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17 Aug 2017

Four documents that can increase value of your car when selling it

There is no gainsaying the fact that your car is an asset.

Whether you are looking to get much needed cash to deal with an urgent problem or looking to just to upgrade to a new car model, your old vehicle could come handy.

In the process of selling your used-car, your vehicle documents, also known as vehicle particulars are one of the essential requirements for a successful transaction.

“It is important to provide these documents because the buyer wants to be sure that he is not buying a stolen vehicle.

“You need these documents to prove beyond reasonable doubt that the car you are trying to sell, is actually yours,” Said Mohammed Iyamu VP Trading at Cars45.com

Your vehicle documents authenticate your ownership of the car, so it could make or mar the deal.

There are two major documentation processes. It is either you bought the car fairly used, popularly known as Tokunbo, brand new or you bought it registered, also known as Nigerian used

So below are most essential documents you must have before taking your car to a buyer.

1.Customs Papers: If you bought your car Tokunbo, it must have been shipped in through the seaports or through the land borders.

“One way or the other, you must have customs papers to show that the car was not smuggled and that you paid the required duties,” said Iyamu

2.Complete Vehicle Particulars: The vehicle particulars are standard documents that must be provided in addition to other documents as may be required depending on the circumstances of initial purchase.

These include the customs papers, proof of ownership, allocation of plate numbers, road worthiness, licence and insurance.

If you bought your vehicle as registered, the person must have provided you with all the other documents that he got while buying the car plus the documents listed above.

The complete vehicle particulars are also what you will transfer to the new owner.

You also need to take with you valid identification such as driver’s license, international passport or voter cards.

“If you have lost any of these documents, you need police report or court affidavits to back it up,” Iyamu said.

3.Purchase Receipt: According to Iyamu, “If you bought your car brand new in Nigeria, you must provide a purchase receipt from the authorized dealer that you bought it from.

“You also need to provide the other vehicle particulars enumerated above to prove you are the true owner.

“If on the other hand you bought it brand new directly from overseas, then you need the customs verification documents, plus the complete vehicle particulars.”

4.Release Letter: If your car that you are trying to sell, was given to you by a company, you need a release document from that company stating that the car was given to you and that you did not steal it.

During the sale process, you need to provide this release document in addition to the other complete vehicle particulars.

According to Iyamu, Nigerian-used-car buyers such as Cars45 rely on proper documentation to conduct seamless transaction.

“How long it takes for you to sell your car depends on how ready you are. Part of being ready is having your authentic vehicle documents intact. That is one of the best ways to sell your car in 45 minutes and get paid immediately,” Iyamu explained.

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