The one question that most people ask themselves after selling a car is this: what do I do now? Well, you have sold your car and you have cash in hand. What else could there be?
As it turns out, in NZ, there are a few things you still have to do after selling your vehicle. There aren’t a lot of requirements but they are important and failure in completing them could result in fines from the NZTA.
So, without rambling on any further, here are the requirements you have to fulfill after selling your car in NZ:
After Sale Documents
Once you have done all the hard work and sold your vehicle to the best candidate, you have still some requirements to fulfill.
Don’t worry, they are not too many or difficult to complete, but extremely necessary. Why are they necessary? You’ll learn later in this article, why completing these after sales formalities is a must for every seller residing in NZ.
The Sales Invoice
The first thing on your list should be acquiring the sales invoice.
Although this document isn’t necessary, in some cases, it can come in handy. That’s because the sales invoice is proof that you have sold your vehicle to someone else and that no liabilities apply to you.
Therefore, try and keep a copy of the sales invoice with you to avoid any hassle in the future.
Remove from Insurance Account
Sometimes, people forget the very important detail of removing their sold vehicle from their insurance account.
This usually goes unnoticed until the time when an accident happens. When the new owner of your vehicle gets involved in a fender bender, your insurance company becomes liable to pay for the damages because it is the one listed. Ultimately, you are paying insurance premium for something you did not do.
So, to avoid an inconvenience like that and to save yourself from unnecessary hassles, as soon as you sell your car to somebody, remove that vehicle from your insurance account.
Also, inform the buyer of this, so they can switch the car to their insurance plan.
Notice of Disposal (NOD)
The two things we discussed above were important for you personally as a seller.
But one thing that is important for you and the authorities is the notice of disposal (NOD). This document, as its name suggests, is a kind of notice given to the authorities that you have disposed of your vehicle and it is no longer under your possession.
When the NZTA receive this document from you they can update their records and add the name of the new owner beside that of the vehicle.
Luckily, the Notice of Disposal is free to submit and it can be done both online and by visiting the NZTA office. You can choose whichever method suits you best. But, keep in mind, that this document is compulsory to submit within 14 days of the sale.
If you exceed that deadline, you could be asked to pay a fine. Not only that, but the buyer would find it difficult to register his car with the Waka Kotahi. Therefore, be vigilant with this responsibility and submit the NOD as soon as possible.
Things You’ll Need for NOD Submission
The document is pretty straightforward so it doesn’t require any complex information. All you’ll need is your name, your vehicle’s registration number, your signature, the date of sale, the price at which you’ve sold the car, and the particulars of the buyer.
The details of filling the form can be found in another article on our website. It will teach you how to fill and submit to form from start to finish.
Once you have entered this information on the form, you can enter submit and the authorities will be notified. It’s as simple as that!
Problems Submitting NOD Online?
In some rare cases, you might be asked to submit the NOD physically at one of the NZTA Service Centres. Perhaps, the system is faulty and isn’t working or there is some other technical problem affecting the Waka Kotahi website. If you face such an inconvenience, it is best to visit the nearest Service Centre and do the job quickly.
Other Things to Do After Sale
Once you have completed the checklist of documents and are ready to hand over the vehicle to the buyer, you must do a few more things in good faith.
Clean Your Vehicle
The buyer will appreciate it if you hand them over a vehicle that is clean from top to bottom. We are talking about a nice top wash, a thorough interior cleaning and dirt removal. Your car should look like it has been taken care of not that it has been abused over the years.
While you are doing that, also keep in mind to remove all your personal belongings from your vehicle. After all, you wouldn’t want any sentimental items to go to the new owner of the car.
Start The Search for a New Vehicle
This might not apply to all of you sellers out there, but some of you might have sold your current car to pay for the next one.
If that is the case, you must start searching for a replacement car, if you haven’t already. It is not easy to find a vehicle that fits your budget, so the quicker you are with the search the better your chances will be at finding your dream replacement vehicle.
Proof of Transfer
The last important thing is acquiring the proof of transfer from the buyer. You want to ensure that the new owner of the vehicle has registered the vehicle in their name and informed the NZTA about the transfer. So, ask them to give you a copy of the transfer document, which will remove you of any further responsibilities related to the vehicle.
