You have to ensure that the company car is legally registered in your or the company’s name. You may need to transfer ownership through the appropriate channels if it’s not in your name.
The process involves a few steps. Here’s a general guide to help you through the Process:
1.Clear Outstanding Finances
If the car was purchased through financing, ensure all outstanding payments are settled before attempting to sell the vehicle.
Inspect the car to identify any issues affecting its resale value. This step is essential to ensure transparency with potential buyers.
3.Determine the Selling Price
Research the market to determine your car’s fair and competitive selling price. Consider the car’s model, age, condition, and mileage.
4.Advertise the Car
Create an effective advertisement for your car. Include all details like make, model, year, mileage, condition, and selling price. Post the ad on popular online platforms, newspapers, and social media.
Gather all relevant documents, including the vehicle’s registration certificate, insurance papers, service history, and other pertinent paperwork. A complete set of documents will enhance the credibility of your sale.
6.Negotiate and Finalize the Deal
Be prepared for negotiations with potential buyers. Once you reach an agreement, finalize the deal and agree on a payment method. It’s common in Dubai to use bank transfers or manager’s cheques for more significant transactions.
7.Transfer of Ownership
Accompany the buyer to the Dubai Roads and Transport Authority (RTA) to facilitate the transfer of ownership. Ensure that all required documents are provided to complete the Process smoothly.
8.Settlement of Outstanding Traffic Fines
Ensure all traffic fines related to the vehicle are settled before the ownership transfer to avoid complications.
9.Cancellation of Insurance
Cancel the vehicle insurance once the ownership transfer is completed.
10.Notify the Company
If the company owns the car, inform the relevant authorities about the sale and update the asset records accordingly.
Note: Always check the latest regulations and procedures with the authorities in Dubai or seek legal advice if needed. The Process may vary based on individual circumstances and changes in regulations.