Competitive Auto Title Loans in DFW
At VIP Title Loans, we aim to make getting a title loan much easier. We have five convenient locations in the Dallas Fort Worth area, and specialize in helping our customers get out of high-interest title loans with other competitors and applying for a new auto title loan. We pride ourselves on having the lowest rates in the area. When you apply for a car title loan, you’re using your vehicle as collateral. This means we will take possession of your car’s title until your loan is paid off. The benefit of a car title loan is that you can get cash much more quickly than you could going through the traditional short-term loan process. If you need money quickly but don’t qualify for a traditional loan, visit us today to discuss your options for an auto title loan transfer in the DFW Metroplex.
How to Transfer a Car Title With a Title Loan
If you ever borrowed money and used your car as collateral, you have what is known as a car title loan. An auto title loan will affect your ability to sell your car in the future, as you will need to pay off the remainder of your loan with the money you make from the sale of your vehicle. Then, you will get your car title back, and you can sign it over to the new owner. This should not affect the buyer of your vehicle unless they aren’t getting a fair price due to your outstanding loan amount or unless you delay giving them the title because you haven’t paid off your car title loan. Likewise, if you took out an auto loan to purchase your car and try to sell your car before the loan is paid off, that is known as an auto loan title transfer. Your auto loan lender will still have your car’s title and won’t give it to the new buyer until your loan is paid off. Let’s look at how to transfer a car title, how to transfer a title loan, and how to do an auto loan title transfer in the DFW Metroplex area.
Can I Transfer My Car Title to a Family Member in Texas?
Yes, you can. You can either give your vehicle as a gift to a family member, which means that no money has changed hands, or you can sell your car to a family member. Either way, you will need to know how to transfer a car title to a family member. If you are gifting your vehicle, you can gift it to eligible family members, including:
- A spouse (as separate property)
- A parent or stepparent
- A father or mother-in-law
- A child or stepchild
- A son or daughter-in-law
- A grandparent or grandchild
- A guardian
You can sell your vehicle to anyone, including a family member, but they will need to pay the required motor vehicle tax in addition to the cost of the car.
How To Transfer a Car Title to a Family Member
There are different forms to fill out depending on whether you are selling or gifting your car to your family member. As long as the family member is an eligible family member (according to the list above), you can gift your car to them for a $10 gift fee and the necessary application and registration fees. If you are selling your car, they will need to pay the cost of the car, the necessary application and registration fees, and the applicable motor vehicle tax.
- Selling Your Car to a Family Member – If you are selling your car to a family member, you will still need to complete an official family transfer of car title. This is similar to the sale of a vehicle to any other non-family member. You will need to request a certified copy of your vehicle title from the Texas Department of Motor Vehicles. If you have a lien on your title, you will need to pay it off and obtain a release of lien letter or document. Then, you and the buyer will need to go to your county tax office together, sign the back of the title, and record the vehicle’s odometer reading. Then, you must file a Vehicle Transfer Notification within 30 days of the sale date. If you don’t complete the necessary steps to transfer the car title to your family member, you may be liable for something they do with the vehicle once it is in their possession. Your family member will also need to pay taxes based on the usual presumed value of the car, even if they purchased the car for less than its market value. This is called motor vehicle tax, and can only be avoided by gifting the vehicle.
- Gifting Your Car to a Family Member – In order to transfer a car title to a family member after gifting them the vehicle, you will need to submit these documents in person at your county tax office:
- The title signed by you and the recipient.
- Identification from the recipient.
- Proof of liability insurance.
- An Application for Texas Title (130-U form).
- An Affidavit of Motor Vehicle Gift Transfer (14-317).
- The appropriate fees are typically a $33 Title Application fee, a $10 gift tax, and any registration fees.
- Swapping Cars With Family Members – If you and an eligible family member (as listed above) want to swap vehicles with each other, you will need to treat the process like two separate family transfers of car title. If neither of you is paying the other for the car, then you can follow the process above to gift each other your separate cars. Assuming there are no outstanding loans, you will each pay the $10 gift tax and the application and registration fees. If there are outstanding loans, you will need to know how to transfer a title loan.
How to Transfer a Car Title Loan to a Family Member
Transferring a car title to a family member is very simple. However, the title transfer will be more complicated if your car has a title loan or an auto loan. If you are still paying off your auto loan or your auto title loan, your lender will have your car’s title in their possession. You will need to pay off that loan before you can get the title back and complete a family transfer of car title. You will also need a release of lien letter to send to the Texas Motor Vehicle Department to complete the title transfer. In very rare cases, a lender might be willing to transfer the remainder of your loan to your new buyer. In that case, your family member would likely need to visit the lender, fill out a loan application, and qualify for the remainder of the loan. If they do qualify, you will need to know how to transfer a title loan into their name. You will need to go into your local county tax office and sign the back of the vehicle’s title. In some cases, a representative of the lender will need to go with you since they are the ones in possession of the title. You will then need to fill out the appropriate forms and pay the necessary fees and taxes.
Contact VIP Title Loans for an Immediate Title Loan
At VIP Title Loans, we have a quick, easy, and painless process for getting a car title loan, and we offer the best title loan interest rates in the DFW Metroplex area. You just need to fill out a simple application and provide your vehicle and title details with a valid photo of your vehicle. We offer instant funding after signing, and we work with customers who need auto title loans in Richardson, Arlington, Hickory Creek, Garland, and the DFW Metro Area. Call us today or begin your online application now.