I had a member here help me out (he recently went through a similar process). I also called the DMV and they confirmed the same process.
You have to send a letter signed by both the current plate holder and future plate holder stating that the current plate holder is releasing their plate to the new plate holder.
Title and registration process is then the same as any other vehicle.
The only major drawback is I have to pay $220 for title and registration and wait likely around 6 weeks for this to be processed. I can't register the new vehicle I'm looking at buying until everything is transferred into my name.
Thanks for everyone's responses and help!
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