by Armando Martinez
Transfer Process for Buyers
As a buyer, you have 30 days from the date of purchase to register your vehicle. If you plan to transfer a previously owned vehicle the license plate to your new vehicle you’ll need to make sure the plates are in your name, the registration is current and you could provide valid insurance. The vehicle in which you're transferring it from also needs to be the same vehicle class.. To do this, you'll need to take the following steps:
1. Obtain your seller’s title signed over to you, a bill of sale from the seller that includes the VIN, purchase price, and date of sale.
2. Visit your local Motor Vehicle Division (MVD) office and bring the title, the bill of sale, proof of insurance, your driver's license or other government-issued ID, your license plates and proof of unexpired registration.
3. Pay the required transfer fee, which varies based on the type of vehicle and whether the license plate is personalized or specialty.
Transfer Process for Sellers
As a seller, you are responsible for removing the license plate from the vehicle before handing it over to the buyer. If you're planning to replace the vehicle or purchase a new one, you can transfer the license plate to your new vehicle by following these steps:
1. Bring the old license plate, unexpired registration, and proof of insurance for the new vehicle to your local MVD office.
2. Pay the required transfer fee, which varies based on the type of vehicle and whether the license plate is personalized or specialty.
Seller Notification to DMV
The seller should notify the NM DMV once the vehicle has been sold in order to remove all responsibilities from the vehicle. This can be done by completing the NM MVD-10048 form and mailing it to the address on the form.
License Plate Fees and Taxes
In New Mexico, license plate fees vary depending on the type of vehicle and the type of license plate. Here are the fees you can expect to pay:
- Standard license plate: $17
- Personalized license plate: $27
- Specialty plate: $35-$85, depending on the plate type
It's important to note that these fees are subject to change, so be sure to check with your local MVD office for the most up-to-date information.
Conclusion
By following these steps, you can ensure a smooth license plate transfer process when buying or selling a used car in a private party sale in New Mexico. Don't forget to obtain a bill of sale and proof of insurance, and check with your local MVD office for any additional requirements. Happy buying or selling!
This article was written by Armando Martinez. Armando Martinez is among the nation’s experts on automotive titling, registration, DMV services and document operations. With nearly two decades of experience across a broad range of financial services functions and some of the largest names in auto, from Wells Fargo to Uber, Armando combines vision and ingenuity with a wealth of information so auto shoppers and sellers can learn from his experience.
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