sf97/ title problem

[m16ty]

I bought a m1008 from GL for my brother. He doesn't know much about computers or GL in general so I told him to pick out what he wanted and tell me how much he wanted to pay and I would bid for him. I bid on a truck and won at Redstone, he paid me, we went and picked it up, and all is good. When we got it home and started talking about titles it hit me. How are we going to handle getting a title in his name? The sf97 is going to come in my name so the only way I see to fix it is to have a title issued in my name and then have to change it to him as if I had sold it to him. Anybody know a way around having to pay to have two different titles made? The DMV around here will go by blue book value ( I have to wonder where they will find a m1008 in the blue book though) on individual transfers for tax unless you can prove the truck has problems that de-value it below blue book so the "sell it to him for $1 may not work" and have to pay tax on the truck twice. I have heard you can transfer vehicles from imediate family and not have to pay the tax. I'll have to check that out but I'd still have to pay the title fees.

 

[Djfreema]

What about registering it with your name and his name. Example: John Hancock or Joe Hancock. In Ca with using the "or" part, only one person is needed to release interest in the vehicle when you go to sell it, if it says "and" then both people need to release interest in the vehicle. Thats how it was explained to me at the DMV.

 

[HeadWizard]

Before you fill out the SF97, try going into your GL account and try adding his name to your account - maybe in the company name section. When you fill out the new electronic SF97 application, GL asks if you want the from in your name or the company name. If his name is there, just choose that. I've had them titled (in VA GL issues a FL title) in both my name and the company name.

 

[m16ty]

Dj, You may be on to something there. I'll check it out.

HeadWizard, From what I've read from the GL site is I would have had to done that before I bid and won the truck.

 

[papercu]

You may want to think about liability issues before adding your name to any title. Wayne

 

[m16ty]

Good point, Wayne. My brother and I already are "partners" on other stuff so it may not matter in my situation.

 

[ida34]

In Michigan there is not tax when vehicles are transferred from a family member. You might check on it. I have long since gotten rid of my Tennessee law books but I would at least call and see if there is an exception for transfer from family members. You will only avoid the sales/use tax not the title and reg fees.

 

[datsunaholic]

How about just walk into the DMV together? The SF97 (well, the reassignment sheet) will go to you, but you'll be right there with your brother.

Heck, I've done that when it wasn't even relations. I bought a truck off a classmate, but it was his brother-in-law's truck. His brother-in-law signed off the title BUT put my classmate's name on it because it was in his yard. The DMV folks didn't even flinch.

 

[jimm1009]

adding brother to paperwork

Several states have a "act of donation" form for donating a motorized and un-motorized (trailer) to someone else.
In my home state of Indiana and my state of residence here in Louisiana the other person has to be a family member and not a neighbor for example. I bet your state has this too. If you can donate it to him, simply title it in your name, and then "donate" it once it is yours on paper. I would imagine that there are no taxes since he would not be purchasing it but probably a title & registration fee will be required.
Otherwise, you will probably have to go through the process as normal and when it all comes back simply add him in as a co-owner at the state license branch.
As a side note, Check out your state for a law allowing MVs to operate with no license plate. Many state have this and don't know about it.
A former MV sure looks better when it has no license plate to "muck up" the rear end. Here we can register the vehicle using the bumper number which is stenciled on just as the military does. Sorry about the digression but...
Must have pictures of new toy when it arrives.
Jim

 

[Nonotagain]

Many states have a provision for gifting a vehicle form one blood relative to another without the paying of a transfer tax being collected.

I gave my Dad a vehicle two years ago and used the "gift letter" so all he had to pay was the vehicle titling fee. He is located in Virginia and I'm in Maryland..

 

[ida34]

That sound familiar.

 

[m16ty]

I just want to say thanks for all the replies and ideas from everyone. I know every state is different but this info gives me a place to start and see what will work and what won't.

 

[Firefighter294]

Information found regarding Title transfer in Tennessee

http://www.dmv.org/tn-tennessee/title-transfers.php#Transferring_to_Family

Transferring to Family

When two lineal family members transfer vehicle ownership between each other, the new owner doesn’t have to pay taxes.
Lineal family members include:

• Grandparents and great-grandparents

• Grandchildren and great-grandchildren

• Spouses and spouses of lineal relatives

• Parents

• Siblings

• Children

To transfer a title between two lineal family members:

• The former owner must complete and sign the title as the “seller.”
• The new owner must complete and sign the title as the “buyer.”
• The former owner must provide an accurate Odometer Disclosure Statement, and both parties must sign the statement.
• Both the former owner and new owner must complete a Gift/Low Selling Price Affidavit (Form RV-F 1301201). (
• If applicable, the former owner must provide emissions testing information; otherwise, the new owner must submit the vehicle for emissions testing before registering it.
• The former owner must remove his license plate and give the title to the new owner.
• The new owner must visit his County Clerk’s office with the above documents and:
  • Proofs of identification and residency.
  • The titling fee of $10.50 plus the County Clerk’s fee.
  • His own license plate (only if he wishes to transfer it to the newly acquired vehicle).

While he’s at his County Clerk’s office, the new owner will also register the vehicle. Visit Car Registration for details about the steps and fees involved with registering vehicles.