A friend of mine has a 93 z28 with a few engine problems so he said he would sell it to me for cheap. My question is, if I'm going to fix it up and sell it in a month do I still need to transfer the title into my name and pay all the fees, and get the car insured even though it will not be on the road? How does that work? Thanks everyone.

 

I don't think you need to - just hang onto the title as is until you sell it.

 

Just remmber the car is not your until the title is in your name so if for some reason something happend you would have alot of crap on your hands but if you do it fast and your friend is cool with you flipin his car then you will probly be ok but he will have to sign the car over to the new owner

 

Legally you are required to transfer it to your name. If you get caught you can get into some trouble. Also, if your freind decides he wants the car back you are screwed. It is only about $40 to transfer a title, just say it was sold to you for $50 and pay the small amount of tax and get it transfered. It is worth it in the long run. If you get a jerk trying to buy it, they could even report you. Tell the DMV that you are not going to drive it on the road, and they wont require a tag, only a title transfer.

 

You can just say it was a gift, no taxes.

 

Don't I need proof of insurance on the car to get a title though?

 

General no. I would suppose hough it would depend on the stae. some have different laws reguarding that.

But really. I seriously doubt it.. It's pretty hard to get a car insured if it is not in your name (title / plates) You have to have it titled in order to get plates.. and you would need all that done before you can really get insurance... at least thats what I had to do the last time... I had to get my plates/title transfer before i could get the insurance. (I had to get plates because I bought mine in West Virginia... They require the owner to tyurn thier plates in upon the sale of the car.)

 

DO NOT SAY GIFT. Then it becomes capitol gains and they will send you a letter a few months later asking for full retail value worth of taxes. Pay the $3.50 in taxes on a $50 sale, save yourself a huge headache.

NO you dont need insurance. You need to tell the DMV that the car is a project and will not be driven on the streets for at least a year, hence the low price. They will give you a title in your name, but no tag. You only need insurance if you are going to put a tag on it and drive it.

 

He doesnt need insurance for a title only transfer, however you can put insurance on any car. You could give me your VIN number and I could call my insurance company and they will insure it without question. All I need is a VIN. State of Florida requires insurance BEFORE you can put a tag on a car. If you ask an insurance professional, they say that you are insuring yourself to drive the car, not the car itself. That is why if someone else drives your car and wrecks it, you are not covered.

 

Thanks to everyone who replied, I think I have a better understanding now of how it all works.

 

Ahh makes sense then. didn't know florida was like that. different where i am i guess

 

very good point - the IRS would smack his a$$ in taxes

 

Do you think I have done this a couple times?

 

This subject isn't even fair to fight you on. I know for a fact that you've done this a bunch of times.