Correct title in the Lease

Aug 6th, 2022
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Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.
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Ownership Is Key What that means is that the dealership or fleet leasing company owns the vehicle and is legally responsible for it. Contractually, you may be responsible for other costs such as insurance, excessive mileage, wear and tear, or damages, but not for the registration, title, or license.
Most often, you automatically apply for a Certificate of Title when you first register your motor vehicle or motorboat. Use the form Vehicle Registration/Title Application (PDF) (MV-82), available at any motor vehicle office, by request from a DMV Call Center or by download from the DMV internet site.
By the New York DMVs definition A Certificate of Title (MV-999) is the official proof of ownership for a car, truck, motorcycle, motorboat, travel or utility trailer weighing 1,000 pounds or more, or manufactured home (mobile home).
Bringing leased vehicles to Massachusetts If the leased vehicle does need to be titled in Massachusetts, this will mean that lessee must bring the following to an RMV Service Center: An Application for Registration Title, completed, stamped and signed by a Massachusetts insurance company/agent.
To buy out a lease, youll need to pay the remaining lease payments and the cars residual value as listed in your lease agreement. For instance, if the cars residual value is $20,000 and you have two payments left at $500 each, the lease buyout cost would be $21,000.
For information regarding a specific legal issue affecting you, please contact an attorney in your area. Title, in the context of real estate transactions, refers to ownership of real property. A title is not synonymous with a deed. A deed refers to a property owners right to claim a particular property.
You will not receive the original title certificate as proof of ownership. The leasing company is the owner and holds the title certificate, which displays their name. Your NY State Insurance ID cards and the electronic notice together verify your coverage.
Under most circumstances, when you first register and title a vehicle that you bought in New York State, you must provide DMV either a title or transferable registration signed over to you as proof of ownership.

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