Once payment is confirmed, complete these steps promptly to protect yourself from ongoing liability and fully close out the sale.
1. Ensure the DMV Transfer Is Completed
The buyer is responsible for completing the ownership transfer (이전등록) at their local motor vehicle office, but your liability for the vehicle continues until this is done. Provide all required documents promptly and follow up with the buyer if the transfer is delayed.
2. Cancel Your Insurance
Contact your insurer to cancel the comprehensive or third-party insurance policy. Request a pro-rata refund for unused premium. Do not cancel before handing over the vehicle and completing the sale.
3. Cancel Hi-Pass (하이패스) ETC Account
If your vehicle has a Hi-Pass (하이패스) transponder for highway tolls, contact your card issuer to cancel or transfer the account and claim any remaining balance.
4. Follow Up on Fines
If the buyer delays completing the DMV transfer and traffic fines accumulate against the registration number, you may receive notices. Retain proof of sale and contact the relevant authority with your sale documentation to dispute liability.
5. Keep All Records for Two Years
Retain the sale agreement, payment confirmation, and vehicle registration card copy for at least two years. These protect you in the event of any dispute about ownership or post-sale liability.
