The Maryland Motor Vehicle Administration (MMVA) has a procedure for transferring car ownership. This procedure varies slightly in documentation, depending on the type of transfer you would like. The options include buying a new vehicle, buying a pre-owned vehicle, gifting a vehicle, or giving a vehicle to a family member. As your dealership in Baltimore, MD, we’d like to tell you how to transfer vehicle ownership.
Transfer When Buying a New Vehicle
When you buy a new car from us, for example, a sporty, fuel-efficient Toyota Corolla, we will help you with all the paperwork. We have the Maryland Certificate of Title for your car, and we’ll complete, date, and sign the section as the seller. You complete, date, and sign the relevant section as the buyer. You will need insurance, and we’ll give you all your new car’s details so you can arrange it.
We’ll provide the Bill of Sale and a completed Odometer Disclosure Statement. If you arrange a finance plan through us, we’ll complete a VR-217 Notice of Security Interest Filing form. When you give us the proof of your insurance, we’ll add it to the other documents and send the pack to the MMVA. They will post you a new Certificate of Title in about eight weeks.
Transfer When Buying a Pre-Owned Car
If you buy a pre-owned car, for example, a comfortable, spacious 2020 Toyota RAV4, the paperwork is similar, but there are a few additional documents we’ll need to compete together. The Certificate of Title transfer, Odometer Disclosure Statement, Bill of Sale, and Notice of Security Interest Filing will all be completed as above. You will also need to arrange insurance for the vehicle.
We’ll complete a Certificate of Vehicle Inspection to confirm that your vehicle has been inspected and is fully compliant to drive in Maryland. We’ll arrange a Vehicle Emissions Inspection Program test (VEIP) to certify that the vehicle complies with the reduced emissions requirements for our county.
Transfer by Gifting
Gifting is transferring a vehicle to another non-family party for no charge. If you are receiving the vehicle, all of the documents that are completed for buying a pre-owned car are required, including the VEIP. The present owner will complete the form as the seller, and the sales price will be marked as a “gift”.
When you take the forms to the MMVA office, you’ll be required to pay the 6% excise tax on the car’s value.
Transfer to a Family Member
This procedure is similar to gifting a vehicle, except the transfer is between related members of a family. Due to the inter-family transfer, the MMVA doesn’t charge the 6% excise tax on the car’s value. You will also be able, in certain instances, to transfer the license plates with the vehicle.
As you see, we can help you with the paperwork for a new or pre-owned vehicle. Come visit us at DARCARS Toyota of Baltimore today! We will have the perfect car waiting for you.
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