When a car owner surrenders their title, they are signing a legal document that states they are transferring ownership of the vehicle to the new party. This document is then filed with the appropriate government agency, such as the Department of Motor Vehicles (DMV). Once the title is surrendered, the new party becomes the legal owner of the vehicle and is responsible for any associated costs and liabilities.
Surrendering a car title can be a difficult decision for a car owner, but it can be necessary in certain circumstances. It is important to understand the implications of surrendering a car title before making a decision, as it can affect the owner's credit score and ability to obtain loans in the future.
