Signing over the title to a company car is similar to the process for a vehicle owned by an individual. The only exception is that in some cases the car is registered to a business instead of a person. The process is about the same as when a dealership signs over the title of a car, which is registered to the dealership, to a buyer.
Review the title to confirm if it is titled in the name of someone at the business or the business itself. In some cases, the title shows the business name and the business contact's name.
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Identify the official representative of the business, whether it is you or another party at the company. This is either the owner in the case of a sole proprietorship or an official named in your corporate documents in the case of a corporate entity. If someone's personal name is listed on the title, that is the person who should sign over the title.
Agree on a selling price for the company car with the new buyer. Review the odometer reading on the vehicle. Include both details on your bill of sale, which simply transfers ownership from your company to the new buyer.
Ask the owner or company representative to sign the back of the title. Enter the business name, representative name and contact address where requested. Enter the selling price and mileage. Ask the buyer to fill out his section of the car title and sign. Provide him with the title so that he can now register the company vehicle in his own personal name.
Call your business insurer to remove the vehicle from your policy after giving the car to the new buyer.
If the DMV needs to verify that the signer (seller) on the title has the right to sign over the car, you may have to send the buyer a note on company letterhead confirming the validity of the sale. Call your state DMV office in advance to ask for full details.