What Do I Need to Trade in a Car?
Your state and dealership may have individual requirements for a car trade. Generally, you need your vehicle's title to transfer ownership and a lien release, if applicable. If you have lost your title, your dealer can likely get another for you. Before shopping for another car, have your paperwork in order to prevent delaying your new purchase.
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Title
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Most dealerships require a vehicle title to transfer ownership, as this is the requirement in most states. Have your title ready and bring it with you to the dealership. Most dealers prefer that you sign the title in front of a dealer representative, even if a notary isn't required in your state. A co-owner must also sign the title, and many dealers prefer the co-owner person to arrive at the dealer to provide his signature. If the co-owner lives in a different state, the dealer may send the title out to have it signed before completing your purchase.
Lien Release or Bank Information
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If you have paid off your previous vehicle loan, you must supply the original lien release to the dealership along with the title. A lien release was sent to you from your lender when you satisfied your loan. If you cannot find it, call your previous lender to have another sent to you promptly, as this can hold up the trade and purchase process. If you currently have a loan on your vehicle, have your bank information handy. Your salesperson will call your lender to receive the car's payoff amount.
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Contact Your Dealer
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Depending on your state, the dealer may require additional paperwork, such as an emissions certificate. Many dealers can obtain paperwork from a state motor vehicle department on your behalf. If you can't find your title, find out if you have to go to an office to replace it or if the dealer can handle the process for you. Some dealers can have you sign additional authorization forms to release vehicle ownership. Bring your registration with you to prove you are the vehicle's owner.
Other Items
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If you've already had your trade appraised, do not remove items from the vehicle without discussing it with your dealer first. Items such as wheels, floor mats, a DVD system, advanced radio components or exterior accessories affect vehicle value. If you do plan to take items out of the car, let your dealer know beforehand. You should also bring all sets of keys and the owner's manual with you. While not a requirement for a trade, having proof of your vehicle's service or repair history can increase value if the car was consistently maintained or you can prove that an accident reported to a vehicle history reporting agency was minor.
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