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Selling or buying a vehicle in Minnesota has been made easier. The Minnesota Driver and Vehicle Services (DVS) provide a guide that you can use when buying or selling a vehicle. This guide also has reliable information about vehicle registration and titling. You can also access more information online about the process of vehicle selling and buying.
Buying a Vehicle
As a buyer, you should be aware that after buying a vehicle it is final. So long as the vehicle is not a lemon, you cannot change your mind and get a refund after purchase. So be prepared to look for more information. Other tips for buying a vehicle:
- Consider the total cost of a vehicle you plan to purchase, including insurance, titling and registration costs.
- Consider financing options and interest rates.
- You should also consider maintenance issues and costs.
- Research widely to get more information about the vehicle you are purchasing. Look for reliability and safety.
- Install features that will help prevent accidents. This will help you reduce the rates of insurance premiums that you will pay for that vehicle.
Selling a Vehicle
As a seller or dealer, you need to notify the Minnesota DVS after selling your vehicle. You also need to sign the title over to the buyer. To transfer ownership, fill in the appropriate sections on the back of the title with your information and that of the buyer. If you own the vehicle with other multiple individuals, obtain their signatures before selling the vehicle. Also, notarization is required.
Buying or Selling Without Documentation
You can’t buy or sell your vehicle without a title. As a seller, you need to apply for a duplicate copy with DVS. To do so, you need to fill and submit Form PS2067A (Application for a Duplicate Title and Registration) to the DMV office in person. You can also submit the above form by mail. You also need to submit $8.25 duplicate fee. Registration papers are not needed at the time of sale. However, a buyer may need them when verifying the legitimacy of tags. If you are selling a vehicle without a title, you may be required to complete the necessary paperwork for registration of such a vehicle. You may also be required to complete the bill of sale and other information regarding your vehicle. In order to complete registration, the buyer then needs to complete and submit Form PS2000 (Application to Title/Register a Vehicle). If you purchase a vehicle without a title or registration paperwork, as a buyer you need to submit the following information to the DVS in order to title and register the vehicle in your name:
- Photographs of the vehicle taken from all sides.
- Bill of sale signed by seller(s).
- A written statement of facts. This must be completed by the seller and should include the vehicle’s description and vehicle identification number (VIN). It must also include a detailed history about the vehicle and a brief explanation as to why there isn't any proof of ownership.
- A written statement by the buyer. This information must state that the buyer will be ready to defend the state should any claim arise about the legal owner of that vehicle.
If you are a buyer and you want to register such a vehicle, you will also need to complete Form PS2000 (Application to Title/Register a Vehicle).