Selling your car can be a stressful experience, so it’s important to do your homework and be sure of the way forward before beginning this journey.
To avoid having a stressful experience it’s important to do your homework and be sure of the way forward before beginning this journey. Besides deciding how you want to sell your car and knowing your car’s resale value, it’s important to have all the necessary documentation ready.
Below is a list of all the documentation you’ll need to sell your car:
A Proof of Ownership is a valid legal document that must be presented when selling your car. After you pay off your car loan or debt, the financial institution in charge of the vehicle finance will issue you with a Proof of Ownership certificate. If your loan is still outstanding, the financial institution must be made aware of your wish to put the car on sale. The institution will then request a settlement letter which will contain information about your outstanding car loan.
You will need a Notification of Change of Ownership (NCO) so you can transfer the right of ownership of your car. (This is available at your local traffic department) When you want to sell a used car, you and the buyer must sign copies of the NOC form. One copy must be sent to the Department of Transport. This does not apply to a vehicle trade-off.
Once the sale is concluded, the buyer must complete the Application for Registration of Motor Vehicle form. Again, this form is not necessary when the car is being traded in.
You will have a copy of the Vehicle Registration Certificate which would have been issued to you when you bought the car. The buyer will need the original form for when he/she registers the car. As a seller, you should also keep a copy for your own record and for registering the car.
Your car’s service history will play a major part in obtaining the best possible resale value for your car. Give your buyer the full service history booklet and any other receipts for work that would impact future warranties and/or maintenance plans.
Selling your car? Do your research not only about your car but also about your rights as a seller. Arm yourself with information so that you have all the tools you need to negotiate properly and to sell your car on your terms.Find out more