(SPEECH)
MAN: Navy Federal Credit Union. Auto loans.
[MUSIC PLAYING]
Why do we title and register a car? When you graduate, you get a diploma. When you get married, you get a license.
[CAR ENGINE REVS]
And when you buy a car, you have to get a title and registration. Why?
(DESCRIPTION)
Big question mark.
(SPEECH)
The title proves you own the car. Registration is how the government keeps track of it for taxes or to help find it if it gets stolen.
[GLASS SHATTERS]
(DESCRIPTION)
Figure with a mask over his eyes.
(SPEECH)
So how do you get your title and registration? If you buy from a dealer, they take care of the registration. For the title, it depends. Pay for your car up-front, and you go home with the title. If you borrowed money from a lender, like Navy Federal, the lender sends you the title after you're paid off.
If you buy your car from an individual, it's different. The seller will just sign the title over to you. For the registration, you'll need to take your title and a few other things to the DMV-- your ID, bill of sale, promissory note, and proof of emissions testing, insurance, and residency. Ask the DMV if there's a charge and what kind of payment you'll need.
Let's recap. Buy from a dealer--
[DING]
--it's taken care of. Buy from an individual--
[DING]
--take your title, those other documents, and payment to the DMV.
[DING]
Now, you're legal and good to go. Enjoy your new car.
Our members are the mission. For more information, visit makingcents.navyfederal.org. This video is intended to provide general information and shouldn't be considered legal, tax, or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.
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