Consider your giftee's budget and lifestyle before giving them a vehicle
You may have a child graduating from school or a relative in need of a vehicle. Whatever the reason, there may be a time in your life when you'd like to gift a car. The first step to gifting a car is owning it outright — you'll have to pay for the car in full or finish paying off your auto loan before giving the vehicle away. You'll also have to insure the car in the giftee's name and find out if you're required to pay a gift tax. Read more personal finance coverage.
You may have a child graduating from school or a relative in need of a vehicle. Whatever the reason, there may be a time in your life when you'd like to gift a car. The first step to gifting a car is owning it outright — you'll have to pay for the car in full or finish paying off your auto loan before giving the vehicle away. You'll also have to insure the car in the giftee's name and find out if you're required to pay a gift tax. Read more personal finance coverage.
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