Obtaining a Title and Registration For a Vehicle Bought from a Car Dealership
If you purchase a vehicle from a car dealership in New Mexico, you might not have to obtain the title and registration yourself. Generally speaking, the car dealerships will handle all the paperwork on your behalf. You should ensure that you receive a receipt from the car dealership showing that the vehicle’s title is now in your name. However, if you bought the vehicle from a private party, you will have to do the paperwork yourself.
Obtaining a Title and Registration For a Vehicle Bought from a Private Party
As previously stated, purchasing a vehicle from a private party means that you have to complete all paperwork yourself. You’ll need to ensure the seller has filled out their section of the title correctly, then go in person to the BMV field office to pay your motor vehicle excise tax, obtain a title in your name, and register the vehicle, If the vehicle was bought out of state, you’ll also have to obtain a VIN inspection either from BMV or a certified inspection station.
The motor vehicle excise tax is 4 percent of the price paid for the vehicle less any trade-in credit. For non-dealer sales, however, the N.A.D.A. value is used if the declared purchase price of the vehicle is lower than 80 percent of the N.A.D.A. average trade-in or wholesale value.
Filling Out The Title
The seller will need to fill out the title, listing your name as purchaser, and signing their name in the appropriate space on the title. They also must fill in the purchase price and date, and odometer reading. You and the seller also must fill out and sign the odometer statement. The seller also should remove the license plates.
When you go to the BMV field office, they also will check the FBI’s National Crime Information Center (NCIC) to ensure that the vehicle has not been stolen before issuing a title in your name.
Registering the Purchased Vehicle
After you have bought the vehicle, you can then register it. The first time you register the vehicle, you must do so at a field office. The title and registration application are the same form. To receive your title and registration for a new vehicle, you must bring the following with you:
- Manufacturer’s Certificate of Origin (MCO) – The original MCO, not a copy.
- Purchase Agreement or Dealer’s Invoice – Must be the original or a certified copy.
- Odometer Statement
- Proof of Insurance
- Title and Registration Application
If registering and obtaining title to a used vehicle, you bring the following with you:
- Properly signed title from the seller
- Odometer Statement
- Title and Registration Application
- Proof of insurance
Submitting Payment
The registration fee for passenger vehicles is based on the weight and model year of the vehicle. Registration fees range from $27 to $62 for a one-year registration or for a two-year registration.