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Top Things To Do When Selling Your Vehicle
Before you decide to sell your vehicle, however, you need to decide how you intend to sell it. Do you prefer selling it through an auto dealer or sell it directly. Both come with their share of pros and cons.
Selling to the dealer
Selling your vehicle to a trustworthy independent dealer (stress on the word ‘trustworthy') or back to the automaker itself (Ex: Maruti True Value dealerships) makes the whole deed of selling the vehicle a simple task since the dealers take care of all the formalities. The disadvantage here is the sale price of your vehicle goes down since the middleman gets a share of the money.
Selling it yourself
Bypassing the middleman will get you a much better value for your vehicle. You could place free ads on websites or newspaper classifieds or spread the word through social media.
Things to take care of before a potential buyer arrives.
Keep things simple. Give your car a wash and vacuum the interior to make it presentable. Keep important papers such as RC, insurance papers, service records etc,. ready. Allow the buyer to get the car checked with a mechanic and let him or her take the car on a test drive.
Finalize the financial details
Discuss how the payment is made, whether it will be made in installments or at once etc,. Take care that you do not transfer the ownership of the car until the full amount is paid. It is always safe to ask for a safety deposit to be made. It is a good practice to get a photocopy of some kind of identity proof of the person you are selling to.
Transfer of ownership
Now we come to the most important part of a sale, also the part which people find confusing. It is not as confusing or complicated as it might sound.
Remember, simply getting paid for the vehicle does not mean it has been legally transferred.
You first need to intimate the RTO, under whose jurisdiction you come under, about the sale through "Form "TCR". The buyer needs to do the same using "Form TCA". Other forms you need to submit to the RTO are "Form No.29" (Notice of transfer of ownership of vehicle) and "Form No.30" (Report of transfer of ownership of vehicle)
Remember, the RTO under which the vehicle was originally registered has to be intimated about the transfer within 14 days. Also, in case the new owner falls under the jurisdiction of a different RTO, the same procedure needs to be followed to inform the other RTO.
Other forms that need to be submitted to the RTO include PUC Certificate, Address proof of the buyer, evidence of payment of all taxes up-to-date and "Form No.28" (Application for N.O.C. and grant of certificate)
The penultimate step is to take the "delivery note" duly signed by the buyer. You will be free from all responsibilities only after you receive a letter from the RTO acknowledging the transfer of ownership.
Finally, keep photocopies of all important documents such as the various forms, the new RC, the delivery note and other RTO documents.
These steps ensure a legal and safe transfer of ownership of the vehicle and guard you from unfortunate events when a vehicle is used for criminal activities.
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