I need to know if I have to transfer the car title me my name before trading in my car. My parent like far away so it's hard for them to get here when I purchase the car.
2007-08-09 19:22:36 · 7 answers · asked by Anonymous in Cars & Transportation ➔ Insurance & Registration
If the car is in your parent's name, you don't own it and therefore cannot trade it, sell it, etc.
2007-08-10 04:13:27 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No, you do not have to transfer the car into your name before trading it in. You do, on the other hand, have to have your parents go down to the dealership and sign the title over to the dealership just as if they were the ones trading it in for a new car. If they are not available to do that, they can sign the title and the title transfer paperwork into the dealer's name and have it notarized. The only issue would be a tax one since it would be as if they were giving you cash (the car's value) as a gift. This should not be a big deal unless the trade-in car is worth A LOT of money. you will have to find out for yourself what the gift tax limit is.
2007-08-09 20:00:11 · answer #2 · answered by thefowlkes 2 · 1⤊ 0⤋
Yes, you need to get the car transferred into your name (if your parents cannot be with you to sign the title over at the dealers) before you can trade it in. Most States do not charge tax on family transfers that are designated as "gifts".
2007-08-10 02:48:21 · answer #3 · answered by sensible_man 7 · 0⤊ 0⤋
The title names the real owner of the car. if you want to need to trade the car in your parents need to be with you to sign the title over to the dealer. or they can sign the title over to you then you can have the new title run up, then trade in the car. It would be faster to just have your parents with you when you trade the car in.
2007-08-09 19:33:02 · answer #4 · answered by gearnofear 6 · 0⤊ 0⤋
You need to transfer the title to your name. It's like I was driving a friend's car and and decided to sell it, I can't it has to be under my name.
2007-08-10 18:34:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes you need to get it transfered to your name you can not trade in a car you dont own
2007-08-09 19:30:29 · answer #6 · answered by Laura B 3 · 1⤊ 0⤋
No, you don't, as long as your parents give you the title to the other car and sign it over properly.
However, it might not count towards sales tax reduction in your state - that will vary by state.
2007-08-10 02:54:25 · answer #7 · answered by Anonymous 7 · 1⤊ 0⤋