I just stumbled on a thread in which the member's credit had been adversely affected as a result of selling a vehicle. The new owner did not transfer the title/registration records into their own name and when an issue arose as a result of the new owner's possession of the vehicle, the original owner (still listed as the registered owner) credit was hit.
In Texas, and I assume other states, when selling a vehicle, it is advisable that the seller either accompany the new owner to the tax office to make certain that the Title Transfer is completed, or submit a Texas Motor Vehicle Transfer Notification form to the DOT to protect themselves in the event that the new owner does not properly transfer title out of the seller's name. To do so protects the seller from civil and criminal responsibilities related to the new owner's use of the vehicle.
Protect your credit from unpaid tickets, toll road violations and unresolved accident related issues that should be the responsibility of the new owner. Find out what your state's process is for making certain that the title is properly transferred (or you have notified them of the sale and provided the new owner's information.)
Texas information regarding vehicle titles:
http://www.txdot.state.tx.us/services/vehicle_titles_and_registration/vehicle_titles/default.htm
Message Edited by Dawn on
03-16-2008 11:08 AM
