Quick Answer: Can You Gift A Car In New Mexico?

Do you need a bill of sale to register a car in NM?

Yes, a New Mexico bill of sale is required.

You’ll also need a certificate of title, an odometer disclosure statement, an Application for Vehicle Title and Registration, proof of insurance, proof of identity, two items to use as proof of New Mexico Residency, and be prepared to pay your fees..

How do you fill out a car title as a gift?

As you’re filling out the title, you should list your name as the seller and your relative’s name as the buyer. You’ll also need to state the odometer reading. You should list the price of the car as gift. Don’t forget to sign and date the title.

How much is sales tax on a car in New Mexico?

New Mexico collects a 3% state sales tax rate on the purchase of all vehicles. In addition to taxes, car purchases in New Mexico may be subject to other fees like registration, title, and plate fees.

Do you need a bill of sale when gifting a car?

If you are gifting the car to a relative or a friend, you are likely to be required to write a bill of sale for gifting a car. … You’ll need to make sure you have no outstanding liens on your car. If you owe money on your car, you’ll have to pay off that money before you can transfer the title and write the bill of sale.

How long do you have to register a car in New Mexico?

60 daysYou will have 60 days to register your car once you move, and when you do, it’s important to bring the following documents to MVD Express: A complete application for the titling and registration process. Proof of insurance.

What is the tax title and license fee in New Mexico?

We presume that every time a vehicle is titled, a sale has occurred and the motor vehicle excise tax is due. The tax is 4% of the price paid for the vehicle less any trade-in credit. For non-dealer sales, however, the N.A.D.A. value is used if the declared purchase price of the vehicle is lower than 80% of the N.A.D.A.

What do I do with the title when I sell my car?

First, the seller has to release ownership of the car by signing the title. The buyer then takes the signed title to the DMV, and the state issues a new registration and title. Some states might require additional paperwork to complete the process, such as a bill of sale or a transfer of ownership form.

How much is a license plate in New Mexico?

Fee: $37.00 initially and upon each regular registration renewal.

How much does it cost to transfer a car title in New Mexico?

Title transfers will cost $17, and the registration will vary depending on the type of vehicle, and the duration of the registration (1 or 2 years). Costs can be as low as $27 or as high as $207.

How do I sell my car privately in New Mexico?

Selling a Car:Remove the old license plate – New Mexico is a “Vehicle Plate to Owner” state. … File a Notice of Vehicle Sold form with MVD.Keep the VIN number of the vehicle you sell.Fill out Bill of Sale form and file with MVD.Sign over Certificate of Title and Odometer Disclosure statement – keep copies of both.

What documents do I need to register my car in NM?

Documents to Bring to the MVD Field Office to Register a New VehicleManufacturer’s Certificate of Origin (MCO) – The original MCO, not a copy.Purchase Agreement or Dealer’s Invoice – Must be the original or a certified copy.Odometer Statement – One of the following: Odometer mileage statement on the back of the MCO.

Can I sell my car to my son for $1?

Just make sure you have a Bill of Sale for legal reasons to protect both of you. The DMV will want their fair share of taxes based on the car make, model, and year. … HOWEVER, you will have to pay any sales taxes, etc due on the value of the vehicle, not the $1 sales price.

How do you write a bill of sale for a gifted car?

Writing a bill of sale for a carThe date of the sale.A description of the car, including its: Year, make and model. … The selling price of the car. If the car is a gift or partial gift, you should still create a bill of sale. … Warranty information. … The full names, addresses and signatures of the buyer and seller.

How do I fill out a bill of sale in New Mexico?

How to WriteEnter the exact dollar amount.Year.Make.Model.Body Type (Series)Engine Number (if applicable)Vehicle Identification Number (VIN) &/or Hull Identification Number (HIN)License Plate or Vessel Registration Number.More items…