Chapter 8, Section A:|
Title Only Transactions
July 3, 2012
The Motor Vehicle Division will issue a vehicle Title without a
Certificate of registration or a license plate, under certain
A “Title Only” transaction is one in which the applicant
receives only a Certificate of Title. Payment of the title fee is always
required. In some instances, the registration fee is also charged.
“Title Only” transactions should be noted as “TO00000” in the “License
Plate Number” field.
The following are examples of “Title Only”
- Non-Franchised Dealers Selling a New Car (66-3-118C)
Non-franchised dealers who wish to sell a new vehicle must convert the
Manufacturer’s Certificate of Origin to a Title and pay both the title
and the registration fees. However, they are not required to pay excise
tax. The Title Application should specify in the “Remarks” field: “For
dealer re-sale only”.
- Isolated Cases Involving Dealers
A dealer may
have a Title with various assignments, which prevents him from
transferring the Title to an out-of-state buyer. The Motor Vehicle
Division must use caution in accepting these transactions. In
situations, which require a VIN inspection, a certified VIN Inspector
should conduct the inspection. The dealer must submit an invoice showing
that the vehicle was sold to a non-resident and pay the title fee only.
In the “Remarks” specify “Sold out of state”. This is to prevent dealers
from “washing Titles in New Mexico”.
- Vehicles transferred to Nonresidents (66-3-10)
Whenever a vehicle owner transfers the vehicle to a nonresident who
desires to title the vehicle in the state of his residence, the
division upon receiving application and the payment of the proper
fee shall issue a certificate of title only and record on the
certificate all liens and encumbrances.
- Inoperable Vehicles
inoperable vehicle purchased for reconstruction or rebuilding,
mechanical or otherwise, and which the buyer does not intend to operate
for an extended period of time, may be titled through a “Title Only”
transaction. The applicant pays the title fee and the excise tax. No
plates are issued. Once the vehicle is made operable, the applicant,
upon affirming insurance, shall be charged the registration fee.
- Vehicles to be Traded-In
Vehicles that are gifts, which the new owner
wishes to trade-in on another vehicle, may be titled through a “Title
Only” transaction. The applicant pays the title fee. The Title
Application should specify in the “Remarks” field “Vehicle to be
- Stolen and Unrecovered Vehicles,
Titled to Insurance Company
The Motor Vehicle Division will issue a
“Title Only” to insurance companies for stolen and unrecovered
vehicles. The insurance company pays only the title fee.
- Vehicles Which Are Not Insured
A vehicle purchased for which the buyer
cannot affirm insurance, may be titled through a “Title Only”
transaction. The applicant pays the tax and title fee. No plates are
issued. The applicant, upon affirmation of insurance, shall be charged
the registration fee.
- A commercial vehicle with a
declared gross vehicle weight (DGVW) of more than 26,000 pounds,
whose owner or operator chooses to Apportion (IRP) register the
vehicle in New Mexico for tax purposes, will be issued a Title Only.
The applicant shall be assessed excise tax if applicable and title
Note: Registration of vehicles with a DGVW exceeding 26,000
pounds (except motor homes) is done solely by the Commercial Vehicle
Bureau (CVB) in Santa Fe. Local field offices WILL NOT issue IRP
registration, temporary permits or license plates for any IRP