Is it that easy to buy someone a car, as a surprise?

[Beckdawrek]

@Jackknifed_Juggernaut

Sorry, I should have been clearer. It’s certainly easy if it’s all in one household. There’s actually an ad out now in which I think a grandfather has a car in his driveway. The daughter asks why he didn’t buy his dream car. And then he hands her the keys because his new dream is taking care of the grandkid. I wish I remembered the brand, but it is what prompted my question.

Thats a commercial.for some financial planning thing. Not a car ad. I think most parents or grandparents who gift a car to a teen try to make it a big deal and a surprise.

[Anny_Middon]

@CookingWithGas

Adding a name to the title may or may not be that simple.

I bought a new car (for myself). I have always had our cars jointly registered to my wife and me, but because she was not there to sign the paperwork they would only title it in my name. There was also a loan on the car.

I went to have the title changed later. The state told me that if there was a lien on the car the lien would also have to be updated before they change the title. The bank (Wells Fargo) told me that to update the lien they would have to refinance the loan, not just do a paperwork change. To change the loan they would have to quote me a different interest rate, which would be much higher than the existing one. So I’m waiting until I pay off the loan to change the title.

Depending on where you live, even without a lien it can be somewhat costly to add a name to a title.

I bought my current car when Mr. Middon was out of town (my then-current car was no longer safely drivable). To add his name to the title would cost us $95. We’ve elected to keep it in just my name.

[excavating_for_a_mind]

@CookingWithGas

Adding a name to the title may or may not be that simple.

I bought a new car (for myself). I have always had our cars jointly registered to my wife and me, but because she was not there to sign the paperwork they would only title it in my name. There was also a loan on the car.

I went to have the title changed later. The state told me that if there was a lien on the car the lien would also have to be updated before they change the title. The bank (Wells Fargo) told me that to update the lien they would have to refinance the loan, not just do a paperwork change. To change the loan they would have to quote me a different interest rate, which would be much higher than the existing one. So I’m waiting until I pay off the loan to change the title.

I am going to go out on a limb here since I don’t know how things work in your state (heck, I don’t know how they would work in this instance in my state), but if I suspect that in interest rates had dropped so they would have to re-fi at a lower rate, they would have had found a way get her name on the title without refinancing.

When my wife bought our current house, she completed the paperwork herself (I was in another state) so the loan, deed, and all were in her name. On the advice of a lawyer, she had the deed changed to include my name afterwards. The reason given was that if she should die and the deed was only in her name, it could be a problem getting it changed once she was gone. IIRC, it cost about $100. The loan is still only in her name, which causes all sorts of problems if I have to do anything concerning the mortgage–the bank will not even talk to me even though I am the one making the payments. They value her privacy so much (yeah, right!) [/rant]

Anyway, I’d bet Wells Fargo could update the title if they wanted to without refinancing at a higher rate, there is just nothing in it for them to do so, so they lie.

[Corry_El]

Seems it depends whether it’s important the recipient’s name be on the title, they live with you or not, and lease/finance or not. When I bought my wife a surprise gift car it was for cash. I think my name was on the title which made no difference, but it could have been hers, since she came with me to pick it up, just not knowing that’s what we were doing. They don’t care whose name is on the title, just getting their money and the car being insured and registered to somebody with a license.

I bought my daughter a car last year, not a surprise, with her name on the title and her own insurance, but I arranged the insurance and again we picked it up together so it could have been a surprise. Just the big bow in the driveway thing could be more complicated in that case.

On borrow/lease that’s also more complicated but then what’s the gift exactly, I promise to pay all your lease/loan payments? It’s not a gift if you have to pay the payments on the car I surprised you with.