Titling A Car or Vehicle in Colorado
Car Title
Basically, a car title serves as a proof of ownership. So when you buy or sell a car, the car title must be transferred to the new owner’s name.
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https://dmv.colorado.gov/vehicles
Selling a Car
Before you sell a car, it is a wise move to provide your potential buyer your car’s vehicle history report. It has all the answers to your buyer’s questions about your vehicle. It can also be your base in establishing your vehicle’s selling price (based on its fair market value).
If you were able to close the deal, congratulations! Now you have to transfer the title by following these steps:
Indicate the odometer reading on your title (only if the vehicle is less than 10 years old.)
Add the buyer’s name and address on the title
Provide the emissions certificate to the buyer
Get the vehicle’s Bill of Sale and place the date, sign it and indicate your name, your buyer’s name, the price, the vehicle’s identification number (VIN), as well as the year and make of the car.
Remove the license plates
Give all the documents to the buyer. He or she will take them to the DMV office for title transfer.
Buying a Car
If you bought the vehicle from a licensed dealer, then you no longer have to worry because your dealer takes care of all the documents.
Buying Used Cars
If you are scouting for a new car, make sure that you order a Vehicle History Report so you will know how much the car you are considering is really worth. When you have chosen the car of your dreams, simply follow these instructions:
The seller must sign the title and indicate the date. The odometer reading must also be indicated on the designated area.
The seller must hand you the Bill of Sale that has his or her signature, the date, your name, the purchase price, the VIN and the make and year of the car.
The seller must hand you the emissions certificate
Bring all the documents to the DMV office, along with your proof of identity and proof of insurance
Prepare to pay the fees
Removing the Lien Holder
Once you have settled your loan, the lien holder must be removed from the car title. The lien holder must sign off on the title and mail it to your address. To complete the process, you must bring the title to the DMV office and pay the $7.20 processing fee. You can also mail it to this address:
Colorado Department of Revenue
Motor Vehicle Division
1881 Pierce St.
Lakewood, CO 80214
Transferring to a Family Member
You can transfer the title to the following family members:
Grandkids
Grandparents
Parents
Kids
Siblings
Cousins
To transfer the title:
You must give the title to the recipient and it must have your signature and date
You must hand the recipient the current emissions certificate
If you are giving the vehicle for free, then you must indicate on the title the word “gift”
If it is sold to a family member, then you must present the Bill of Sale to the recipient. It must have the date, your name, your signature, the purchase price, the VIN and the year and make of the vehicle.
The recipient will bring the documents with proof of identification and insurance to the DMV office. He or she must also pay the applicable fees.
Gifting a Car
If you are transferring the title as a gift, the recipient must pay for the applicable taxes when registering the car and do the following:
You, as the giver, must sign and date the title.
The title must be handed over to the recipient.
You must write the word “gift” as the vehicle’s purchase price on the title
You must also give the current emissions certificate
The recipient must present all documents to the DMV office along with proof of identity and insurance.
The recipient must pay the applicable fees
NOTE: While some counties only require the word “gift” on the title, other counties might require a letter of gift that contains:
the car’s make, model, year and VIN
date of transfer
signatures of the buyer (recipient) and seller (giver)
Donation
The process of donating a vehicle is simple: call the beneficiary and a representative will come over and pick-up the vehicle or they will tell you where to bring it. However, there are more things to know about donating a car.
The Taxes
The beneficiary of your vehicle must give you a deduction amount in 30 days upon receiving the donation. This deduction amount will be given to you in a letter, which will serve as a receipt. If the amount exceeds the limit of $500, then you need to supply the following information:
Your name
Your taxpayer identification number
Vehicle identification number
The date of the contribution
Either one of these:
A charity statement that verifies the absence of goods or services provided in exchange of the donation.
A statement containing a proof that the goods and services provided by the beneficiary consists of intangible religious benefits
A description and an estimate of the value of goods or services exchanged for your donation – if applicable.
Inheriting a Car
A person may inherit a car when someone passes away. If you are an heir to a deceased person’s vehicle, then you need to wait for 10 days from the date of death before you can bring the following requirements to the DMV office:
A certified copy of the death certificate.
A copy of the will or court order that grants you the ownership rights
Your driver’s license.
The car title