www.1803capital.com Open in urlscan Pro
35.172.94.1  Public Scan

Form analysis
0 forms found in the DOM

Text Content

 * Home
 * Resources
 * Auto Loan Calculator

Get in touch

555-555-5555

mymail@mailservice.com


Make A Payment



4 TIPS WHEN GIFTING A CAR TO A FAMILY MEMBER

Gifting a car to a family member is a great way to show them you care. Still,
it’s not as easy as handing over the keys and sending them on their way. You
will need to consider several factors when completing a legal vehicle transfer.

 

Fortunately, our team at 1803 Capital in Metairie, LA, can guide you through the
process of gifting a car. Explore these four tips to ensure that your transfer
is stress-free.





1. GIFTING THE VEHICLE




Ask yourself some essential questions before gifting a car to a family member.
For example, can they afford it? Cars are expensive commodities, and not
everyone is in a place to care for them financially.

 

Payments to insurance companies, gas, and repair costs, add up quickly. Make
sure your gift does not become a burden for the recipient.





BUYING A CAR




Gifting a new car can be confusing without knowing your options. Consider some
practical ways to facilitate a smooth transition. 

First, you can purchase the vehicle outright after completing a vehicle
application form. You will need to notarize the title and registration.
Additionally, you should complete a notice of transfer and pay the fee before
registering the car in a different name.

 

Another solution is to take out a loan and register the title under both names. 
 




Lastly, you can give a down payment to the recipient. They then use the money to
complete the financing and ownership process themselves. 




Explore this guide to financing a car to learn more about what to expect.





GIFTING A USED CAR




Gifting a used car requires much less energy than transferring a new one. You
won’t need to worry about a purchase price or navigating dealerships. Just
locate the title and make sure you pay off any existing vehicle loans. 




Louisiana law requires you to complete the Act of Donation of a Movable form.
This paperwork ensures that you and the recipient consent to the transfer.





2. UNDERSTANDING TAXES




Some people wonder if gifting a car to a family member will impact their taxes.
The federal government requests a gift tax for any donation over $15,000. Both
you and the recipient may need to pay an additional tax if your car exceeds that
value. 




Moreover, don’t expect a deduction for giving away your car. Donating the
vehicle to a charity or recognized religious institution is the only exception. 





3. TRANSFERRING TITLES




The transfer of title certifies that the donation of your vehicle is complete.
This process requires both you and the recipient to prepare official
documentation. 




You will need the current notarized title and registration. If you can’t find
the original copy, you can request another from the OMV.

 

You must also register the title and vehicle under new ownership with the
Vehicle Application for Title form. 




Lastly, prepare to provide your ID and money for any additional title fees and
license plate changes. 





4. KEEPING INSURANCE IN MIND




Every motorist in Louisiana requires proof of insurance. If you are gifting a
car to a family member, yours will no longer cover the vehicle. 




The new owner will need to purchase their own car insurance before driving. The
minimum option covers up to $25,000 in property damage.




Insurance companies can help the recipient understand these changes when it
comes time to transfer. 





THE TAKEAWAY





Gifting a car may not be as simple as you expected. Nonetheless, these
requirements protect both you and the recipient from legal headaches. 




Speak with us at 1803 Capital before gifting a car to a family member. We are
automotive industry experts and can help you find the solution you need. Our
financial specialists will guide you toward incredible proprietary lending
programs without hassle. 




Don’t let troublesome finances keep you from getting the loan you need. We help
clients understand the process of buying a car with bad or no credit. Contact
our team at 1803 Capital in Metairie, LA. at (866) 386-3448.


< Older Post Newer Post >




THE 3 TYPES OF CAR DEALER INVENTORY FINANCING

23 Feb, 2024
Unlock financing solutions with 1803 Capital. Discover three key inventory
financing types tailored for dealerships to elevate your stock management.


BOOSTING DEALERSHIP SALES: UNDERSTANDING THE ROLE OF CUSTOMIZED FINANCING

30 Jan, 2024
Discover how 1803 Capital's customized financing solutions can elevate your
dealership's sales. Learn effective strategies for partnering with finance
experts.


HOW ARE DIRECT LENDING AND DEALER FINANCING SIMILAR?

15 Dec, 2023
Unlock insights into financial strategies with 1803 Capital's latest blog: 'How
Are Direct Lending and Dealer Financing Similar?' Explore similarities shaping
financial success.


HOW DEALERSHIPS CAN BOOST PROFITABILITY WITH CAR FINANCIAL SERVICES

22 Nov, 2023
In today's competitive sales landscape, car financial services are more
important than ever. Learn how your dealership can use it to maximize
profitability.


TOP CAR DEALERSHIP CHALLENGES AFFECTING TODAY'S INDUSTRY

26 Oct, 2023
Auto dealership are facing major hurdles. Check out a list of five car
dealership challenges and tips for thriving in a tough automotive market.


FIXED VS. VARIABLE-RATE CAR LOANS: WHAT’S THE DIFFERENCE?

16 Sep, 2023
Learn the differences between fixed- vs. variable-rate car loans to help your
car dealership customers make the smartest financial decisions.


WHAT FICO SCORE IS USED FOR AUTO LOANS?

19 Aug, 2023
Are you wondering what FICO score is used for auto loans? Learn which FICO score
auto lenders look at and how credit scores impact car financing.


WHAT ARE FINANCE CHARGES ON A CAR LOAN? + CALCULATION TIPS

28 Jul, 2023
What are finance charges on a car loan? How do they affect a dealership
customer's purchasing power to shop for a new car? Learn about offering
financing.


THE IMPORTANCE OF SUBPRIME FINANCING FOR CAR DEALERSHIPS | 1803 CAPITAL

22 Jun, 2023
Expand sales with non-prime financing options, versatile payment plans,
inclusive credit approvals, a wide vehicle range, expedited funding, and expert
support.


FIVE CAR DEALERSHIP TRENDS TO WATCH OUT FOR IN 2023

31 May, 2023
Whether you want to make more sales at your dealership or help shoppers make the
best decision, you need to learn the upcoming car dealership trends.
More Posts

 * Home
 * Edge Financial Services
 * Resources
 * Auto Loan Calculator
 * Privacy Notice

(C) Copyright 2022 - 1803 Capital LLC - 3900 N. Causeway Blvd. Suite 925
Metairie, LA 70002








Share by: