It's never easy to sell your automobile. In the end, it's an asset that will bring you many wonderful memories. Beyond the emotional bond that you feel with your vehicle, however, the real process of selling your vehicle could be difficult. You must know the current market condition and select a reasonable price. It is necessary to clean the item and have it examined. Another issue is the process of pulling out all of the paperwork that is needed from the cabinet that is smudge-proof at your home.
Also, you must decide the method of selling it. Do you want to sell it to dealers? Is it a good idea to post an ad in a classified that will bring in an independent buyer?
It is essential to consider the transaction in monetary terms as well If you can use an official check for payment or go with cash?
Although it may seem to be difficult it's not when you conduct the proper amounts of study and arrange everything meticulously. The result will be profit-oriented for you!
When selling an old vehicle it is important to appreciate the reality that there aren't any shortcuts. It is essential to finish the process in a planned way, as it will protect you from further problems like legal issues which could arise from an inadvertent transmission of the ownership. To aid you we've compiled five crucial things you need to consider before you decide to sell your vehicle.
Document required for selling old Vehicles
If you've been successful in finding an interested buyer for your vehicle and have confirmed the sale and accepted the offer, the next thing to do is to document and pay. It is an extremely important stage in selling your vehicle.
- You must wait for the demand draft or cheque to be cleared before giving the documents as well as the car - There are an array of documents that must be signed and prepared for the transfer of ownership of the vehicle. But, keep in mind this important rule: signing transfer papers and the delivery of the car must occur only after receiving the complete payment for the vehicle.
- Request the buyer to send you a photocopy of his photo ID and proof of address It could be a duplicate of the driver's license, passport, or any other valid document.
- The fields on the transfer forms that are issued by the RTO as well as the delivery note should be filled out or N. A written one if they are not applicable. The form must be filled in or N. A written one if not applicable. Don't make a mistake, and I repeat, do not leave empty spaces on forms. The forms also need to be signed by both the buyer as well as the seller. The best method to ensure that time is not a problem is to have both parties go to the RTO together and assist the transfer process reach its conclusion.
- Along with duplicate keys The list of documents needed to provide to the purchaser of your car is:
1) Form No.28 (3 originals) – This pertains to the N.O.C. as well as the grant of certificate when the buyer happens to belong to another RTO’s jurisdiction
2) Form No.29 – Notice of the transfer of car’s ownership (Original)
3) Form No.30 – Report of the transfer of vehicle’s ownership (Original)
4) A copy of the delivery note
5) The Registration Certificate in original
6) All RTO tax-related documents in original
7) Insurance cover/ policy – in case it has been included in the deal
8) Vehicle Sale Letter
9) All warranty papers
10) Service history
11) Copy of the original invoice of the car
12) PUC certificate.
13) Form No.35 – The finance organization has to provide the NOC. If the outstanding loan on your vehicle is still unpaid, as per the general procedures in place, you have to foreclose the loan. Thereafter, procure the NOC and forward it to the buyer.
1) Copy of Form No.29
2) Copy of Form No.28
3) Original delivery note
4) Copy of Form No.30
5) Copy of the Government issued id (with photo) of the buyer
6) Copy of the vehicle’s RTO tax papers, Registration, insurance policy
7) Original car invoice
8) Copy of NOC from the finance company, only if applicable
After Selling Your Vehicle
After you have sold your vehicle and given delivery of the vehicle you sold it to the purchaser. While these might appear as extra tasks, they are essential since they will ensure your security and safety.
- Notify the RTO By the law, so long as the vehicle is registered to your name of you, then you bear the responsibility for the vehicle as well as any accident that occurs as a result of it. You therefore must notify the RTO that you have transferred the vehicle. It is your responsibility to notify the RTO of the location in which you registered the car within 14 days from the date of sale by providing copies of all relevant documents (the documents you have retained) via registered mail. The postal confirmation must be kept for record purposes. After the delivery acknowledgment has been received, it is then that you be held accountable for all liabilities arising from the vehicle you sell. Keep in mind that if where the location of the buyer turns out to be in the jurisdiction ruled by a different RTO The same document needs to be delivered to him, too.
- Informing the insurer The insurance company needs to be properly informed of the transfer, particularly if the insurance policy is part of the deal you have with the purchaser. If not, you must inform them about the cancellation. This can be done through registered mail, the same way it was done for the RTO. If you do decide to visit your insurance provider make sure you have the "acknowledgment" seal on your copy of the application. The Benefits from No Claim are not able to be transferred or transferred to use towards the car that you decide to keep in the future.
- Ask for the most recent RC by the purchaser Be sure to request that the buyer send the updated RC book (which has been assigned to his name) in your name. Although this will likely require a consistent follow-up it is crucial to follow up. Keep the duplicate alongside the other documents in the car.