Understanding Documents You Need To Collect When Buying a Tokunbo Car?

One of the main factors contributing to the used automobile market’s unprecedented growth is the fact that patience is not everyone’s strong suit. Potential customers are searching for quicker and cheaper choices as a result of the manufacturers’ numerous problems, including chip shortages and increased prices and a lack of loan opportunities to buy a new car.   In these circumstances, purchasing a pre-owned vehicle is not a bad idea, but one must first verify the vehicle’s status and its documentation. 

We frequently struggle with internal questions about the documentation that must be in our possession before purchasing tokunbo cars in Nigeria. These inquiries are timeless, and many people have been the victims of blunders they made when purchasing their vehicles. The majority of the time, internet shoppers approach strangers to make direct purchases from them, which can be a huge trap for the purchasers 

People tend to go into the process blindly and without taking the necessary precautions and gathering information about the cat they see for sale. What is usually the case is that price is more their focus. If they see a cheap or affordable car, they would want to get it, by all means, necessary, placing the emphasis on their budget. They don’t take into regard the proper documentation procedures during the purchase, and most of the time they are sold stolen cars without even knowing it. A pertinent fact that people need to take into cognisance is that if you see a luxury car being sold for a ridiculously low amount, it is either that it has been stolen or that the car is having a lot of issues.

Carmart.ng has compiled the important documents that a buyer will have to ask from the seller of the prospective car they wish to buy.

Car Insurance Paper

It is important you ask for this when purchasing a vehicle, which also helps check the authenticity of the vehicle. There is also a possibility that you may continue with the insurance company that has already registered with the car.

It’s possible that you won’t be receiving a direct tokunbo automobile. In this situation, the owner would have considered it worthwhile to include the cost of insurance in the price he is asking for the vehicle. In the event that something were to happen to the automobile while you are driving, the insurance would cover the damage. When buying a tokunbo vehicle, it is very crucial to obtain a hold of the most recent insurance paperwork because it will give you the opportunity to file a claim if necessary.

Registration Certification

The most important piece of used automobile paperwork is the Registration Certificate (RC), which is essentially a card that summarizes the complete vehicle. It contains details such as the chassis number, registration date, registration number, owner name, and serial number of the owner. Verifying the owner’s serial number, the vehicle’s registration date, the state in which it was registered, and the fuel type is crucial when buying a car. Any modifications to the engine, colour, or owner count must be properly updated on the RC.

Document with a valid customs stamp

You should be aware that anything relating to customs or any other relevant issue must be duly stamped and recognized. Not only that, but you should make sure that the information on the document and the car are the same without prejudice. Obtaining original documents with the corresponding VIN is essential for a hitch-free ride without ongoing interference from law enforcement. This is so important that it doesn’t appear such a document has been forged or misappropriated.

Proof of ownership

This is evidence showing you are the true owner of the car you are laying claim to. It is very important, like the rest of the other documents. Failure to produce this document might make you forfeit ownership of the vehicle or even get it impounded. Usually, this can be gotten from the registration certificate, but it is not plausible. A document certifying such ownership is important. It must be noted that the seller must have a document to show such proof of ownership as well.

Plate Number Assignment

This is another document that can allude to ownership. The seller must have this, which the buyer may make changes to at any time.

Frequently Asked Questions

Conclusion

When buying a Tokunbo car, price alone should be the basis. You must take the underlying conditions into consideration so as to avoid being sold a stolen vehicle or a badly disposed of car. Documents are important to prove authenticity not only of ownership but also of usage, so as to ensure you are being sold the vehicle which the seller alleges, especially if the model year is assessed.