Yamaha R1 Forum: YZF-R1 Forums banner
1 - 20 of 22 Posts

·
Draggin chest hairs since 2008
Joined
·
1,313 Posts
Discussion Starter · #1 ·
In NY state if I have a bike financed in my name, is it possible to give the bike to someone as a gift and have them register and insure it in their own name? And still have the financing under my name? And when doing this, does the person getting the bike have to pay any taxes again? What needs to be payed for doing this?
 

·
Stay Fly 3-6Mafia
Joined
·
1,402 Posts
In NY state if I have a bike financed in my name, is it possible to give the bike to someone as a gift and have them register and insure it in their own name? And still have the financing under my name? And when doing this, does the person getting the bike have to pay any taxes again? What needs to be payed for doing this?
Not in Cali. If the bike is being financed the finance company is the lien holder and only the person financing the bike can reg it. The person you are gifting it to has to transfer it to his or her name basically refinance the bike then it's possible to change the reg.
 

·
Malum Prohibitum
Joined
·
1,287 Posts
In NY state if I have a bike financed in my name, is it possible to give the bike to someone as a gift and have them register and insure it in their own name? And still have the financing under my name? And when doing this, does the person getting the bike have to pay any taxes again? What needs to be payed for doing this?
If there is a lein on the title, the person you gift the bike to would take it subject to the security interest the bank has in the bike.

Taxes depend on the state. My state has a minimum $10 gift tax.

As far as how you actually accomplish the transfer, call the DOT/DMV and they will tell you what forms you or your friend would need to complete.
 

·
R1 Addiction
Joined
·
16,591 Posts
Not in Cali. If the bike is being financed the finance company is the lien holder and only the person financing the bike can reg it. The person you are gifting it to has to transfer it to his or her name basically refinance the bike then it's possible to change the reg.

same in NJ. Once there is a lien, the only way you can change the title is when the lien is gone.
 

·
Draggin chest hairs since 2008
Joined
·
1,313 Posts
Discussion Starter · #6 ·
Im just gonna have to get raped on insurance prices then..... Whatever
 

·
Draggin chest hairs since 2008
Joined
·
1,313 Posts
Discussion Starter · #7 ·
Who do you tri state guys use for insurance? Whos got the best prices
 

·
Registered
Joined
·
89 Posts
I ended up getting the best rate from State Farm here in CA, I mean no one even came near their price.
 

·
Cheese is 50 cents extra.
Joined
·
206 Posts
In NJ, I use State Farm. I insured my truck with them as well and ended only paying $498 a year for full coverage on my bike.
 

·
Cheese is 50 cents extra.
Joined
·
206 Posts
Rider Insurance is terrible in my experience.

$1600 for full coverage from Rider.
 

·
Forum Moderator
Joined
·
32,430 Posts

·
Cheese is 50 cents extra.
Joined
·
206 Posts
BTW, that is a rate for a 32 year old living in a good neighborhood.

More if you live in a bad part of NJ considered high theft areas.
 

·
Draggin chest hairs since 2008
Joined
·
1,313 Posts
Discussion Starter · #15 ·
My driving record is bad, I will call state farm this week and see whats up[
 

·
Crown is Good For You
Joined
·
616 Posts
If the bank has the title, I doubt they would let you register it in another person's name. Most insurance companies do not require the register owner to be the policyholder. And insurers are not required to report insurance on motorcycles to the NY DMV (like they must report autos). So what I am saying is, anyone can insure your bike.

You should ask your leinholder if you must be the policyholder or a listed operator on the insurace policy.

If you are simply doing this for cheaper rates, it is not worth the risk (fraud/misrepresentation, or even worse, denial of a claim).
 

·
Cheese is 50 cents extra.
Joined
·
206 Posts
You could pay the bike off on a credit card. Plenty of credit card companies offering no interest for at least a year on purchases. I would pay the bike off on a card then when the year is almost up on that card just use another credit card to do the same thing to avoid the interest on the current card. Sounds like a pain but you get the title under your name and cut down on the interest on the bike dramatically.
 

·
ill will
Joined
·
1,134 Posts
Yes you can trasfer titles in NYS with liens on them.

As far as insurance goes in NYS the required liability insurance and NYS insurance ID card must display the name of the registrant, not the name of the owner.
 

·
R1 Addiction
Joined
·
16,591 Posts
My driving record is bad, I will call state farm this week and see whats up[

you need to have a car with them as well. they will not do a stand alone bike policy. I finally moved to State Farm this month. Full bike coverage is $345 for the year. My car went up $200, but it's worth it to have full coverage on the bike.
 

·
18x HP literbike killer
Joined
·
3,774 Posts
You can do it, i bought my new R1 cash, but my girl's brothers bike was financed in my name, and is insured, registered, and titled in his name...we both pay 350 each a year for insurance in LI
 
1 - 20 of 22 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top