The motor vehicle department of Chicago helps people of Chicago to easily transfer the title of a vehicle to the person they prefer. Now, what is a title? In today’s world everything that is legal requires a document. So the title too is a legal document of which the ownership of a person on a piece of property is established. So when you are either buying or selling a car or transferring to someone else’s name you need to go through some legal formalities. Legally, title and registration lies under the jurisdiction of the Secretary of State. Any transaction involving the transfer of a motor vehicle from one person to another must be accompanied by a completed Tax Form RUT-50 (Private Party Vehicle Tax Transaction).
The Chicago DMV requires the title of a possession (here a car) to be transferred to the desired person within 20 days after the exchange has taken place. The reasons under which a title transfer takes place are generally the purchasing a vehicle, selling of a vehicle, a loan being paid off, the vehicle being transferred to some family member, a vehicle being gifted or donated, making some corrections in the name or when one is inheriting a vehicle.
The Chicago DMV provides excellent service by making title transfer of used vehicles possible through some easy steps. One has to make sure that the application sections are completed successfully by both seller and buyer of the vehicle. It should be checked if the title has been signed and dated by the seller. The buyer is responsible for checking the mileage reading. The vehicle identification should be checked. The purchaser should also sign and date the title properly. Form VSD-190 has to be filled up for registering the vehicle. Tax form RUT-50 has to be filled up by the purchaser and lastly the title fee of $95* has to be paid. The Chicago DMV advises the buyer not to walk out of a deal without a signed-over title transfer document. The purchase of a car’s history report gets one the best deal for his/her car loan or insurance. When a new vehicle is bought the title is transferred by the dealer. For those who move into Chicago from outside Illinois, and has a car from a registered dealer outside the state, an RUT-25 form must be filled and submitted along with the applicable fees. The fees must be paid in check or money order, to Illinois Department of Revenue.
While a vehicle is being gifted, the procedure of the title transfer is similar to that while the vehicle was being purchased. The sales tax charged by the Chicago DMV is based on the year value of the model of the car. If the transfer is taking place between brother, sister, father or mother the sales tax value will be $15*.
Type in the zip at the tops to see how much money can be saved. Following the rules set by Chicago DMV keeps matters very simple.