Thousands and thousands of vehicles are sold in Missouri every year. As a seller, there are certain things you should know before you enter into the sale of a vehicle. When a transaction occurs between two private parties, there are certain legal responsibilities and a reporting requirement that became effective in 2006.
Remember: All sellers and purchasers must print their names and sign the back of the title in the assignment area. These signatures do not need to be notarized. The seller must write in the odometer reading and date of sale. You may not use correction fluid (white-out) or erase marks from the title.
Effective January 1, 2006, the seller of a motor vehicle, trailer, or all-terrain vehicle must report the sale within 30 days to the Department. Sellers, other than Missouri licensed dealers, must submit a completed Notice of Sale (Form 5049) or Bill of Sale (Form 1957) form to report the sale. Click here for more information about reporting the sale of your vehicle.
When you sell, trade-in, end your lease, donate, or otherwise transfer ownership of your vehicle, you must notify MVD by immediately completing a sold notice. This is a free service. This notice may help protect you from liability if the vehicle is:
A seller should keep detailed written records of any transaction, including contact information for the buyer, the date of sale and information on the vehicle, including the Vehicle Identification Number (VIN).
If buying from an individual, have the seller accompany you to the county tax office to avoid unwanted surprises. Before submitting the title application, a tax office representative can tell you if the title being signed over to you is correct and if it has any salvage or legal issues. You can also use Title Check to see if the title of the vehicle you are thinking about buying has any issues impacting its value.
Keep a written record that includes the name and address of the seller, date of sale and vehicle information, including the VIN. Failure to title a vehicle within 30 days from the date of sale may result in delinquent transfer penalties.
The Vehicle Inspection Report (VIR), which is proof of inspection, must be provided if a record of current inspection is not in the state database. Ask the seller for a copy of the latest VIR if it is available.
If the transaction takes place on a Saturday or Sunday and the seller chooses to remove their license plates and registration sticker from the vehicle, you will need to download Vehicle Transit Permit. This will allow you to legally drive the vehicle to the county tax office, or if the county tax office is closed, to a place of your choice. This permit is valid for five calendar days and only one permit may be issued per vehicle sale.
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To determine what a fair price would be for a used car for sale, either at a dealership or by a private seller, check our appraisal tool for its market value. This tool, found on this page, will show you the current trade-in, private party and dealer retail values. Keep in mind the following terms:
Trade-in: Estimated value if you trade the car in at a dealership Private party: Estimated value if buying from a private seller Dealer retail: Estimated value if buying from a dealership
People often say \\\"Bluebook\\\" value when they mean to say market value. Keep in mind that market values are averages, which means that some people will pay more than others. Vehicles that are in high demand will often sell for over sticker price. You also have to think about your must-have features and options. For example, a dealer near you could have the exact vehicle you want in the right color but with an asking price well over the \\\"Bluebook\\\" value, while a dealer 100 miles away has the same car in a different color for \\\"Bluebook\\\" value or less. You'll have to weigh the extra time and money against the value of that special color. There are no wrong answers.
What you'll see in your appraisal: We will help you make the best decision if you're selling or trading in. You will be presented with three or four automobile values: trade-in, private party, dealer retail and certified used. The trade-in price is what you can expect from car dealerships if you trade in your current vehicle for your next car. It is always the lowest of the values.
If you plan on doing a private sale, the private-party amount is what a seller can expect. This is always higher than the car trade-in value. This option takes more work, however, because you'll be dealing with buyers yourself.
When filling out an appraisal form, you'll often be asked if you want an instant cash offer. The offer lets you sell your vehicle at participating dealerships. Alternatively, you can simply take your car to the dealership and ask the staff to appraise it. Regardless of the route, you'll want to have a reference point to see if the dealership's trade-in offer is in the ballpark. This is where the Edmunds trade-in value comes into play.
This option is for people who are buying a used car, not selling. In this case, go on Edmunds and enter the details of the vehicle as if it were your own. The dealer retail value will be the most pertinent to you. This is an estimate of what you'll pay for that same car at a dealership.
The pricing guide is an industry tool used by many dealerships and is not generally available to the car-buying (or selling) public. Instead, the company created a consumer-facing website called NADA guides that provides pricing valuation to consumers for used and new vehicles, classic cars, motorcycles, boats, RVs and manufactured homes.
People often say \"Bluebook\" value when they mean to say market value. Keep in mind that market values are averages, which means that some people will pay more than others. Vehicles that are in high demand will often sell for over sticker price. You also have to think about your must-have features and options. For example, a dealer near you could have the exact vehicle you want in the right color but with an asking price well over the \"Bluebook\" value, while a dealer 100 miles away has the same car in a different color for \"Bluebook\" value or less. You'll have to weigh the extra time and money against the value of that special color. There are no wrong answers.
Owners of Self-Service Storage Facilities (SSSF) are allowed to sell at a public sale motor vehicles that are left in storage by defaulting renters/occupants as specified in Connecticut General Statutes sections 42-159 thru 42-168, as amended by PA 09-187 sections 45 and 46.
If your vehicle is a model year 2011 or newer, or is otherwise not exempt from mileage disclosure, write in the odometer reading - even if you sell to a family member. The odometer reading is the number of miles on the vehicle, not on the engine (even if the engine is newer than the rest of the vehicle). Write the miles in the space provided on the title and show whether the miles are:
If you sell your vehicle and your plates aren't expired, you can transfer them to a vehicle of the same type that is titled to you, your spouse, or same sex domestic partner. You can't transfer your plates to the buyer - even if it's another family member. If you don't use the plates, you can't get a refund for any remaining registration time.
Title branding laws that apply when you sell your vehicle privately also apply when you trade it in to a dealer. A dealer may ask you to guarantee the condition of your trade-in under \"Buyer's Representation\" on the purchase contract. You must give accurate information, or the dealer may be able to sue you in court.
If you're trading in the car in for a new one or selling it to a dealership, the process of paying off your auto loan is handled by the dealer. When you pay for your new car (or take out a new loan), the dealer pays off the balance of your previous loan, typically by sending the money to your bank or credit union. If you're trading in the car and the dealer values it at more than what you owe, you can pocket the difference or put the extra money toward the purchase of your new car.
Once the car is traded in or sold at a dealer and the loan is paid off, the lender will release its lien on your car. Under a lien, the lender holds the title to your car and is legally its owner until the loan is paid off. This enables the lender to sell your car if you default on your loan.
When you're selling a car and still owe money on it, you'll want to consider whether you've got positive equity or negative equity. Positive equity means you owe less than what the car is worth, based on its current market value, while negative equity means you owe more than the car is worth.
If you're selling a car with positive equity to a dealer, the dealer typically handles the loan payoff for you. If you're selling a car with positive equity to a private buyer, you'll use the sale's proceeds to pay off the loan, then pocket the difference. 59ce067264