Archive for the ‘Leasing’ Category
Car maintenance is one of the hardest parts of owning a car. It can be difficult to stay on top of the maintenance schedule. The maintenance can also be pretty expensive. The cost of time and money can add up after a while.
Owning a car can feel like a pretty big responsibility sometimes. If you own it, then it’s your problem You will have to worry about whether or not your car is under warranty. It’s on your shoulders to take care of any problems that pop up as well.
There’s nothing more frustrating than receiving a parking ticket or DMV renewal notice months after you returned your leased vehicle. The CA DMV states you (the lessor) must complete a Notice of Transfer and Release of Liability and submit it within 5 calendar days. This will release you of liability associated with your leased vehicle after the transfer date, including those pesky renewal notices which can look more like DMV collection attempts.
There are a few pieces of information you’ll want handy when completing this form online.
- License Plate Number
- VIN number
- Mileage on the vehicle
- New Owner (this would be the company you leased from such as VW Credit)
- Date of transfer
Why doesn’t the dealer take care of this? The dealer isn’t able to complete transfers on your behalf as we are not a selling or buying entity in this transaction.
What if I never completed the Transfer and Release of Liability when I turned in my lease, but just received a renewal notice? It’s a good idea to still go online and complete the form so that you can update the dmv.
I turned in my lease and completed the Transfer and Release of Liability form online but still received a renewal notice? Chances are it was issued before the DMV updated their records. Renewal notices are computer generated events generated more than 60 days prior to the expiration date.