Greetings. This may not be the right sub, if you know of a more appropriate one, please let me know.
My mother in law will no longer be needing her car. She lives in Ohio, we live in Maryland. We also have a 14 year old who may be driving soon. I’s say based on kbb that resale/trade, the car is about $12k usd. From what I’ve learned so far, I would need to pay a 6% ($720) excise tax to register the car in Maryland. I am unclear on other options, such as selling it in Ohio and never bringing it into Maryland. Does the finance look back cover car gifting? (I’m keeping this pity and emotion free since this is a finance sub. She is not expected to live much longer. And she will most likely die in debt). If we do this, can we transfer the title to us and have her keep the registration in her name (so she can use it a while longer)?
Here are the options I’m considering and am open to more:
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Sell the car in Ohio, put money in hysa till we need it for a new purchase. Unclear on what we need to do for titling and registration if we keep the car with her.
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Transfer title, pay the tax, then mothball the car for a few years.
Any suggestions are greatly appreciated.
Car title transfer/registration across states
byu/capnfatpants inpersonalfinance
Posted by capnfatpants
1 Comment
Sell it! Why bring a car you don’t need to a different state? Registration, insurance, depreciation… get rid of it, unless you need this car.
Perhaps the only exception would be if she is on medicaid, which indeed complicates things. Yes gifting a 12k car could impact medicaid eligibility, to my understanding.