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I may be getting my deceased mom's 2011 Toyota RAV 4 or my brother's 2005 Subaru Forrester to replace my beloved 1992 Toyota Tercel which never seems to die. this is as part of the estate settlement
my brother was asking if i knew anything about mpg's on both cars. Tho i figured the older Forrester would get better mpg than the RAV 4, i've actually seen figures online where the RAV 4 got better mileage than the Forrester
to me the Forrester which I've ridden in, feels smaller than the RAV 4. ir at least lower to the ground
which would you say is bigger, mom's new RAV 4 or his 2005 Forrester?
my insurance rep told me it would be about $960 every 6 months to insure the older Forrester, and about $1080 every 6 months to insure the 2011 RAV 4 here in my zip code in NY City
but here's what's surprising. he told me it would cost about $1250 every 6 months to insure a brand new subcompact 2012 Toyota Yaris I was considering, which is much less vehicle than the RAV 4 . my agent said that vehicles like the RAV 4 actually cost less to repair because they're based on more traditional frames then cars like the Yaris
any ideas about what the agent said?
are the RAV 4 and Forrester considered trucks or vans or wagons?
secondly, if i took my mom's car my brother would have to go to the surrogate court in Cherokee County Ga and get some sort of notarized letter releasing the car from mom, the deceased owner
but if i took my brother's car which is under his name he would not have to do this
I am here in NY City
when i drive either of these cars up from Ga to here in NY, how long does NY give me to put the car in my name? can i drive either car with Ga plates? it's very confusing since dad is gone too so i could not ask him now. what do i do about the difference in insurance? still under his insurance when i drive it up here? what about the fact that i didn't buy it but got it from a settlement? does that have to be reported?
the NY DMV line is jammed and the website has so many details it's very confusing
i know i will have to inspect the car within a certain time period here in NY
anyone here an expert at this stuff? hopefully the DMV is
what about the insurance? when i drive either car up to NY from Ga, is it my insurance that covers my 92 tercel(no more collision) that covers either car or do i have to purchase more premium to cover the car i will be taking up here? or is it my brother's insurance that covers the car until i put the car in my name and register it in NY?
As long as you have the title in hand to either car, you can go to the DMV and register it in your name when you get it back to New York. I believe that New York gives 30 days in which to register the vehicle. You will need proof of NYS insurance when you register the vehicle, so I would call your agent and have whichever car you want to keep put on your policy before you set out from Georgia. You need not be the registered owner to insure the car on your policy with most companies, especially if you have recently transferred, or will transfer ownership.
There is also a sales tax exemption form you will need to fill out, proving that the vehicle was a gift, otherwise NYS will try to collect sales tax. It is a sales tax exemption form that you want to complete. If you keep the RAV4, you would check that it is settlement from estate, so it is exempt from sales taxes. You would need the release from Georgia to prove that. http://www.nydmv.state.ny.us/forms/dtf803.pdf (broken link) If you keep the Subaru, you would declare it as a gift for ease of transaction, since it's not the vehicle that would be part of the estate distribution.
The RAV and Forester are crossovers, though the Forester looks much more wagon-like than the RAV. Both are very good cars, and the Subaru, in particular, can easily handle a New York winter without any fuss. If the RAV is AWD, you will have to be aware of a couple of extra maintenance items that you will definitely have with the Subaru. All four tires should be replaced at the same time because the vehicle is AWD as this helps to minimize excess wear on the drive train. Also, you will need to replace differential fluids periodically, around 60k miles, I believe, but check the manual to be sure as it does vary by model/manufacturer.
__________________
All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare (As You Like It Act II, Scene VII)
what about the insurance? when i drive either car up to NY from Ga, is it my insurance that covers my 92 tercel(no more collision) that covers either car or do i have to purchase more premium to cover the car i will be taking up here? or is it my brother's insurance that covers the car until i put the car in my name and register it in NY?
this is confusing i feel like an idiot
Definitely purchase comprehensive coverage on the vehicle and explain the transaction to your insurance agent so that you're fully covered on whichever vehicle you wish to keep. Since it's your brother, you could keep it on his policy, but you will need to have it switched over for NYS, so it would be just as easy to do it at the outset of your trip for an effective coverage date.
__________________
All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare (As You Like It Act II, Scene VII)
Here's a guide from the DMV with respect to registration that should have links to the right forms: NYS DMV - Vehicle Registration and Certificate of Title (http://www.nydmv.state.ny.us/register.htm - broken link)
__________________
All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare (As You Like It Act II, Scene VII)
As you now have assets to protect you need more collision coverage and a highish amount.
Personally... I'd recommend NEITHER of the two cars in question.
Find another sub compact like you're used to for now.
Newer than a '92... but same size. And pay 100% cash for it.
Shouldn't need to be more than $5000 or so.
And no need for comprehensive... just collision insurance.
hth
Last edited by MrRational; 10-24-2011 at 05:20 PM..
you're great at this. despite that, my noisy mind still generates more questions.
you are saying before i leave for Ga to get the car, to buy comprehensive coverage for the car i will be taking back here or add it back to my 92 tercel? I think i have glass coverage and obviously liability but not collision? do this as of the day i will taking it back here? or before? what if my agent only works during the week? can i buy coverage for the Forrester thru the 24 hour line at Allstate? obviously keep the coverage on the 92 tercel until the day i sell it?
you are sure that taking the Forrester is considered a gift since it's not mom's car but my brother's? if i took the Forrester would it have to be worth at least the percentage (in my case I get 40%) of the value of the RAV 4? this is what is also confusing
but for now you are saying that the Forrester would just be a gift and i can get a tax exemption?
bmw man when you say i could keep it on his policy but then should switch it over to NY, what does it mean?
this is so confusing because don't people occasionally lend each other their cars without going through all this? if joe lent john his car for a day or two, would john then have to adjust his insurance to insure joe's car?
you are sure that taking the Forrester is considered a gift since it's not mom's car but my brother's?
if i took the Forrester would it have to be worth at least the percentage (in my case I get 40%) of the value of the RAV 4? this is what is also confusing
but for now you are saying that the Forrester would just be a gift and i can get a tax exemption?
ask the CPA to be sure...
but *strictly* if the RAV "ownership" passes through the estate & probate...
then transferring that to you can't be considered a gift.
similarly unless the values for the RAV are split and accounted for just so...
the 'gift' of the subaru from your brother might not be a gift either.
in either case... I will never recommend anyone buy a subaru
and especially not a used one and I think the RAV may be too big
New York State exempts the RAV from taxes as it is disbursement from an estate. There's a line item on the form for tax exempt status to do so. The Subaru would be a gift because it is a trade for proceeds from the estate, so it would also not be subject to tax in NYS. Other states differ, but there would be no sale recorded on either vehicle, hence the Subaru is a gift. Your brother is free to give you a car in Georgia, and you do not have to pay taxes on it to the DMV because you have not paid for the car. I believe you just have to write gift on the transfer of title, and don't have to complete the tax exempt form as you would have to do with the RAV.
What I referenced above would be two scenarios:
Scenario 1: Contact your insurance carrier and add the RAV or Subaru to your policy before you leave for Georgia, with an effective date to be the day you want to drive the car back. You could keep the plates registered at your brother's house until you reach NY, and then would switch over to NY registration after a visit to the DMV. You would have the required insurance coverage in effect prior to registering the car in NYS, since NYS will want that at time of registration. I would go to the DMV the day after your return, though, to get everything sorted out quickly. This would require upping the coverage of the policy, but you would not be required to do so on the Tercel. So, only the RAV or Subaru would have full coverage, whereas the Tercel would still have the policy limits minus collision.
Scenario 2: Your brother keeps coverage on the vehicle that he still owns, and you are added to his policy as a driver. This should not affect his rates at all, and will cover you and the car until you get the car back to NY and registered with the DMV. You would need to transfer insurance coverage on the car a day or two before going to the DMV, however, if you can have your carrier email insurance cards to you for proof at the DMV.
You are correct in the fact that people lend cars and don't have to jump through insurance hoops, though there is liability for the owner of the vehicle if the driver cannot pay for an accident, i.e., their insurance does not cover the amount of a claim.
Here's information on the transfer as gift: NYS DMV - Proofs of Ownership (http://www.nydmv.state.ny.us/proove.htm - broken link) You do still need a bill of sale completed by both of you with the information that the DMV requires on all transfers, but for sale price you would indicate $0, and that the transfer was a gift, on the bill of sale. That's why you would not need an exemption form, because the disbursement from the estate/release from probate court would prove the inheritance of the RAV, but the Subaru needs to be documented as a gift because you can get a bill of sale from your brother, but not the estate. It's not unfathomable at all for gifts of vehicles to be made within families, and NYS does not collect tax on it.
The disposition of the RAV, if you do not accept it from the estate is yours to do with as you wish. If you want your brother to keep it, you can gift him your portion of the vehicle, just as he can give you the Subaru.
__________________
All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare (As You Like It Act II, Scene VII)
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this is so confusing
