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Regardless of whether you are buying or selling a vehicle in Louisiana, there are things you need to think of and you need to do your homework well. In this article, you will get more information about new and used car buying or selling regulations in Lousiana.
Working with Dealers
Buying a vehicle from a licensed dealer is the safest and easiest way to go. The dealer will handle all the required paperwork for vehicle registration and titling on your behalf. They will also collect and submit applicable fees and taxes on your behalf. However, buyers fall victim of what looks like a good deal from licensed dealers. Before you decide on the vehicle you intend to purchase, do some research and devise a plan before you visit the dealership. Consider visiting many online sites to get a rough idea of inventory they have in store. Determine the type of vehicle you want in terms of price, lifestyle and test. Don’t dwell much on price, just look at other aspects such as safety and reliability of the vehicle.
Buying a Used Car
The Federal Trade Commission (FTC) has a guide with reliable information about buying and selling used cars. This guide provides information about the vehicle, warranty and dealer, as well as information about violations and penalties. The law also requires the dealer to inform the buyer of any Law returns, salvaged status of the vehicle and any repairs that might have been done on the vehicle they are selling. For more information about warranties, contact the Louisiana’s Department of Justice Auto Fraud Section at (800) 351-4889.
Working with Individuals
Purchasing a vehicle from a private seller can help you save some money. Also, selling a vehicle to a private party can help you save a little cash without going through a dealership. Regardless of whether you are buying or selling your vehicle, you will need to handle the following forms:
- Bill of Sale.
- Odometer Disclosure Statement.
- Notice of Vehicle Transfer.
- Lien Termination Statement.
- Lien Continuation Statement.
- Vehicle History Report.
Most of these forms must be viewed using the Adobe Reader.
Buying From an Individual
If you are purchasing your vehicle from a private seller, make sure to go through the following process before you complete the purchase:
- Have the vehicle inspected by a qualified mechanic.
- If you are purchasing in installments, be sure that you can afford the monthly installments.
- Order the vehicle history report of the car you are purchasing. This report contains a detailed information about the vehicle accident history, damage and repair history, odometer readings and VIN.
- If you are purchasing a used car from a dealer, request the name and address of the previous owner.
- Make sure the VIN on the vehicle you are purchasing matches the one on the title.
- Insist on agreement contact made in writing.
- Obtain an original signed bill of sale from the seller and purchase receipt.
- Test drive the vehicle before purchase.
- Check out the vehicle's maintenance record.
Selling to an Individual
If you are selling your vehicle to a private buyer, make sure to provide them with a title. The title should be signed in the presence of a public notary. Make sure you have copies of all documents belonging to the vehicle that you are selling. Remove license plates from the vehicle that you have sold. You may decide to transfer those license plates to another vehicle that you own or return them to your local Office of Motor Vehicles (OMV). You should also cancel the insurance cover for the vehicle that you have sold. You should also submit a Notice of Transfer to the local Office of Motor Vehicles (OMV) online or through mail. The address is given below: Office of Motor Vehicles P.O. Box 64886 Baton Rouge, Louisiana 70896
Buying or selling without a paperwork
When selling or buying a vehicle, the title must exchange hands. If you are a buyer, don’t purchase a vehicle without a title. If the title is missing, ask the seller to apply for a duplicate copy and sign it over to you. Without this vital document, you won’t be able to transfer ownership into your name. Registration papers are not required when registering and titling the vehicle. However, you may need this document when verifying the vehicle tags.