Buying a new or used car can be exciting, especially when its your first one or if you have only leased cars in the past. But as thrilling as it may be, its important to make sure you fill out all the necessary paperwork and take all the necessary steps to ensure full ownership. The first think you should do is make sure the car title is in your name. Sometimes this can take up to two weeks through the DMV, so it is suggested that you get this done right after you purchase the car. This will eliminate any issues down the line when you are ready to sell the car. Once you sign the papers, take it to an DMV in your state and pay any registration or title-only fees to get a new car title that is now in your name.
It is essential to inspect your new car’s paperwork as well. Most people assume that the person selling the car has the papers good to go, but ignoring any crossed-out lines, rips or tears, and date changes can all cause problems if they go unnoticed. For example, if you bought a car from someone a few years ago and now want to sell it but the last seller forgot to change the dates or made a mistake on the papers before he handed them over, you now have to spend time seeking out this old seller to contact him and get everything straightened out. Its also important to make sure the vehicle registration number (VIN) on your car matches the VIN listed on your paperwork.
Additionally, having a legitimate title and proper paperwork on file protects your car from any unexpected situations, such as a fire, theft, or the car gets impounded. Having everything figured out and done immediately after your purchase will make your life a whole lot easier in the long run.
Courtesy of CNBC