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When your car is financed with a loan, the lender will typically keep the title until the loan is paid off. Only at that point do you become the legal owner of the vehicle. Because your lender technically owns the car until the loan is paid, you usually don't get the title until the loan has cleared.
The title serves as proof of ownership and includes identifying information about the vehicle, such as its make, model, and vehicle identification number (VIN). A title is essential for registering or selling a vehicle.
What You'll Need to Transfer your Vehicle Title in New Mexico Driver's license. Proof of identity, residency and insurance. Title (signed by the seller) Odometer disclosure form. Title transfer fee. VIN examination (if you're moving to New Mexico)
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Your valid driver's license or state issued ID. The original (or certified) copy of the dealer's invoice, bill of sale, or lien information. Proof that your car has liability insurance. Two proofs of New Mexico residency if you do not have a New Mexico driver's license, or your current address is not updated in our ...