Tennessee before he leaves, or from Florida.
Here in Nebraska, the plate is to be removed immediately. It does not go with the car. In fact, if the plate is on the car after it's sold, it is technically considered a stolen vehicle. Nebraska doesn't allow any non-dealer IN TRANSIT signs either.
From what I understand if he gets in a accident it is under your insurance and you would be liable so i would make him get his own tags
This is correct. You run the risk of having a claim against your insurance, should the car be involved in an accident. This, in turn, could lead to other difficulties with both your insurance company AND your state DMV.
IMO, I would not do business with you UNTIL you could provide me with a signed, notarized bill of sale and title. If the guy needs the proceeds of the sale of this vehicle in order to get that title, then, I suppose I could LOAN him that money — provided he is willing to discount the car 15 - 25%. I would meet him at the finance office where the title was being held.
In your State, does the tag stay with the car forever, or is the tag/plate owned by the registered owner?
In Montana, the plate stays with the registered owner. Once the car is sold, the plates are removed by the seller.
In California, the plate stays on the vehicle, no matter how many times it is sold, until it is registered in another State.
What is the law in YOUR State? THAT is what you need to do!
This is correct. You run the risk of having a claim against your insurance, should the car be involved in an accident. This, in turn, could lead to other difficulties with both your insurance company AND your state DMV.
IMO, I would not do business with you UNTIL you could provide me with a signed, notarized bill of sale and title. If the guy needs the proceeds of the sale of this vehicle in order to get that title, then, I suppose I could LOAN him that money — provided he is willing to discount the car 15 - 25%. I would meet him at the finance office where the title was being held.
Good idea, but NOT always possible. Some States send the Title to the lien holder. Until the lien holder sends the title to the registered owner, all he can give a purchaser is a Bill Of Sale. Some States send the title to the registered owner. In that case, said owner can transfer the Title, but can not clear the lien until he gets the Lien Release from the lien holder. Meet the seller at the lending institution? Another good idea, BUT...
Let's say I sold you the car I just bought, and you want a clear title immediately. Right. you want me to meet you at the Bank of America office in Florida, to pay the lien off and get the lien release? Sorry, that ain't gonna happen! for one thing, I am NOT going to Florida, and the bank isn't going to give you a lien release until your check clears anyway! Even with Electronic Funds Transfer, it will take a day or two to get the lien release. I know, I just sold a vehicle under those circumstances!
Good thinking, but welocme to the real world, it sometimes just can't be done.
In your State, does the tag stay with the car forever, or is the tag/plate owned by the registered owner?
In Montana, the plate stays with the registered owner. Once the car is sold, the plates are removed by the seller.
In California, the plate stays on the vehicle, no matter how many times it is sold, until it is registered in another State.
What is the law in YOUR State? THAT is what you need to do!
Not so in CA, DMV has told me to pull the plates when selling.
Most cars do keep the old plates more from being lazy.
Location: The Circle City. Sometimes NE of Bagdad.
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I have never, ever pulled plates on any car, motorcycle, motorhome or trailer that i have sold or traded in CA.
Per CA DMV:
Requirements after selling a vehicle.
When selling a California registered vehicle, the registered owner of record must:
Release ownership by signing on line one of the title.
If the vehicle is, or was financed, the lienholder’s name appears in the legal owner section and their release with counter signature is required on line two.
Provide the purchaser with evidence of a valid smog certification, if applicable.
Smog certificates are good for 90 days from the date of inspection. The smog certification is not required if the owner or buyer signs a statement that smog certification was submitted with renewal fees within 90 days prior to the transfer date (a vehicle inspection report may be required for proof of certification).
Recent legislation changed the requirements for vehicle transfers occurring on or after January 1, 2005. When you transfer a vehicle that is four or less model years old a smog certification will not be required. A smog transfer fee will be collected from the new owner. When a vehicle is more than four model years old, evidence of a current smog certification must be provided by a seller except when the following occurs:
The transfer occurs between a spouse, domestic partner, sibling, child, parent, grandparent, or grandchild.
A biennial smog certification was submitted to DMV within 90 days prior to the vehicle transfer date (a vehicle inspection report may be required for proof of certification).
Provide the odometer mileage if the vehicle is less than 10 years old (Vehicle/Vessel Transfer and Reassignment Form, REG 262). If the title does not have a designated space for this information, a REG 262 reporting the odometer mileage must be signed by both the seller and buyer. The REG 262 cannot be copied. An original must be submitted. To obtain a form by mail, call DMV's automated phone service 24 hours a day, 7 days a week at 1-800-777-0133. To speak to an operator call between the hours of 8 a.m. and 5 p.m. Monday - Friday, Pacific Standard Time, or pick one up from your local DMV.
Protect Your Liability. Complete a Notice of Transfer and Release of Liability. The seller is responsible for reporting the change of ownership to DMV within 5 days from the date of sale. After DMV updates the information from the Notice of Transfer and Release of Liability, you will be cleared from future liability on the vehicle. The purchaser is responsible for reporting the change of ownership to DMV within 10 days from the date of purchase.
I texas once you sign the tilte its tranferred as far as ownership. It then must be regitered in the new owners name with the state. He then is responsible to have insurance and you have no liabilty because once you suign the title you no longer own it by law.Since the plate question seems to vary by state call your local DMV.
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You keep your plate!
