Chapter 8, Section N:|
October 25, 2008
Any individual who purchases a vehicle
whether in New Mexico or any other state must generally obtain title in
his name before selling the vehicle.
to that general rule may be made when the previous owner failed to
transfer the title into his name. In that case a “double transfer” may
A double transfer
can be accomplished in a single transaction, with two complete sets of
documents, as follows:
documents, including consecutive bills of sale, odometer statements and
proper assignments must be obtained. If all documents are not provided,
a surety bond process will be required.
Taxes must be paid on both transfers,
as well as late title transfer fees (if any) on the second transfer.
The Application for Vehicle Title and Registration (MVD-10002)
is to be completed in the name of the current purchaser. Only one
application is processed in a double transfer. Complete the title application as follows:
- Calculate "sale price" as the sum of the amounts paid by
the buyers in both transfers. Note: Do not include the price paid in
the first transfer if that transfer should have been taxed in
another jurisdiction. That will generally be the case if the
transfer took place in another state, as should be clear on the
first transfer bill of sale.
- The title transaction sale date that is entered will be
the date off the second/current transaction. Any late title transfer
fee that applies will be automatically calculated based on that
transaction date. Note: Collect late title transfer fees, if
applicable, only on the second/current transfer.
- In the “Remarks” section of the
title application, itemize all taxes and fees due for both transactions and document the breakdown. You must also include the purchase
price for each transaction.
- Only one registration fee is
assessed, because this is a single transaction.