Empower Your Future: April is Financial Literacy Month
Financial Literacy is crucial for managing personal finances effectively and making informed economic decisions.
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Looking to buy a new to you vehicle, motorcycle, ATV, boat or RV from another person? We’ve got you covered!
Be Ready to Purchase Your New to You Vehicle
When it comes to purchasing from another individual, often times called a private party, there are a few important steps before the new to you vehicle is truly yours. We help people do this all the time, so here’s what you need to know…
Where do I start?
We recommend getting a pre-approval to shop for your next purchase so you know what you can spend.
- Get pre-approved by submitting an application.
- After you are pre-approved, you’ll have a loan amount so you know your budget.
- Start shopping. Whether you use Craiglist, Autotrader, Car Soup or Facebook Marketplace, you’ll be sure to find options for you.
- While searching, check values of vehicles with Kelley Blue Book, Edmunds, True Car or J.D. Power.
- You may also want to check the vehicle history reports on Carfax to see if an auto was in an accident.
I found what I want: now what? Liens & Titles
When meeting with the seller, you’ll want to make sure to ask the following questions:
- Is there a lienholder listed on the title? In many cases, if the seller does not have a lien release or lien card, releasing a financial institution or financing company off of the title, there is likely still a loan on the vehicle.
- If there is a loan, request a payoff statement to make sure that the loan for the vehicle gets paid off and a lien release is sent. This will also help when you are getting your own loan finalized.
- If there isn’t a title, the vehicle will need a Bill of Sale in order to close on the loan or a copy of the vehicles registration sticker.
Titled or Not-Titled
Titled Vehicles
Most of the time vehicles that are titled are considered “street legal,” or you can drive them on a highway or street.
- Autos
- Boats (longer that 16 feet)
- Fish Houses
- Motorcycles
- RV’s
- Trailers (Gross vehicle weight is over 4,500 pounds)
Non-Titled Vehicles
Non-titled vehicles may require you to still register it with the state.
- ATV’s
- Jet skis
- Snowmobiles
- Motocross bikes
- Trailers (Gross vehicle weight less than 4,500 pounds)
- UTV’s (Side-by-Side)
What do I need to close my loan?
- 1A copy of the title of the vehicle you are going to purchase.2A lien release or payoff statement from the seller, unless they own the vehicle free and clear, and no lienholder is listed on the title.3Tax, title transfer fee, and other fees that will be paid when transferring the title to your name.
- 1A copy of the registration and/or a bill of sale that includes the VIN number for the vehicle.2There will be what is called a UCC fee (Uniform Commercial Code Fee) that the financial institution will file with the state in order to claim ownership of the collateral. (Similar to a lienholder on a titled vehicle).
What is the best way to pay the seller?
There are many options on ways for you to pay the seller. However, we recommend certain ways more than others if you can.
Cashier’s check
If you choose this route you'll want a cashier's check made out to the seller. These are guaranteed funds and trackable. (If there is a loan that is being paid off, our expert staff will mail a cashier’s check to the lienholder to pay off the loan).
Personal check
Although, many sellers will not take a personal check it is an option and trackable.
Cash
This may be what the seller wants, but it isn’t able to be tracked past the point of you handing the money over. If you can, utilize one of the ways above.
Transferring the Title or Registration
In the state of Minnesota, you can transfer a title or register your vehicle at most local DMV’s (Department of Motor Vehicles).
You may need to know or have the following:
- Title and lien release, if a lienholder is listed.
- Copy of the registration for non-titled vehicle or bill of sale.
- Insurance policy number (in the state of Minnesota).
- The amount you paid for the vehicle.
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Plan for Other Fees
When it comes to transferring a title of a vehicle that you purchased from a private party, there are other fees that you need to consider.
- Sales Tax: when you purchase from another person, or even at a dealership, you will need to pay sales tax when you transfer the title. If you want to know how much to plan on, calling your local Department of Motor Vehicles (DMV) may help.
- Lien Fee: If you take out a loan to purchase your vehicle, there will be a lien fee to add that financial institution or lienholder.
- Late Transfer Fee: If the title is not submitted for transfer within 10 business days from the date of sale, you may have a late fee included.
- Wheelage Tax: Some counties in Minnesota have an extra tax on vehicles that are primarily kept in that county.
- Other Fees: Depending on the county or city your vehicle will primarily be in, there could be other fees included.
Motor Vehicle Insurance
Make sure your new to you vehicle is covered.
Whether you will be out on the road, the lake or the trail, make sure you are protected. Agents with The Insurance Office at Mid Minnesota are there to help you find the coverage that is right for you. Get a free no obligation insurance quote from them today by calling (218) 828-1118.
MMFCU Loan Perks
Gap Advantage
Gap Advantage coverage pays the difference between your vehicle insurance company’s settlement and the remaining loan amount, if your vehicle is stolen or accidentally damaged beyond repair. Contact your local office today!
Extended Vehicle Warranty
Don’t be taken by surprise when your vehicle needs some work done. Make sure you’re covered with one of our extended vehicle warranties. With multiple options to fit your needs and no deductible with nationwide coverage have peace of mind for when something happens.
Protection Services
Safeguard yourself from the unexpected. Protect your purchase for as little as a few cents per month. We offer services to help cover your loan payment in the instance of a health, life or family emergency. Stop by or call your local office today!
Rates at a Glance
Autos & Motorcycles
Rates as low as
3.94% APR^
RVs & Boats
Rates as low as
4.44% APR^
Off Road Vehicles
Rates as low as
6.19% APR^
Personal Loan
Rates as low as
11.84% APR^
Calculate your options
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Why Choose MMFCU?
It's time to do banking differently. At MMFCU, we believe that true financial growth can only happen when we all grow together. Credit union banking is rooted in locals serving locals, for the good of our community. We care about this community because it's our home too. When you progress, so do we and in turn, we help others do the same. Owned by members (that's you!) and led by members-that's the credit union difference.
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