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Zachary
Zachary, Attorney
Category: Legal
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Experience:  Lead trial/International commercial attorney licensed 11 yrs
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is it illegal to sell a car with an open title in arkansas?

Resolved Question:

is it illegal to sell a car with an open title in arkansas? I have a hobby of buying a car that needs some work done to it, fixing it and then reselling the vehicle. When I buy the vehicle I have the owner leave the title open and ask them to only sign the title and then when I sell the car I put the new owners name on the title and the sell price. Is this illegal and if so what are the penalties?
My second question is how many vehicles am I allowed to sell that are in my name per year?
Submitted: 1 year ago.
Category: Legal
Expert:  Zachary replied 1 year ago.
Hi,

The "open" title transaction which you are proposing is not per se illegal. However, it may be unwise. If you have the owner sign the title, but never register the title to transfer ownership, then you officially have no right to the proceeds of the sale unless you have a written contractual right to the same from the title owner that you would receive the proceeds.

If you don't take title or if you take title and do more than 5 a year, you are acting as a Used Car Dealer and need to register as such with the State:

http://www.asp.state.ar.us/divisions/rs/pdf/used%20motor%20vehicle_dealers%20license%20app.pdf

Penalties for failure to register are criminal, the first being a class A misdemeanor and the second violation being a felony.

Please let me know if you need more information or need to discuss this matter further.

-ZDN

Failure to do so will result in
Zachary, Attorney
Category: Legal
Satisfied Customers: 3838
Experience: Lead trial/International commercial attorney licensed 11 yrs
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