Gifting Car Title - Help!

[Anonymous]

Hi! Parents bought a car for me over a decade ago and thought it would make more sense to keep title in their name rather than mine. I was young and naive and didn’t look the gift horse in the mouth.

Now, I’m overdue for another car and would like to use the trade-in value. My parents are on board with gifting me the title, but it seems complicated. The car is registered in MD and I live in DC. Anyone BTDT who can advise on how to do this as cheaply and easily as possible? Thanks!!

[Anonymous]

My parents sold me my car for $1.

[Anonymous]

Do you keep the car in DC?

[Anonymous]

I have the same question, except I'm in VA and my parents are in a flyover state. I found some useful information on the VA DMV website, but would love to hear from someone who has BTDT.

[Anonymous]

Why don't they just trade it in and give you the $$

[Anonymous]

Anonymous wrote:I have the same question, except I'm in VA and my parents are in a flyover state. I found some useful information on the VA DMV website, but would love to hear from someone who has BTDT.

Fill out the paperwork and it works/worked for us years ago. https://www.dmv.virginia.gov/webdoc/pdf/sut3.pdf

[Anonymous]

I did this in TX, but my dad wrote up a bill of sale for $1 and signed over the title. I took that to the DMV and registered the car in my name. The value of the car was within the yearly gift tax exemption, so no taxes owed.

[Anonymous]

Anonymous wrote:My parents sold me my car for $1.

Same. It’s so much easier.

[Anonymous]

Anonymous wrote:Why don't they just trade it in and give you the $$[/quote
Because you get more for your car if you are simultaneously buying another.

[Anonymous]

There is a place on the title for them to sign it over to you.

[Anonymous]

Just did this in VA. My mom gifted her car to me. I just wrote and agreement where is stated she was gifting us the card. We both signed it. She filled out the title transferring it to me as a gift. You need to fill out the tax exemption from and bring it as well. Super easy process. https://www.dmv.virginia.gov/vehicles/buying.html#:~:text=If%20you%20receive%20a%20vehicle,sale%20price%20on%20the%20title.

[Anonymous]

My dad signed over the title for a car to me in another state. I took that out-of-state title to the DMV in DC to title and register the car. I had to pay an excise tax based on the value of the car (about $1200 for a 2013 car). All in with the registration, inspection, title fee, excise tax, and residential parking permit it was about $1600.

[Anonymous]

I did the exact same thing but registered in North Carolina. For a 2019 car and it was $647. I thought that was v expensive but DC seems even more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why don't they just trade it in and give you the $$[/quote
Because you get more for your car if you are simultaneously buying another.

Everything I’ve see says if you do this you lose out on the sale this way (maybe it looks like they gave you more for the trade in but they didn’t give you a good price for the new car)

[Anonymous]

you're overthinking this. just negotiate the trade it with the dealer as if you owned the car and then ask them what to do about the title.