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I don't know how it is in NJ & NY, but in Cali a gift can only occur in a family. If it were here it would be a sale, and you would have to pay sales tax on it again when you take ownership.

I'm sure you will have some fun with the finance company also. your friend can't sell the car without paying off the lein-holder. I assume the loan is in your name, but it will still be pretty confusing. I sugest calling them up and asking how to handle it.
 

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You could but the might decide to make you pay according to the value (I've heard it has been done here)

I found this on the NY DMV Website

"If the vehicle was a gift or was purchased from a family member, use form DTF-802 to receive a sales tax exemption."

http://www.nydmv.state.ny.us/forms/dtf802_01.pdf

It looks like they're a bit nicer in NY than here in Cali.
Make sure he fills out the second page and answers no to 3a, 3b, and 3c. and enter 0 for Q4.
 

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Look at the link that I put above. NY allows gifts from non-family members. Just make sure he fills out page 2.

andyzhang said:
by the way, does my friend need to submit the PA issued temporary plate (expires on July 24) to the DMV when he does title transaction ?
I don't think that he would need it, because they wouldn't have him take it off of the car. Yuo might want to go with him just to be safe.
 
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