I just bought my lease from VW as the lease was ending. VW reassigned the title to me (My name is under the Reassignment section in the back of the title). When I took the title to Carmax (as I like their offer), I was told that I need to go to DMV to transfer the title to my name. This process can take up to months. Here’s the thing. When i went to DMV, they told me I don’t need to transfer the title to myself if I were going to sell the car. I just have to fill out the Odometer/Release of Interest form.
Carmax said it’s probably their policy that they require the seller’s name to be on the title. I’m not sure if this is accurate?
Are there other online car dealerships that might accept the title as is or my only option is to go through the transfering the title to my name and wait a couple months to sell it? I’m new to all these… so really appreciate your guidance.
Might vary state to state, but where I am from - only a licensed dealer can sell a car by doing 2nd reassignment on the original. Basically - title you have now has the bank’s name as owner and 1st reassignment over to you, so you can’t use that same title for 2nd reassignment. If you are not a dealer you would need to turn in the title you currently have and apply for a new title in your name, and then you can sign that over. Also not sure if you already paid sales tax but if not, likely need to do that when you retitle the car in your name.
