Buying or leasing a new-to-you vehicle is an exciting process. When it gets to the nuts and bolts of the transaction, you are going to do the proper documents.
Proof of Insurance
Bringing proof of insurance when you buy or lease a vehicle is essential to the process. The dealership, particularly if they are the lenders, must know that you are fully insured on your new vehicle. You can arrange beforehand to have your insurance policy transferred to the new vehicle.
Trade-In Vehicle Title
If a trade-in is part of the transaction, you will need the title to your trade-in vehicle. If you’ve obtained a loan outside of the dealership, be sure and coordinate with that lender to see what documents you will need.
The buying or leasing process for a vehicle, like any major financial transaction, is all about trust. Your driver’s license serves as a form of identification but it also assures the dealership that you are legally able to drive.
To ensure that the buying or leasing process goes smoothly, arrange beforehand to have any payment that is required at the time of the purchase, either in the form of a check, wire transfer, or credit card. Check with the dealership ahead of time—many have dollar limits on credit cards that might be less than your down-payment, meaning you might be required to pay with an alternative method.