It can be a big life-changing event to finally decide to let go of a car or truck you’ve been wanting to sell for awhile, especially if the car was a so-called money pit. It can feel like a huge relief to gain back that driveway or garage space and have a little extra cash on hand. Whatever your reasons are for selling your car or truck, be sure you have this paperwork on hand when you do.
Bill of Sale
Georgia’s Motor Vehicle Division offers a convenient bill of sale that you can download, print, and fill out at home. It’s called Form T-7. You can also pick it up in person at a Georgia RMV location.
The bill of sale includes necessary information about the seller, buyer, and vehicle and proves that a transaction took place between you and the buyer. You should keep the completed form for your records, and the buyer keeps one too for their records and when it comes time to transfer ownership to their name, they have proof that they’ve bought it.
You can download your own from the Georgia RMV site or you can create your own.
The bill of sale includes, at minimum, the following information:
- When ownership was transferred (date).
- The agreed-upon cost of the vehicle.
- Your contact information, including name and address (the seller)
- The contact information of the buyer
- The vehicle’s year, make, model, VIN, odometer reading
- Any present lien information
- A statement of the buyer’s agreement to purchase, for example: the buyer agrees to purchase the vehicle as-is
The title of the vehicle is basically proof of the vehicle’s existence. It has a variety of information on it, including basic stats about the car, such as where it was manufactured, where it was first sold, the VIN number, and the current owner’s information.
If your vehicle is older than 1985, your car does not need a title in Georgia for it to be sold. The seller will use the bill of sale to register the vehicle with the state and transfer ownership to them.
A Word About Liens
When a lien (loan) is placed on a car, the title is held with the lienholder, typically the bank who is in charge of managing the loan. When the loan is paid off, the lienholder releases the title to the owner, the person who has been making payments on it while the loan was active.
If you’re buying a vehicle in a private transaction, you should make sure there are no liens currently on the car, otherwise, you may be stuck with them in addition to the price you pay for it. And if you’re selling a vehicle, it’s near impossible to do it with a lien on it. So make sure any outstanding loans are paid off before you go to sell it.
When you sell a car in Georgia, be sure to have these documents, and the process should proceed smoothly.