It’s crucial to understand that donating a car is different from giving your car away, whether you’re considering giving the family automobile to a child who is graduating from college or giving them the keys to help them start adulthood early. We have some helpful advice for giving a car to an important family member, which is covered in this post below, courtesy of the Garirbazar team.
1. Bear in mind the recipient’s financial status
First, you should confirm that the recipient of the gift has the financial means to pay for maintenance, repairs, gas, and insurance. Both parties must shoulder the financial burden of giving an automobile as a gift, and the recipient will be responsible for covering the aforementioned recurring expenses. If they can’t afford these typical automobile ownership costs and you don’t want to foot the bill, you might want to think again before giving them a car as a gift.
2. Decide which vehicle you will gift.
The next step is to decide what kind of car you will be giving as a present. For instance, are you donating an existing family car or do you have plans to buy a brand-new or used car for your family member?
3. Own the vehicle outright.
Verify that you are the only owner of the vehicle you are going to turn over. If you don’t own a car outright, you can’t give it as a gift or formally transfer ownership. Before giving your car as a gift, you should settle any outstanding debt from a car loan. To move on to the following step, which is transferring the ownership title, you must own the car outright with no outstanding debt.
4. Prepare the official documentation.
Once you have full possession of the vehicle, you should begin the legal documentation required by the motor vehicle register to transfer ownership to the family member. Create a selling agreement first, and make sure both you and the giftee sign it. The following information should be included in your sale agreement: the vehicle’s make, model, and purchase price; the VIN; and the odometer reading.
You should transfer the ownership title legally in order to formally transfer ownership of your car to the recipient. Fill out the title forms completely, and then confirm with the motor register that all the essential processes have been taken.
5. Protect the recipient by purchasing insurance
Not to mention, you might want to think about getting insurance for the new automobile owner. This is especially acceptable if you are giving a kid your car. An insurance agent can be contacted to obtain a policy in the name of the new owner. It is fairly easy if the family member has a car already. If it’s the person’s first car, more information will be needed to get an insurance policy.
You’re now prepared to give your cherished family member the set of keys! We hope that this post has given you some advice on how to give your children an automobile. To access the best vehicles and car prices in Bangladesh visit Garirbazar. Visit our blog page for more car reviews, news and updates.
