Step 1: Gather necessary documentation
Before you can sell your car in Arkansas, make sure you have the following documents ready:
Vehicle Title: The current vehicle title must be in your name and free of liens. If there is a lienholder, you'll need to contact them for the necessary paperwork to transfer the title.
Bill of Sale: It's recommended to have a bill of sale, which is a legal document that records the sale transaction and includes details like the buyer and seller information, vehicle details, sale price, and date of sale. While it's not required in Arkansas, it can provide an additional layer of protection for both parties.
Vehicle History Report: Although not mandatory, providing a vehicle history report can increase buyer confidence and help you negotiate a fair price.
Step 2: Determine the vehicle's value
Research the market value of your car to establish a reasonable selling price. Factors to consider include the car's make, model, year, mileage, condition, and any additional features. You can use online car valuation tools, local classifieds, or consult with a professional appraiser for an accurate estimate.
Step 3: Prepare your car for sale
Give your car a thorough cleaning, inside and out. Remove personal belongings and make any necessary repairs to enhance its appearance and functionality. Consider taking high-quality photos of your car to use in your advertisements.
Step 4: Advertise your car
Create compelling advertisements to attract potential buyers. Utilize online platforms such as local classified websites, social media, and online marketplaces to reach a broader audience. Include essential details like make, model, year, mileage, condition, asking price, and contact information. The more information you provide, the easier it will be for buyers to evaluate your car.
Step 5: Negotiate and finalize the sale
Once potential buyers start contacting you, arrange meetings at a safe and public location to showcase the car. Accompany the buyer on a test drive if comfortable. Be prepared to negotiate the price. Once you and the buyer agree on a final price, proceed to finalize the sale.
Step 6: Complete the necessary paperwork
To transfer ownership of the vehicle to the buyer, complete the following steps:
Sign the title: As the seller, sign the back of the vehicle title, including your name, date of sale, and odometer reading. Make sure the buyer's name is accurately spelled and written.
Release of Liability: Complete a Notice of Sale (Form 10-381) available from the Arkansas Office of Motor Vehicles (OMV) website or your local OMV office. This form releases you from any liability regarding the vehicle after the sale. Send a copy to the OMV and keep one for your records.
Bill of Sale: If you choose to use a bill of sale, complete it with the buyer, including all necessary information, and provide each party with a copy.
Step 7: Submit required paperwork to the OMV
As the seller, you'll need to notify the Arkansas Office of Motor Vehicles (OMV) about the sale by submitting the following documents within 30 days of the sale:
Notice of Sale (Form 10-381): This is the release of liability form, which should be completed and submitted to the OMV.
Vehicle Title: Provide the original signed title to the buyer.
License Plates: Remove your license plates from the vehicle and keep them for future use or return them to the OMV.
It's important to note that Arkansas doesn't require a notary public's signature on the title. However, if the buyer requests a notarized title, it's advisable to visit a notary public together to complete the transaction.
By following these steps, you'll be well-prepared to sell your car in Arkansas while adhering to the specific requirements of the state.