Can an auto title that was registered under a business be transfered to an individual?
Question by Jannah F: Can an auto title that was registered under a business be transfered to an individual?
A friend bought a truck and registered it through his business, he wants to transfer the title to me. He is giving it to me as a gift. It is paid off. Is it legal to transfer a company car to an individual as a gift?
Best answer:
Answer by matts800
You would be better off for him to sell you the vehicle for .
As long as he is the registered owner of the business he can transfer it to anyone.
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If he is an officer of the business allowed to dispose of company assets, or an individual “doing business as”, yes he can. Be aware though that many states will want you to pay taxes on the WORTH of the vehicle, not necessarily what you paid for it.
yes all he has to do is take it to the dmv ,you or him can do this once the title is signed on the back of it,its no difference than transferring any other vehicle to anyone else,whether it be from a business or an individual it doesn’t matter on that part of it the dmv in your area can handle that part of it ,he may have to make you out a bill of sale though some area,s require this for the sale of a vehicle now,good luck.
Yes he may sell or in your case give it to any one as long as he signs as a rep. of that company. some states may require an affidavit of fact sheet which should be avail at clerks office.