have signed this, technically the vehicle changes hands. By law, if you’vesold your car and have a payoff, you have to make it and give the title (or (^)
lien release) to the new owner when you get it.
The title will almost always be mailed to you by the lender; you sign it andprovide it to the buyer. They’ll have already brought the Bill of Sale to DMV (^)
to get a temporary plate (or registration updates for the license plates instates where they stay with the car), which is usually only good for 30 to 60 (^)
days, so it is important not to delay this. They are responsible forregistration fees and sales tax, not you.
TIP: Don’t lose track of your plates.
In states where the plates stay with you, the owner, make sure you removethem—otherwise expect them to end up on some car whose owner can’t
afford registration. The same applies when you trade a car in; don’t leavewithout your license plates unless they are required by state law to stay
with the vehicle.
LEASE PAYOFFS
Leases are a bit of a special case. In most states, it can be hard to sell yourleased car, as the leasing company or bank—not you—owns it. Before you
can sell it retail, you must first buy it from the leasing company. If you live inone of the few states without sales tax, this isn’t much of a problem. For the (^)
rest of us, it can be a major expense. If your buyout is $20,000, the
barry
(Barry)
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