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Change of Ownership - Media

Advice

Change of Ownership

Paid off your car? What now?

Change of Ownership

Paid off your car? What now?

The day you pay your final car instalment is a big deal! No more monthly payments means more cash to pay off other debt, to save or to make your lifestyle more enjoyable.

But what happens when you do pay off your car?

Well, when you initially finance your car, the financial services provider (the bank) will be registered as the Titleholder of the car, and you will be registered as the Owner. The bank will keep the original Logbook document, which is necessary to change ownership of the car.

When you pay the final instalment, the bank will give you the original Logbook as well as the documentation that you need to change the Titleholder of the vehicle. This is normally couriered to you.

The documentation will include a copy of the Logbook, a Letter from the bank saying that you have paid in full for the car, a copy of the ID book of a bank employee who serves as the Proxy, and a change of ownership form, signed by the Proxy.

You will need to complete the rest of the change of ownership form, including signing it, and then take all of the documentation, as well as a copy of your ID document and proof of address, to the Vehicle Licensing Department. The Titleholder of the vehicle will be changed in the system and you will receive a new Logbook listing you as the Owner and Titleholder of the vehicle. You must keep this document in a safe place, because you will need it when you sell the vehicle.

If you are selling the vehicle, you need to do the above before selling it. You can't change the Titleholder straight from the bank to the new buyer, skipping yourself.

If you are trading your car in for a new or used Toyota, the dealership will be able to assist you with all the documentation, and you won't need to visit the licensing department yourself. 

Paid off your car? What now?

The day you pay your final car instalment is a big deal! No more monthly payments means more cash to pay off other debt, to save or to make your lifestyle more enjoyable.

But what happens when you do pay off your car?

Well, when you initially finance your car, the financial services provider (the bank) will be registered as the Titleholder of the car, and you will be registered as the Owner. The bank will keep the original Logbook document, which is necessary to change ownership of the car.

When you pay the final instalment, the bank will give you the original Logbook as well as the documentation that you need to change the Titleholder of the vehicle. This is normally couriered to you.

The documentation will include a copy of the Logbook, a Letter from the bank saying that you have paid in full for the car, a copy of the ID book of a bank employee who serves as the Proxy, and a change of ownership form, signed by the Proxy.

You will need to complete the rest of the change of ownership form, including signing it, and then take all of the documentation, as well as a copy of your ID document and proof of address, to the Vehicle Licensing Department. The Titleholder of the vehicle will be changed in the system and you will receive a new Logbook listing you as the Owner and Titleholder of the vehicle. You must keep this document in a safe place, because you will need it when you sell the vehicle.

If you are selling the vehicle, you need to do the above before selling it. You can't change the Titleholder straight from the bank to the new buyer, skipping yourself.

If you are trading your car in for a new or used Toyota, the dealership will be able to assist you with all the documentation, and you won't need to visit the licensing department yourself.