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Can anyone give me any answers to the DMV dilemma I have? I am transferring the title to my daughter who just got married. The problem is that the car loan is in my name even though my daughter has been paying for the car herself.( this was done so she could get on my ins policy) She has secured a loan in her name and has paid off my loan. We have to now take the title to DMV to transfer ownership, and she will have the loan company as the lien for $12,000. My question is, can we put down that I am selling it to her for $1 even though she has the outstanding loan for $12,000 that we have to give to the DMV? The other issue is that the car is worth $21,000. It just gets me so pissed that she might have to pay more sales tax when she paid the sales tax when she bought the car new,(but it was in my name). I keep getting different answers from everyone, so is there a DMV expert out there who can set me straight?
Can anyone give me any answers to the DMV dilemma I have? I am transferring the title to my daughter who just got married. The problem is that the car loan is in my name even though my daughter has been paying for the car herself.( this was done so she could get on my ins policy) She has secured a loan in her name and has paid off my loan. We have to now take the title to DMV to transfer ownership, and she will have the loan company as the lien for $12,000. My question is, can we put down that I am selling it to her for $1 even though she has the outstanding loan for $12,000 that we have to give to the DMV? The other issue is that the car is worth $21,000. It just gets me so pissed that she might have to pay more sales tax when she paid the sales tax when she bought the car new,(but it was in my name). I keep getting different answers from everyone, so is there a DMV expert out there who can set me straight?
Thanks!!
I don't see a reason to do this before the car is paid off. Let her continue to pay with it in your name.
I don't see a reason to do this before the car is paid off. Let her continue to pay with it in your name.
According to the OP its already paid off in her name and the loan is now in the daughters name but the car is not.
Im no expert but when I bought my last car I got a hell of a deal and NJDMV tried to make me pay tax on retail value because they didnt want to beleive I paid so little. I had to have the seller sign a statement, have it notorized and brought back to the DMV who still thought I was lying. Finally had a supervisor come out to settle everything. They explained that they HAVE to charge the correct sales tax and you can only "gift" a car if it is under a certain value.
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