Wisconsin Letter of Intent
Description
How to fill out Letter Of Intent?
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FAQ
Adding or deleting a co-owner from a Wisconsin title is considered a transfer of ownership. A properly reassigned title and lien release documents (if applicable) are necessary. You can save yourself time and money by using our online service, eMV Public that allows you to start the title transfer process yourself.
Letters of intent give potential parties to a commercial transaction a non-binding way to propose terms for a possible future transaction. A letter of intent (LOI) is an agreement to agree in the future. Under Wisconsin law, an agreement to agree is not an enforceable contract.
? ?Use the Statement of Intent Form MV2489 to get a corrected title when your title or Manufacturer Statement of Origin (MSO) has a change or erasure in the purchaser, lien holder or odometer area.
And/Or ? If you want more than one owner listed on the new title, you can choose to have either the word "AND" or the word "OR" on your new title: "AND" means all owners must sign the title to sell the vehicle later. "OR" means either owner can sign the title to sell the vehicle later.
Apply online for both title AND transfer existing plates. Wisconsin and out-of-state titles can be used to apply online. Use this online process to apply for both a Wisconsin title and to transfer existing plates.
In Wisconsin, it is possible to give a car to your child without charging a purchase price. On the back of the original title, you will write in a purchase price of ?zero dollars?. The title and MV1 form must still be filled out as if cash were exchanged for the car.
Adding or deleting a co-owner from a Wisconsin title is considered a transfer of ownership. A properly reassigned title and lien release documents (if applicable) are necessary. You can save yourself time and money by using our online service, eMV Public that allows you to start the title transfer process yourself.
You must sign the title over to the new owner and indicate on the title the mileage at the time of the sale. It is also a very good idea to create a bill of sale dated and signed by the new owner. The Division of Motor Vehicles also provides a Statement of Vehicle Transfer (MV2488) for this purpose.
