Topic: Title for a given vehicle

[70CB750]

We were given 99 Toyota from an old friend for our oldest daughter.  190 000 miles on it, for a Toyota, that's minty fresh.  It runs and in good shape and all.

I have a MD title for it singed by the previous owner as a seller, do I just walk to DMV and say it was a gift  - or do I play the trick that we bought it for $1?  Back in the day we bought Ford Escort from my FIL for one dollar to make sure our taxes were low. 

When I got my CB from a friend, I just took the title to the DMV and I seem to remember they charged me some small tax, but nothing to break the piggy bank for.  Not so sure about this yota, since the Blue book value is  around 2 -$3000 in our area.

What do you think?  What is your experience.  I talked to DMV but they were not very helpful today.

[Bailgang]

Keep in mind that state DMV laws vary but our oldest sons car was titled in our name at first then once he turned 21 we gave him the title so he could get his own insurance policy. In the selling price portion of the title we were told to simply print "Gift $0"

[70CB750]

Thank you for the reply. There is a gift and gift within the family from what I understand.

[Xnavylfr]

I know some STATES , it doesn't matter how much it shows you PAID? for it, they look in the BOOK and charge taxes on the VALUE!!!



Xnavylfr(CHUCK)

[jamesb]

I just got a cadillac my boss gave it to me he had to fill out paperwork for me to take it our DMV and the only thing I was charged was transferring my tag from another vehicle of 25.00 ask them if they have paper work for a gift

[Xnavylfr]

Once, many year ago I traded a gun for a car in TEXAS. When I went to register the car they told me there HAD to be a value. You could not trade a tangible asset for another tangible asset, so we had to make out Bill of sales of both items .I sold him the gun and sold me the car.

Like I said every state is different.


Xnavylfr(CHUCK)

[Harsh]

VA is going to look up the value in their NADA book.  You can try labeling it as a gift, but expect to pay something.

[MikeZ]

It will possibly cost a little more but will save a lot of headache if you go to a tag and title shop instead of MD DMV.  You can easily ask them the least value you can put down and they tend to know the tricks of getting things through DMV with gifts and everything.  Always been worth $50-75 to avoid having to deal with the "less then hospitable" employees of the DMV