Car Selling Questions...once sold, what to do?

[ArkiStan]

I'm trying so hard to sell my car right now. Everybody's off somewhere for the holidays, so nobody is interested buying cars. I've posted everywhere and only one or two replies.... anyway, once I do sell the car, what are the next things to do?? I know I have to transfer ownership and stuff. And I remember a mandatory smog check. I live in Northern California. Can somebody tell me the exact procedure to go through once somebody decides to buy my car?? Thanks.

(in case anybody is interested, here is the car
http://www.gotapex.com/forums/showthread.php?threadid=36542)

[UnReAL]

Well not saying that anyone here isnt credible or anything. But, I would go down to the DMV or something and have them tell you "exactly" what to do. I mean, you wouldn't want to do something illegal would you? Good luck selling the car!

[Two Cents]

DMV (http://www.dmv.org)

This site should have all the info I need. D@mn, why does my company firewall not allow me to visit the DMV site...it's the DMV!

[ArkiStan]

Originally posted by Two Cents
DMV (http://www.dmv.org)

This site should have all the info I need. D@mn, why does my company firewall not allow me to visit the DMV site...it's the DMV!

Uhgg...DMV website...of course... :rolleyes:

Since a certain point in time, I just find myself not even thinking and completely relying on the advice of my gotapex friends, even for such obvious things. Thanks guys. I can't believe I didn't even tihnk about visiting the DMV website. I suck.

[ArkiStan]

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, a name will be in the legal owner section and their releasing signature is required on line two.

- Provide the purchaser with evidence of a valid smog certification.
Smog certificates are good for 90 days from the date of inspection. The smog certification is not required if the owner or buyer sign a statement that a smog certificate was submitted with renewal fees within 60 days prior to the transfer date.

- Provide the odometer mileage if the vehicle is less than 10 years old.
If the title does not have a designated space for this information, an Odometer Disclosure Certification (REG 262) must be signed by both the seller and buyer. The REG 262 cannot be copied, an original must be submitted. You can call (916) 657-7669 between the hours of 8 a.m. and 5 p.m. and ask for one to be mailed to you, or pick one up from your local DMV.

- Complete a Notice of Release of Liability (REG 138) and mail the notice to the DMV address on the form. The seller is responsible for reporting the change of ownership to DMV within 5 days from the date of sale. It is important to do this as soon as possible, because after DMV updates the information from the REG 138, 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

[Ladogaboy]

There is one more thing... If you are a nice guy;), you might be able to give whoever you sell to a tax break, as well as yourself, I think.

When you fill out the paperwork, it is possible to say you sold the car for less than you actually did. Not sure if this is legal, so you might want to check into it. :P

[ArkiStan]

Yeah, when I bought the car from my friend, we put down the car price as $0.01. Didn't hurt either of us to do that. (I don't think...) :confused:

[Ladogaboy]

Originally posted by ucbstan
Yeah, when I bought the car from my friend, we put down the car price as $0.01. Didn't hurt either of us to do that. (I don't think...) :confused:

hehe, don't see why it would... I wish there were more deals like that on the deals page! :hehehmm: :kaching:

[Realrammstein]

Actually, it is VERY illegal. A buddy of mine bought his low-milage Porsche 944(back in 91) from a private party and they wrote down $5K. Yeah right! After numerous threats(he got hounded by the IRS)he ended up paying the bluebook value's tax on it. Although supposedly it is a kinder, gentler IRS, now :)

[ArkiStan]

oops!! :heh:

[Paladin]

As long as you make it sound believeable then you won't have any problems i.e: a $5000 car for $2500 or so will give you a little break and no one will know the difference.

[nfarzan]

if you have a friend who's a car dealer (used or new), you can have him purchase the car...dealer's dont pay tax. Then he can turn around sell it to you for like $100...actually write up the invoice and everything...totally legit. You end up paying tax on the $100 and the IRS has no way of proving otherwise...