DMV-DIRECT Newsletter - September 2018
S e p t e m b e r | 1 8
Fo r you r dea l e r s h i p’s b i l l i ng c l e r k s , t i t l e p ro c e s s o r s and o f f i c e manage r
CUSTOMER CANNOT TRADE-IN VEHICLE TITLED TO LEASING COMPANY WITHOUT NAME CORRECTION Situation: A customer executes a lease buy-out directly from a leasing company but the name on the title is not changed and now wants to trade-in the vehicle that remains in the leasing company’s name:
If a customer purchased their leased vehicle directly from a leasing company and wants to trade it in, the title must be in the customer’s name. The customer is not allowed to use the second reassignment on the back of the title to assign the vehicle without getting the title in their name first. DMV-DIRECT can assist in getting the title changed into the customer’s name. The following documents are required: • The title from the leasing company (& lien release if applicable); • A completed MV-82 in the customer’s name, signed by the customer; • A copy of the customer’s driver’s license; • A copy of the bill of sale from the leasing company to the customer; • A completed and signed DTF-803 (Claim for Sales and Use Tax Exemption - Title/Registration Motor Vehicle, Trailer, All-Terrain Vehicle (ATV), Vessel (Boat), or Snowmobile) from the customer; • If the customer did not pay sales tax to the leasing company, they will need a DTF-802 (Statement of
Transaction – Sale or Gift of Motor Vehicle, Trailer, All-Terrain Vehicle (ATV), Vessel (Boat), or Snowmobile) along with a check for the sales tax to be paid on their behalf. Submit these documents to DMV-DIRECT to process the title change to the customer’s name. For special handling and to have the new title in the customer’s name forwarded directly to the dealership, contact DMV-DIRECT.
18-10 Whitestone Expressway, Whitestone, NY 11357 • 718.747.0400
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