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Can you sell a car for $1? In short, yes. But while selling a car for $1 will allow you to avoid capital gains and gifts taxes, the recipient of the car will have to pay whatever rate of sales tax your state charges on used vehicles when they transfer the title.
Once the state liens are paid, you will receive a Lien Satisfaction Notice from the Ohio Attorney General's office. To release the lien, you are to bring the notice to the Clerk's office. The Clerk's office will obtain the release from the Attorney General's lien website and file it with Montgomery County.
Title an All-Purpose Vehicle (APV), Off-Highway Motorcycle, or Snowmobile. Under Ohio law: APVs and off-highway motorcycles are motor vehicles and are titled. Snowmobiles are not motor vehicles and are not titled.
If your lender does not participate in Ohio's Electronic Lien and Title Program, the lender will mark that the lien was discharged and mail the paper title to you. To remove the lien from BMV records: Bring the title to any County Clerk of Courts Title Office. Apply for a title and pay for title fees.
There are only nine title-holding states: Kentucky, Maryland, Michigan, Minnesota, Missouri, Montana, New York, Oklahoma, Wisconsin. In the other 41 states, titles are issued to the lien holder of your vehicle until the loan is fully paid off.
If your lender does not participate in Ohio's Electronic Lien and Title Program, the lender will mark that the lien was discharged and mail the paper title to you. To remove the lien from BMV records: Bring the title to any County Clerk of Courts Title Office. Apply for a title and pay for title fees.
If you still owe money on your car, you'll have to pay off the remaining balance of the loan in order to have the lien removed from your title. Alternatively, you have the option of having the buyer pay the lien holder directly, but you'll have to wait for a new title.
A valid and current proof of identification. Current maintenance records and emission report. The vehicle's title (signed in front of a notary) Lien Release, if liens are shown on the vehicle title.
No person, except as provided in sections 4505.032 and 4505.05 of the Revised Code, shall sell or otherwise dispose of a motor vehicle without delivering to the buyer or transferee of it a certificate of title with an assignment on it as is necessary to show title in the buyer or transferee; nor shall any person, ...