How to Perform a Title Transfer in New Mexico
Vehicle owners are required to complete title transfers for cars in New Mexico on each occasion the ownership of a motor vehicle changes hands from one legal entity to another. Note that when meeting the title transfer requirements, you will also be required to obtain a car registration at the same time.
You can complete the NM car title transfer by submitting the necessary items through the state Motor Vehicle Division (MVD). To learn more about how to fill out transfer of title forms and when to finalize a transfer, read the sections outlined below.
What is a car title transfer in New Mexico?
An important step before applying for an auto title transfer in New Mexico is learning about the transfer of car title procedure. Transferring a car title in NM is a procedure that results in the legal passing of ownership from the owner on record to a new owner.
The main document used to finalize the car title transfer is the state-issued certificate of title, which contains information about the vehicle and the original owner. Failure to perform a transfer will impede the new owner from registering the vehicle. The seller may also be held accountable for the vehicle if he or she does not complete the title transfer process on time.
When is a vehicle title transfer required in New Mexico?
The New Mexico title transfer for cars must be completed when the possession of a motor vehicle is passed between owners, regardless of the circumstances surrounding the ownership transfer.
Therefore, apart from transferring a vehicle title when you sell or buy a motor vehicle, you will also have to meet certain car title transfer requirements in NM in the event that you receive the vehicle as a gift, donation or by means of inheritance. Note that the state MVD imposes certain time limits to transfer a car title and register a newly purchased vehicle.
Failure to complete the title transfer within this period may lead to certain late titling and registration fees.
Information and Documents Necessary to Transfer a Title in New Mexico
To successfully finalize title transfers for cars in New Mexico, applicants must meet the state-imposed vehicle title transfer requirements, such as paying the applicable costs and furnishing several types of documents and information. For example, the following list outlines the paperwork necessary to transfer an auto title in NM after buying or selling a motor vehicle:
- A completed application for title
- A properly assigned certificate of title containing the odometer statement, the vehicle selling price and date and the seller’s and buyer’s signatures
- A bill of sale, if required
- A lien release form, if applicable
- The odometer disclosure statement, if the title does not have a section reserved for this purpose
- Proof of a vehicle insurance policy
- Proof of state residency and an official identification document
Note: If the seller is unable to produce a vehicle title, he or she must apply for a duplicate car title before initiating the title transfer procedure.
In addition to the standard car title transfer documents outlined above, certain unique circumstances may require the submission of additional paperwork. For instance, residents of Bernalillo County will also be required to obtain an emission certificate of inspection.
If you are transferring a vehicle title in NM after receiving the vehicle as a gift, however, you will be required to submit a special affidavit.
Steps for Performing a Transfer of Title in New Mexico
The New Mexico title transfer for cars can be completed through a nearby MVD location in a few straightforward steps. To successfully transfer a vehicle title, car owners will be required to submit the documents and fee payments that apply to their current circumstances.
Therefore, to avoid any delays in the process of transferring an auto title in NM, ensure that you have collected all necessary items prior to making your office visit. As soon as an MVD employee approves your paperwork and fee payment, a request for the manufacturing of new vehicle documents will be forwarded.
Note: Vehicle sellers are required to remove the license plates from the sold vehicle and either destroy them or return them to the division.
Getting a New Car Title Versus Title Transfers in New Mexico
When applying for a new car title in New Mexico, vehicle owners need to first learn that the application process for a new title differs from the transfer of an existing vehicle title.
Drivers need to apply for a new car title either after purchasing a new vehicle or after moving to New Mexico from another state. Motorists will need to order a new car title in NM, regardless of whether their vehicles are new or used.
The process of transferring a vehicle title in New Mexico occurs when the ownership rights of a certain vehicle are transferred from one person to another. For instance, a title transfer may be performed when purchasing or selling a used car. Vehicle owners may also transfer their titles after inheriting a vehicle from a family member or receiving a vehicle as gift.
Car Title Transfer Fees in New Mexico
After all the appropriate paper work is complete drivers must pay the $5 MVD fee to transfer the car title. The full price of the auto title transfer may include several fees, as vehicle owners must complete the titling and registration procedures simultaneously.
Therefore, in addition to the titling fee and the excise tax based on the vehicle purchase price, car owners will also need to arrange payment for the applicable registration costs.
Note that the car title transfer costs may also vary depending on the nature of the ownership transfer. For example, an excise tax is not due if the vehicle was a gift. If you fail to complete the transfer within 90 days of accepting ownership of the vehicle, you will also be required to pay a late fee.