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Swapping cars with family / trading in purchasing new
Posted on 11/3/16 at 10:18 pm
Posted on 11/3/16 at 10:18 pm
Bit of a convoluted question so bear with me. Situation is I have a truck that is paid for that I would like to give to my dad who is nearing retirement. He lives in Alabama, I live in Georgia. He currently has a 2014 Jeep Grand Cherokee that he owes $25k on. What is the most cost effective way to give him my truck and I trade-in his Jeep for something new of my own.
Just not sure how to handle this from the perspective of ownership and registration being in 2 states. Open to any suggestions and advice.
Just not sure how to handle this from the perspective of ownership and registration being in 2 states. Open to any suggestions and advice.
4
Posted on 11/4/16 at 3:13 am to Rohan2Reed
quote:
What is the most cost effective way to give him my truck and I trade-in his Jeep for something new of my own.
Have the dealer where you buy your new car do a courtesy trade for you to minimize the sales tax consequences. Make that part of your negotiations.
ETA Unless that Jeep is loaded and in pristine low-mileage condition, you probably don't have any equity in it and may even be underwater.
This post was edited on 11/4/16 at 3:27 am
Posted on 11/4/16 at 8:19 am to Rohan2Reed
quote:
Just not sure how to handle this from the perspective of ownership and registration being in 2 states. Open to any suggestions and advice.
none of this is a problem, just tell the dealer what you are doing and they can take care of it.
quote:
He currently has a 2014 Jeep Grand Cherokee that he owes $25k on
this is a problem
Posted on 11/4/16 at 11:18 am to Rohan2Reed
quote:
2014 Jeep Grand Cherokee that he owes $25k on
yikes
Posted on 11/4/16 at 8:09 pm to dshort_bruh
The jeep is loaded and has 30k miles on it. Kelly Blue Book trade in says 22-23. He got in a bad deal with a previous trade in that he took a bath on. Long story.
Posted on 11/7/16 at 4:20 pm to Rohan2Reed
quote:
2014 Jeep Grand Cherokee that he owes $25k on
Not exactly terrible. Does he have an cancel-able items?
Posted on 11/7/16 at 6:27 pm to Rohan2Reed
In Louisiana you can donate a car to a family member and no one will incur tax consequences.
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