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However, when you buy a car through a private sale, the new owner is responsible for paying sales tax in addition to the purchase price. 3. Take the Signed Title to the DMV
In addition to the vehicle title, lenders often also require the borrower to provide a set of keys for the car and/or purchase a roadside service plan. Car title loans frequently involve high interest rates, a short time to repay the loan (often 30 days), and a loan amount less than the car's monetary worth. The borrower also risks losing the ...
The certificate is known as a "pink slip" after the color of the piece of paper that was issued to owners, until a 1988 change in the document. [10] The original "pink slip" (or a replacement issued by the DMV, if the original is lost) is needed to transfer ownership of the vehicle, like during a sale. [10]
When the loan is repaid, the lien is removed and the car title is returned to its owner. If the borrower defaults on their payments then the lender is liable to repossess the vehicle and sell it to repay the borrowers’ outstanding debt. These loans are typically short-term and tend to carry higher interest rates than other sources of credit ...
Buyers can opt for a certified pre-owned car from a dealership or buy a used car from an owner. Each option has its pros and cons, so if you’re considering buying from a private seller, there ...
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Additional taxes are also added to the car purchase price depending on the market value of the car when it was imported. [26] This has resulted in Singapore being the most expensive place in the world to own a car, [ 27 ] [ 28 ] and has resulted in car ownership rates dropping to about 33% in 2023, a decrease from 40% in 2013.
Ads proclaiming "Government Vehicle Disposal" and "The Repo Joe Sale" are designed to steer buyers to special used car sales events under the pretense they're getting a special deal.