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Old 06-02-2012, 05:41 AM   #1
lbjasonc
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changing the name on a new title?

I need some info. I just paid off my bike. My friend signed for it. My question is this, how can we get the title in my name instead of his? I'm trying to avoid goin to the DPS or that title place off I-10 to "transfer" the title. Is there any way to do this?
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Old 06-02-2012, 06:44 AM   #2
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Dont think so. If the loan was in your friends name then the lien title had his name on it too, right?
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Old 06-02-2012, 07:10 AM   #3
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Call a title transfer company...if u title it in your name u have to pay taxes on it again but there are ways around that...
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Old 06-02-2012, 07:36 AM   #4
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If the loan was in his name, the title was created at the original date of purchase and being held by the lien company.

It is "his" bike as far as the state of Texas is concerned.

You will need to pay taxes and have it transfered into your name. It cannot be gifted and tax free in the state of Texas unless he is direct family.

There are fraudulent ways to avoid paying taxes, however, they are not advisable.
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Old 06-02-2012, 07:47 AM   #5
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Quote:
Originally Posted by Lokati View Post
If the loan was in his name, the title was created at the original date of purchase and being held by the lien company.

It is "his" bike as far as the state of Texas is concerned.

You will need to pay taxes and have it transfered into your name. It cannot be gifted and tax free in the state of Texas unless he is direct family.

There are fraudulent ways to avoid paying taxes, however, they are not advisable.
This. If he trusted you enough to get a loan for you, do you trust him enough to just leave it in his name?
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Old 06-02-2012, 09:26 AM   #6
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Quote:
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Call a title transfer company...if u title it in your name u have to pay taxes on it again but there are ways around that...
ya, i'm trying to avoid that. but these posts seem like it's inevitable.


Quote:
Originally Posted by Japawhat02 View Post
This. If he trusted you enough to get a loan for you, do you trust him enough to just leave it in his name?
I trust him completely, that's not an issue. I was just wondering if there was a way around paying tax on the "worth" of my bike. Looks like I'm gonna have to pony up the funds to transfer it over.

Thanks MH.
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Old 06-02-2012, 10:57 AM   #7
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