Wellz I'm planning on getting my G35 in december, hoping to get a really good price. But I hear that right now prices seem to be really really good and selection is very wide. I'm afraid that by december I won't be able to find the car I want, or get a car with a crap load of options I don't need. So since I'll be turning 18 in december I can't buy the car and place it under my name right now. So I was asking my dad if we can buy the car, place under his name, then when I turn 18 transfer the car to my name. The reason why he wants everything under my name is for liability issue...if I get in an accident and they sue me...they really can't get him involved. So my question is...if I purchase the car lets say in 3 weeks, then transfer the car to my ownership in december will my insurance? or dmv charge me anything? A small fee will be ok...but something over a few hundred then I guess not. I tried to do some research but I can't find anything online. I'll be calling tomorrow...if I can get through on the phone.
If you are already paying your insurance, there shouldn't be a fee to switch it over because the policy should already be under your name. If you are paying your parents for the insurance and get your own policy then, yes it definitely will cost more. You are in the male 18 - 25 bracket, the bracket that the insurance guys jack the rates up on (and for good reason).
Switching ownership on the car should cost a nominal (minimal) fee.
There shouldn't be any fee except the paperwork to transfer the ownership. Insurance in the meantime will be under your father since he will be the owner. Be prepared for the huge difference in insurance costs when you get your own insurance. I'm 2 weeks from 21 and have a clean driving history for 3 years and my insurance would be close to 4 grand/year ... b/c this the car is technically owned by my father and he is the primary driver and we pay about $1200/year but that'll go down once I turn 21 in a lil
I just got my first ticket the other day for speeding in my bmw...DAMN...yea my parents know my insurance will be really high but they are ok with it. They want me to have a nice car that safe...plus my dad loves the g35...lol...what insurance do you guys recommend? Right now we have AAA but when i turn 18...we are going to get me my own insurance...any good companys?
Boggie1688, get as many quotes as you can, it will only help you in the long run. The bad thing about Ru's insurance is he's saying his last 3 years are a good record. As far as my insurance, I've been with a local company for 16 years so, I'm not really interested in leaving since I get the good record/long standing client break in price.
It's the 18-25 male bracket for insurance. If you are in this bracket it really sucks. Think of it as doing prison time, unless you get pardoned by the Governor (your dad).
I have a clean record for the past 3 years and on top of that my family gets discounts since we also have life/fire/homeowners insurance through them and have stayed with them for 30 years now. We use State Farm Insurance. They've always been good to me. First 2 points you get are waived by State Farm.
Like people have said ... get a number of quotes and see if the company you want will compete. Progressive is pretty good about giving rates if you're too lazy to call around but I wouldn't get it through them ... I'm just weary of insurance companies I can't visit at a brick & mortar location.
Ahh screw it...I shouldn't worry about insurance...my parents will have to worry and take care of it...hehehe....let them figure out what kinda isurance they wanna get for me. They already talked to their lawyer about it. So i'm sure they have a pretty good idea about what they are getting themselves into. And my dad is really eagar to get me my car..I got to thrown down about 10k myself..but thats cool a G35 is soo worth the money...and I'm lucky they are willing to pay for soo much of the car and the insurance.
Thanks for the help guys! Wish me luck...
Oh and talked to my dad...hes like naw lets wait till december...unless we can find a really good deal soon. I hope they still have white sedans with black interiors and aero kits in december...even if i can't get 6mt...I just want the white/black/aero....I LOVE IT!
Good luck with the purchase and keep us informed. End of August to September is usually a good time to look for excellent deals. The Ivory Pearl is an awesome choice for color too!
Yea I was talking to my dad this morning, I think I got him convinced to pick up the car and keep it until december and transfer it to my name. I also asked him about insurance and he knows its going to cost about 3 - 4k .. might i say thats a CRAP LOAD OF MONEY...but i'm happy my parents are doing this for me...I love my bmw...and I'm sure i'll love my G even more because it will have a AC SYSTEM NOW!... wish me luck guys! I'll inform my dad about the late august and early september times to buy!!
I have some question with this whole ownership transfer thing. If the car is purchased and registered in your father's name and then "gifted" to you in December, you will need to re-title and re-register it in your name. At that time, I suspect two things will happen:
1.) The DMV will want to collect an "imputed" tax on the transfer value of the vehicle. I.e., on the DVM forms in my state, one question directly asks if the title transfer is from a family member. And, at only a few months old, there's no way you're gonna convince the DMV that the value is much, let alone any, less than the original purchase price. Does that mean you will end up, in essence, paying a "double tax"?
2.) The market value of the "gift" will be in excess of the $11,000 amount eligible the annual gift tax exclusion. This means that, assuming a $31,000 value, your father is responsible for reporting and paying gift tax on the $20,000 balance.
2004 | 6MTs | Diamond Graphite/Graphite
Upstate NY
....Ahh...see this is what my dad and I feared. So basically what is happening is that we are paying tax for the car the first time we buy it...then again when he "gifts" it to me in december...right?
Looks like i'll need to call the DMV today and see what the deal is...DAMN IT...I had my hopes all high for getting a G in the end of august or early september!
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Insurance/DMV Question...
