I want to sell my financed car
Most of the contracts that are signed when a car is purchased through a financial institution include a clause called reservation of title. This clause indicates that the financial entity will have the ownership and title of the car until the payment of the car in full or the amount stipulated in the contract is not completed. In other words, the buyer will only have the use and enjoyment of the vehicle until the payment of the installments has been completed.
It is important to note that the reservation of title is not automatically eliminated and is a process that requires some formalities. When the debt is paid in full, the owner of the vehicle must cancel the reservation of title in order to benefit from the full legal effects of the vehicle in question. To do so, a simple registry note must be requested from the Real Estate Registry of the city where the car is registered.
Subsequently, this document together with the holder’s personal data must be attached to the financial institution to certify that the vehicle has been paid in full by means of a letter of payment. The holder will then receive a letter of cancellation within a period of approximately 10 days. Once in possession of the letter of payment and the cancellation form, it must be delivered to the Real Estate Registry along with the payment of a series of fees so that the reservation of title is removed and the ownership charges are updated. The process usually takes fifteen days. Once this is done, the user of the car must go to the Traffic Department to certify that the car is under his ownership in order to be able to proceed with its sale.
Buying a car with financial debt
Buying a new vehicle is no easy task as you first have to decide which car to buy by researching the advantages and disadvantages of each model, reviewing your budget and deciding whether to pay cash or finance the car. Once you have decided you need to make sure you have the necessary documentation to carry out the process of buying a new car and therefore, in this article we explain what is needed to buy a new car as well as some tips you have to keep in mind when starting the acquisition process.
Apart from the traditional way, there are several online tools that allow you to carry out this procedure, even if you finally end up buying the car in a dealership and in a normal way. We are talking about our new car offers comparator where you can configure the vehicle you are most interested in and receive up to five quotes from official dealers in less than 24 hours and without leaving your couch. Not sure? Find out more about how it works and if you’re ready, enjoy the new way of buying a new car.
How to return a financed car
Choose your DestinationThe two main ports for shipping vehicles and cargo between Puerto Rico and the United States are Jacksonville, Florida, and Eddystone, Pennsylvania. Jacksonville is the gateway if you want to ship your car to Orlando, Tampa, Miami or any other destination in Florida, or nearby states and cities like Savannah or Atlanta, Georgia. If you want to ship your vehicle to New York, New Jersey, or any other destination in the Northeast, your car will arrive in Eddystone. No matter your final destination, the following steps will guide you through the entire process.
Internal Revenue StampAmong the requirements for exporting vehicles is also the purchase of an $11.00 stamp (Code 5120) and a $2.00 stamp (Code 842) that can be purchased at any Customs office. If you are exporting more than one unit, you must provide a 5120 and 842 stamp for each vehicle. There are several financial institutions and credit unions approved by the Department of the Treasury where you can purchase this stamp, please note that these stamps will not be accepted in digital format.
It is possible to sell a car that is not paid for
There are some posts on the internet about how to do it, but all of them are more theoretical than practical, so I have decided to tell my experience for those who try it after I know what to do, and very important, what NOT to do. Mariano tells the theoretical details quite well. Be sure to read to the end of my story to see that the ending is not as happy as it should have been.
Apply for a baja consular, which has to state the date of registration at the consulate, which has to be more than 12 months ago. You can ask for it by phone and they will send it to you by mail in about three days.
When you deliver the car you have to give the original Title, leave the car with less than 1/4 of gasoline and empty of personal belongings, which means no boxes or moving, but you can leave some things (I put tools from the car and the bike).
The ports where the shipping line unloads, as far as I know, are Bilbao, Santander, Vigo, Valencia and Barcelona, but they don’t make direct trips there. My ship stopped in Bremerhaven in Germany, where they changed it to another ferry that went down to Vigo. The time it took to do Los Angeles – Vigo was about 35 days, from the time it left the port of Long Beach until it arrived in Vigo. Of those days I think almost a week was spent in Bremerhaven waiting for the Bremerhaven – Vigo ferry.