Every car in Maryland has a car title, and this title specifies the vehicle details and the owner of the vehicle. If you want to transfer vehicle ownership in Rockville, MD, you have to transfer the title from yourself to the new owner. Once the form has been completed, the title document has to be submitted to the Maryland Motor Vehicle Administration (MMVA). We’d like to tell you about the different types of transfers you can make.
Buying a New Vehicle
If you buy a new vehicle from us, we will complete the title document with you. We fill in, date, and sign the car title as the seller, and you will fill in, date, and sign the title as the buyer. You will need to bring proof of insurance for the vehicle, as all vehicles in Maryland must have insurance to drive in the state. We’ll also complete the Bill of Sale (Form VR-181).
If you are financing the vehicle, you’ll also need to complete a Notice of Security Filing (Form VR-217) with the details of the financing body. We will submit all of this documentation to the MMVA for you, and the MMVA will post you a copy of your new car title.
Buying or Selling a Used Vehicle
If you’re buying a used vehicle from us, we’ll complete the same forms as used above. A used vehicle has additional paperwork that needs to be completed. We’ll complete an Odometer Disclosure Statement (Form VR-197), which provides the odometer reading at the time of sale. We’ll also complete a Certificate of Inspection that confirms the vehicle is in good working condition.
If you’re selling a used vehicle, the same documentation applies. The difference is that you’ll complete the section as the seller, and the other party will complete the section of the title as the buyer. You will also need to complete a Form VR-217 to show that any lien on the vehicle has been discharged.
Gifting a Vehicle
If you’ve decided to gift your vehicle to a family member, friend, or anyone else, you’ll complete the documentation as though you are selling the vehicle to the other party. The difference is that in the purchase price section of the title, you fill in “Gift” instead of a value. If you are gifting the vehicle to a family member, they will not pay the 6% excise tax on the vehicle.
Donating a Vehicle
If you want to donate a vehicle to a charity, you’ll complete the forms as the seller, and the charity representative will complete the forms as the buyer. The purchase price will be marked as a “Donation.” The charity will send you a letter acknowledging receipt of the vehicle and the purpose for which it will be used. You submit this letter to the IRS when you complete your 1040 form.
Now that you know the different types of transfers, do you want to buy a new car to gift someone? If so, you will want to check out our new cars for sale at DARCARS Nissan of Rockville today, or feel free to contact us if you have any questions!
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