How can I sign over the title to my car over to my girlfriend without making her pay the car’s bluebook value?
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How can I sign over the title to my car over to my girlfriend without making her pay the car’s bluebook value?
I’d like to give my girlfriend my older car as a gift. According to my state’s department of motor vehicles I can only give a car to family members. The DMV also says that if I sell the car it has to be for what the car is worth (I believe so they can collect the tax on it). I own the car fee and clear feel that if I wanted to sell it for a dollar that should be my right. How can I legally transfer the car title to my girlfriend without making her pay $11,000- for it and still satisfy the DMV’s requirements.
Asked on March 26, 2012 under Business Law, Maryland
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The best way to transfer title to the car to your girlfriend is to have her sign a contract for its fair market value where she signs a promissory note to you for the full amount and she pays so much per month to you at a set interest rate.
Under the Internal Revenue Code, you can give her $13,000 per year (as well as any other person) tax free as a gift.
You then draw up a document discharging the promissory note as the yearly gift signed by you. She will be happy and you solve your problem.
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