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Giving Your Valentine a Car

By January 26, 2018Personal Insurance

Have you thought about what you are going to give your Valentine this year? It can be a difficult decision, especially if that person is special and important to you. However, have you ever thought about giving your loved one a car? Make this amazing gift a reality by taking the right steps for a great surprise.

If you have been saving up money over the years, now may be the right time to purchase a new vehicle. Having the ability to afford such a large gift is only the beginning of this plan. Your end goal is to have the car wrapped in a big bow, parked in the driveway. Here are some tips on how to reach this picturesque ending:

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• A bill of sale is usually required. Other required documents include a recent appraisal of the vehicle to determine its value, the original title of the car, and an indication of the mileage if the car is used.
• When filling out the bill of sale, indicate that the car is going to be a gift. Keep in mind that you may still have to pay sales tax on the car.
• A down payment may be necessary.
• After giving the gift, decide who will be making the payments.
• Whoever will be paying off the vehicle, he/she will need to contact the financing company for a credit check and verification of a credit score.

Giving the gift of a car to another person requires navigating the proper paperwork. At CNR Insurance, we hope these tips help you stay organized so you can give your sweetie the best Valentine’s Day gift ever! Remember that before cruising around, you should secure reliable auto insurance to help protect your loved ones from accidents. The best resource is to speak to one of our friendly agents to guide you through the process. We can help protect you and your vehicle while saving you money on premiums.


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