DMV-DIRECT Newsletter September 2017

DMV TRANSACTION RESTRICTIONS DMV-DIRECT offers the following reminders of actions that DMV prohibits dealers from taking, when processing customer transactions. Dealers may not: • Issue registration number plates to a vehicle that is classified as “wholesale” or “junk”. • Issue registration number plates to a person that has not purchased a vehicle from the dealer. • Issue registration number plates to a vehicle for which the dealer has issued and in-transit permit. • “Trade plates” between dealers or borrow plates that have been issued to another dealer. This also applies to exchanging plates with a store that is owned by the A Living Trust is a legal document that sets aside an individual’s assets (money, property, investments, etc.) during their lifetime. Those assets are then transferred to beneficiaries, designated by the Trust, at the time of the individual’s death. A customer may choose to register a vehicle through their Living Trust. In order to do this, the customer must present the dealership with the Trust document or a copy. The document must identify: - the name of the Trust holder; - the name of the Trustee who will inherit the vehicle — after the Trust holder dies or becomes incapacitated; - the name of the individual responsible for making sure all items in the trust are properly distributed, often the estate executor. REGISTERING A LIVING TRUST

same dealer principal or part of the same dealer group. DMV assigns plates to a specific facility number. • Apply for a title-only for a customer after plates and a temporary registration have already been issued for a vehicle. If the vehicle is subsequently stolen or badly damaged, or if the dealer is unable to obtain the documentation necessary to issue the permanent registration, contact DMV’s Dealer Unit at 518.473.8903 or DMV-DIRECT at 718.747.0400. • Refuse to transfer plates for a customer who has purchased another vehicle (provided the original vehicle’s registration is eligible for transfer to the new vehicle).

The document must also indicate whether it is a revocable trust or an irrevocable trust : - A revocable trust can be canceled or withdrawn by the original owner at any time. If a revocable trust is used to register a vehicle, the registration and title must be issued in the name of the trust and the executor. The insurance on that vehicle will need to be issued in the name of the trust. - Irrevocable trusts are “set in stone” and cannot be voided at any time, even by the original owner. When processing an application involving an irrevocable trust, the vehicle must be titled in the name of the trust and the successor who will inherit the vehicle. However, it may be registered in another name, and the dealership will need to secure insurance for that person.

News is published by a subsidiary of GNYADA, a not-for-profit organization representing franchised new car dealers in the New York metropolitan area. We are located at 18-10 Whitestone Expressway, Whitestone, NY 11357

Made with FlippingBook flipbook maker