Buying cars as gifts for loved ones has been shown in commercials by nearly every major manufacturer, but this practice actually takes quite a bit of planning. Rushing out to pick up a new car at the last minute could leave you and the gift recipient disappointed or delayed.
First, go shopping and finalize your purchase at least a week before the big day. Ask the dealership to hold it for you until it’s time to reveal the gift – they may even offer to drive it over at a specific time. You don’t want car loan paperwork delays to suddenly put off your big surprise.
Keep in mind you will need to purchase the car in your name and transfer it to the owner after gifting. This process varies by state, but usually only requires a sale of no value with the gift transaction indicated in a bill of sale.
Finally, don’t forget about auto insurance. You should contact The Schwab Agency to make sure the new vehicle is covered under Texas state regulations so the new driver can take a spin from the moment they lay eyes on their new vehicle.