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dgiaimo Feb 17, 2004

I'm not exactly sure why this would be happenning. Has the title been transferred to your name already? (You really shouldn't have been able to get insurance in your name if not, but insurance co...

web-toedchloe Feb 17, 2004

The title is not in my name. I convinced my insurance company that I was going to change it to my name, and they took my word for it. The problem is, that since my name has been nowhere on the car...

D
dgiaimoOG 2003

What you'd probably have to do is have the New Jersey title transferred to your name. Then transfer that to Pennsylvania. In order to do that tax-free you would probably have to call it a gift. Unless your parents have given you too much this year in which case you'd have to pay capital gains tax on it.

web-toedchloe web-toedchloeOG 2001

They told me that since they're a balance left on the loan that doesn't belong to my dad, but the loan company, he can't give it as a gift.

D
dgiaimoOG 2003

Wow. That's a pain. Can you leave it in your father's name until the loan is paid off?

web-toedchloe web-toedchloeOG 2001

No, because then it'd have to be insured in his name in my state, and I think that's insurance fraud. The loan still has 4 years to go.

D
dgiaimoOG 2003

Well, I'm out of ideas. I hope you manage to figure out some way to avoid it, though. I know I'd be really pissed off if that happened to me.

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