I know this a dumb question but I gave my old vehicle to my brother but its still in my name, I wanted to know if there's a way I could transfer it to his name, so he would be responsible for it?
2007-06-19 06:28:33 · 15 answers · asked by Blade Brown 1 in Cars & Transportation ➔ Buying & Selling
As others have said just sign the title over and make sure he goes to DMV and completes the transaction....... because as another said he may put it off and all it takes is one day to get into an accident.
Yes the selling for a dollar thing could be a tax thing but it really means nothing in that regard unless you gave him your paid off 2 year old Mercedes. It has more to do w. liabilty.
I could go on but here are the basics. The vehicle has been "sold" and this releases you from liabilty just as if he bought the car from a dealer or a nonfamily member.
Say he got into an accident. If you have not sold him the car you have allowed him use of the vehicle and are still potentially liable even if he registered it in his name. Its as if you enabled him to have a vehicle to be in an accident. Its complicated but that is the bottom line.
So the best thing to do is sign over the title and technically sell it to him. A seperate bill of sale is a good thing to have. Nothing fancy but just "I sell the car to such and such on such a date" and have a third party that you trust sign it as well as a witness. This in itself will clear you of liabilty.
So bill of sale and actually go to DMV with him and you are totally covered. Plus if you still have insurance on the car submit proof of sale to them as well when you cancel.
2007-06-19 07:02:57 · answer #1 · answered by jackson 7 · 0⤊ 0⤋
Actually, I am not sure any money has to change hands. Even if you "sold" it for a $1 if you were involved in gift taxes you would have to pay them on the real value.
You just sign the title over to him on the back. As I learned to my dismay, it is a really good idea to go down to the title office and finish the transaction because a buyer may take months to register with the state and have accidents and tickets during that time (like running red lights and having picture taken.)
2007-06-19 06:34:29 · answer #2 · answered by Mike1942f 7 · 0⤊ 0⤋
Just go to the DMV and tell them you want to transfer the title to him. Be careful, though. If you sell it to him (even for $1) he might have to pay a sales tax based on the worth of the vehicle. If you just give it to him, he might have to pay a gift tax. They always try to find a way to screw you over. It really depends what state you are in. Since he is family, you might not have to pay a gift tax.
2007-06-19 06:35:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Sign the back of the title, sign a bill of sale and have him
take the paperwork to the Dept. of Motor Vehicles and
register for a new title in his name...
2007-06-19 06:33:11 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes. Take the title, put his name as the new owner, have the signatures notarized and take it to DMV: or check your state DMV website for particulars about vehicle title transfer.
2007-06-19 06:31:14 · answer #5 · answered by wizjp 7 · 0⤊ 0⤋
Transfer the title into his name.
2007-06-19 06:33:14 · answer #6 · answered by la buena bruja 7 · 0⤊ 0⤋
Yes, people are correct when they advise you to go to the DMV and transfer the title.
Go to this DMV website, click the state where you live, and get title transfer information, specific to your state.
http://www.dmv.org/vehicle-registration.php
2007-06-19 06:38:10 · answer #7 · answered by OneMoreTime 3 · 0⤊ 0⤋
You'd need to transfer the title over.
In my state I think it just requires some signatures and a trip to the Secretary of State (Dmv).
2007-06-19 06:31:07 · answer #8 · answered by xrianya 2 · 0⤊ 0⤋
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2016-10-18 01:11:00 · answer #9 · answered by ? 4 · 0⤊ 0⤋
just have him sign the title and you sign it over to him,since its family no taxes will be due on it and all it will cost him is the fee for the license plate,and that's it on that one,no money has to change hands when its family,good luck with it.
2007-06-19 06:34:14 · answer #10 · answered by dodge man 7 · 0⤊ 0⤋