What is a Car Title?
Posted by Denver Templeton on July 25th, 2019
A car title is an important document that shows you are the real owner of a car; the title of the car must however be in your name. A car title is an important part of a bargain when you wish to sell your car or when you want to transfer ownership.
What is a Car Title?
A car title is a document that establishes that an individual is the rightful owner of a car, it is issued by a state department of motor vehicles. The car title is also referred to as pink slip or certificate of title. The car title also carries other information about the; this include the vehicle identification number, model year, lienholder, owner, and mileage among others.
How to Transfer Title
At the back of the certificate of title, you will find the assignment of title section that is meant to help the seller to transfer the title to a buyer. The assignment of title section includes notes on how to complete the transfer process, it involves signatures from both parties, and a declaration. Once this process is completed, then the new owner of the car can now apply for a new title with DMV in his or her own name.
Types of Car Titles
There are different type of titles depending on what the car has gone through as a result of cash or flood.
This is type of car is common with cars that got damaged in accident or has some serious problem and it is seen to be a complete loss by the insurance company. The DMV will issue a salvage certificate for such car just to indicate that the car cannot be registered, sold as roadworthy, and cannot be driven and as a result of this, it is sold for repair or parts by the insurance company.
This is a car with salvage title that has undergo repair and has passed safety inspection. Once the car has been inspected and passed roadworthy then it can get the title rebranded as a rebuilt title from the state. It is a risky venture to buy this type of car as you don’t know the extent to which the damage has affected the car or how well it has been repaired.
A flood title is to indicate that the car may have been damaged as a result of sitting in water deep enough to reach the engine compartment of the car. This occurs when there is storm, or heavy flooding in an area. Be careful to conduct the necessary checks to know if a car has been once damaged by flood.
Lemon Law Title
This is a type of title to protect the interest of the customer. The way it works is that, it allows a customer to get a replacement car or refund from the manufacturer if the new car turns out to be faulty due to warranty or design defect and the defect cannot be rectified after several attempts within the warranty period.
You can apply for a car title at the office of the Department of Motor Vehicles (DMV). Whether you need a new title or get another one due to loss of your title. Learn more about car titles from https://www.thebalance.com/what-is-the-title-of-a-car-4049167.
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About the AuthorDenver Templeton
Joined: July 25th, 2019
Articles Posted: 5
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