Usually, selling a car without proof of ownership is illegal in most countries jurisdictions. But, there can be a perfectly logical explanation for this kind of situation. The title could have been either lost, damaged or stolen. Otherwise, there could be chances that you had never owned the vehicle when you had first bought it, or another lender currently holds a lien on the car.
There can be various reasons for this ambiguous situation, and the solution will depend on the circumstances and the place you live in. Fortunately, there are some useful tips that you can look forward to.
Ways To Sell A Car Without A Title
1. Requesting A Duplicate Or Replacement Title
There can be times when you have simply misplaced the title. Applying for a duplicate title with the New Zealand Transport Agency (NZTA), either through an NZTA agent or online, is the easiest thing to do. In case you face other issues like incorrect title name, you can also apply for rectification.
You also need to apply for a Replacement Certificate Of Title from your state, if you plan to sell your car to a person from another state. Furthermore, a Title Affidavit is also needed to prove your ownership, along with the insurance documents and the bill of the last sale.
2. Asking Salvage Yards
If you like to sell your car as junk or cash, then you’d not need any title. You can easily find out by asking nearby sell car Auckland services, who will buy your car for straight-up cash. A driver’s license and a valid registration are enough to sell your car to salvage yards.
Before you plan to sell your car, make sure that you have an idea about the process. If the salvage company cannot buy the vehicle from you without a title, then you need to move on to the next one. After you’ve found a company who would buy your car without the title, go through their process, and you’ll finally sell your car. Of course, the sale amount will be much less than what you can obtain via traditional means.
3. Filing For An Abandoned Vehicle
This is one of the most natural things to do when you have got no title to your car. Filing so with the respective transport authorities will help them to track down on the car’s previous owner, with the help of the vehicle’s unique identification number. The transport authority will allow the last owner to have the first right of refusal.
In this case, if the previous owner refuses the ownership or agrees to transfer the property, you can apply for your own registration for a title with the car. Afterwards, you can quickly sell the car with the new title.
4. Being Honest With The Buyer
If you don’t have a title and cannot one either, then you need to caution your buyer from the start. You have to be honest and let your buyer know that you don’t have the required documentation needed to make a legal sale. If that situation arises, you need to pay for any money or bill that you currently owe on the car.
Letting your buyer know upfront about the car title will avoid any backing out at the last minute of the sale. It will also ease your mind as well as your buyer’s account so that they will feel comfortable buying your risky vehicle.
5. Checking With Your Bank
If you had taken a car loan in order to buy your new car, then naturally, your bank will have the ownership of the vehicle till the last instalment of the loan has been repaid. Therefore, your bank will be the current title holder to your car before it’s debt-free.
You have to let your bank know about your selling plans and thus learn the process by which you can sell your financed vehicle. If your bank agrees to the sale, then you have to use the sale proceeds to waive off your pending loan amount with the bank. You will then successfully transfer the title to your buyer without any complications.