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So it’s time to hand over your precious BMW to the next generation of drivers in your family. This is both an exciting and slightly scary process because it’s not so simple as people make it out to be. Incredibly irritating is the fact that your kid (inheriting your car) will have to pay a used car tax which has never been a fun experience.
Keep in mind, most states can allow you to avoid this tax, but only if you are gifting it to an “immediate” family member, such as your spouse, kids, grandparents, grandchildren, and siblings. But, as we said, that’s in MOST states.
Although there are a lot of steps to take and a lot of paperwork to do when passing over a car to a family member, it is worth it. However, if you want to become familiar with the necessary documents, here’s a list of them:
Proof of insurance
Sworn gift declaration
Now, don’t let these things scare you. Although it has a lot of steps to take, transferring car ownership is a simple process. Here’s what you should do:
Notify The DMV: This is an essential part of the process. The DMV needs to know who’s driving every single car on the road. If you are from North Carolina, this is the web page you should refer to. It has all the info you need.
When you click on the link, you’ll notice that you will have to pay some fees, but don’t worry. They are not as scary as they seem. Here’s a list of them, in case you are curious:
Auto title transfer fee ($15 - $30)
Infrastructure Maintenance Fee ($250 - $500, a price if you are transferring ownership to family members)
We know what you're thinking-- and we don’t approve those fees, either. Car ownership should be a smooth experience for everyone involved. The only way we’ll keep our country’s dominance on the world stage of vehicles and auto-repair is if we simplify and improve upon these outdated systems.
But if you are okay with going over all of these procedures, the result feels incredible. Passing down a vehicle to another family member is one of the few great gifts in our constantly changing world!
Okay, so the ownership transfer is done. Now what? There’s no safety inspection like the first one on a new vehicle. Be sure to stop by our Brown Motor Works Northeast location at 520 Clemson Rd., Columbia, SC 29229, or schedule an appointment online. And don’t forget to Like us on Facebook for news and updates. We specialize in BMW, Mercedes-Benz, and Mini Coopers, so you can feel confident your vehicle is in good hands with our highly skilled technicians.