Giving a car as a gift is a very generous move, and there can be several reasons behind your wanting to gift a car. Cars make great gifts for college students, family members, or perhaps you're looking to bless someone in your community who desperately needs a car. You might even choose to donate your vehicle to an organization. Whatever the reason, there are a few things to check over before you hand over the keys to your car.
Make sure you own your vehicle in full
Did you purchase this vehicle yourself? Is it a vehicle which was given to you? Does the vehicle have any type of lien against it? Make sure that you are the owner of the vehicle before you attempt to gift it to someone else. You must make sure that your name is on the title.
Transfer the title
You must transfer the title from being in your name, to being in the new owner's name, and you will both have to provide information on the title to do so. You will need to provide information such as driver's license information, odometer information from the car, and a signature. For the person who is aquiring the vehicle, they will then need to fill out the rest of the title, and sign as well.
Check the insurance
You'll want to check the insurance laws in your state before gifing a vehicle to someone else. If car insurance is a requirement in your state of residence, check to make sure that the person who will receive the car has insurance, or is able to afford it. If they don't have insurance and you're able to offer them assistance, you may want to offer your help in researching policies and helping them find the right plan.
Register the title
It will be the responsibility of the new car owner to take the car title to their local department of motor vehicles. Be sure to check policies on transferring tags and plates, as well. Once all paper work has been tansferred over to the new owner, you can rest assured that both parties will be covered, and won't have anything to worry about in the future. As you gift the car, let the new owner know about any past trouble you may have experienced with the vehicle, as a courtesy. Be forthcoming with this type of information, so they know what to look for- especially if it's an older vehicle.
It's also important to check the vehicle gifting laws for your state, as they vary from state to state.
This post brought to you by Milnes Chrysler Dodge Jeep Ram.