rivian transfer
rivian transfer
Hi All
my brother made a deposit for the Rivian R1S maybe 1-2 years ago, before the prices increased to todays levels.
He was about to cancel the order, as they don't need it anymore and went with another EV that was available sooner.
brothers configuration price is coming out to 75,500 estimated price and the same features configured today are coming out to 94500.
I told him to hang on to that reservation. When it gets delivered, ill take it from him and pay him what he paid.
Is there a better way to do this transfer when it gets delivered.
Im not sure if we will end up paying the sales tax twice . He' s in PA and i'm in NJ
Thanks in advance.
my brother made a deposit for the Rivian R1S maybe 1-2 years ago, before the prices increased to todays levels.
He was about to cancel the order, as they don't need it anymore and went with another EV that was available sooner.
brothers configuration price is coming out to 75,500 estimated price and the same features configured today are coming out to 94500.
I told him to hang on to that reservation. When it gets delivered, ill take it from him and pay him what he paid.
Is there a better way to do this transfer when it gets delivered.
Im not sure if we will end up paying the sales tax twice . He' s in PA and i'm in NJ
Thanks in advance.
-
- Posts: 2066
- Joined: Sun Aug 23, 2020 2:23 pm
Re: rivian transfer
Just have your brother complete the purchase and register/title the vehicle in your name.
-
- Posts: 59
- Joined: Tue Aug 04, 2020 7:18 pm
Re: rivian transfer
As the owner of a rivian R1T, that’s not going to work with the way rivian handles title/registration. OP’s approach is the best way to handle it. His brother may also be able to claim the ev tax credit as well.DoubleComma wrote: ↑Wed Mar 29, 2023 9:06 am Just have your brother complete the purchase and register/title the vehicle in your name.
-
- Posts: 3528
- Joined: Sat Mar 04, 2017 4:28 pm
- Location: Western Washington
Re: rivian transfer
In my state (Washington), this should save $6,000 or more in sales taxes on the transfer from brother to you. Obviously, actual implications of avoiding an extra transfer vary by location.DoubleComma wrote: ↑Wed Mar 29, 2023 9:06 am Just have your brother complete the purchase and register/title the vehicle in your name.
I seem to recall from our last car purchase that both my wife and I had to be present to get both names on the title.
(edited to add: I also recall a previous private party purchase: I went alone to the licensing office, and they stated they were not allowed to put my wife on the title without her present).
I didn't realize Rivian had a price lock on deposits. That's quite an opportunity. I'm under the impression Tesla, Ford, etc only lock the price once a production slot is confirmed and the order placed. I definitely could be wrong on that, though. I only have partial information about a family member's wait for a Mach-E.
Last edited by iamlucky13 on Wed Mar 29, 2023 11:42 am, edited 1 time in total.
-
- Posts: 5994
- Joined: Mon Aug 22, 2016 3:22 pm
Re: rivian transfer
Just make sure to avoid any snow banks.
Re: rivian transfer
Good advice - you cannot title a vehicle in someone else's name so a 'sale' will need to be completed. The brother will need to pay him what he paid plus any taxes, destination, and transfer fees to make him whole.texascrane wrote: ↑Wed Mar 29, 2023 9:11 amAs the owner of a rivian R1T, that’s not going to work with the way rivian handles title/registration. OP’s approach is the best way to handle it. His brother may also be able to claim the ev tax credit as well.DoubleComma wrote: ↑Wed Mar 29, 2023 9:06 am Just have your brother complete the purchase and register/title the vehicle in your name.
-
- Posts: 795
- Joined: Sun Oct 15, 2017 4:20 pm
Re: rivian transfer
I hear that NJ does not charge sales tax on EVs and there is a $4k EV incentive as well. You may want to do more due diligence on the transaction because there could be $10k+ in benefit if you can replace your brother somehow (e.g., change the first name only on the order, change the address on the order, both names on purchase and using your address, etc)
Re: rivian transfer
Interested in wat your thoughts are here....Weathering wrote: ↑Wed Mar 29, 2023 10:16 am I hear that NJ does not charge sales tax on EVs and there is a $4k EV incentive as well. You may want to do more due diligence on the transaction because there could be $10k+ in benefit if you can replace your brother somehow (e.g., change the first name only on the order, change the address on the order, both names on purchase and using your address, etc)
Our experiences with paid deposits which hold a place and price in line are that they form in effect a 'contract' between two parties.
We pay with a personal credit card or check and present a copy of our license to establish our end of this potential future deal.
-
- Posts: 3528
- Joined: Sat Mar 04, 2017 4:28 pm
- Location: Western Washington
Re: rivian transfer
Is it not possible to register multiple owners? In my state it is. I don't see anything on the form requiring a joint owner to be a spouse. They just have to decide on joint tenancy with survivorship or not.smitcat wrote: ↑Wed Mar 29, 2023 10:07 amGood advice - you cannot title a vehicle in someone else's name so a 'sale' will need to be completed. The brother will need to pay him what he paid plus any taxes, destination, and transfer fees to make him whole.texascrane wrote: ↑Wed Mar 29, 2023 9:11 amAs the owner of a rivian R1T, that’s not going to work with the way rivian handles title/registration. OP’s approach is the best way to handle it. His brother may also be able to claim the ev tax credit as well.DoubleComma wrote: ↑Wed Mar 29, 2023 9:06 am Just have your brother complete the purchase and register/title the vehicle in your name.
That still leaves the brother with a stake in the vehicle, but both owners should be able to then go to a licensing office to release ownership of one of the parties, without resulting in a taxable sale.
Again, this is my understanding of how it works in my state. I haven't tried to do anything similar personally, and definitely not in Pennsylvania or New Jersey. It would be up to the OP to verify the rules in their state.
I just noticed upon re-reading the OP the different states mentioned. That might also complicate the plan, because the respective states might not title a vehicle to an out-of-state owner.
Re: rivian transfer
Thank you all for these interesting suggestions.
Step 1: Brother buys in PA and pays sales tax ( vehicle price plus sales tax = X dollars)
Step 2 : Then I buy from him and pay him X dollars.
Step 3 : Then will New Jersey tax me on X dollars again?
I like the car, but not enough to pay sales in taxes in both PA and NJ
I'm somewhat confused on how the sales tax will work.
Step 1: Brother buys in PA and pays sales tax ( vehicle price plus sales tax = X dollars)
Step 2 : Then I buy from him and pay him X dollars.
Step 3 : Then will New Jersey tax me on X dollars again?
I like the car, but not enough to pay sales in taxes in both PA and NJ
I'm somewhat confused on how the sales tax will work.
Re: rivian transfer
You should see if NJ charges sales tax on title transfers between family members. I know in PA when we transferred between family, there was no tax as long as we could show that tax was already paid by the first (initial owner).Ani wrote: ↑Wed Mar 29, 2023 1:11 pm Thank you all for these interesting suggestions.
Step 1: Brother buys in PA and pays sales tax ( vehicle price plus sales tax = X dollars)
Step 2 : Then I buy from him and pay him X dollars.
Step 3 : Then will New Jersey tax me on X dollars again?
I like the car, but not enough to pay sales in taxes in both PA and NJ
I'm somewhat confused on how the sales tax will work.
Re: rivian transfer
The good news is that there is no sales tax on EVs in NJ. The Rivian would not qualify for NJ sale credits because the MSRP is too high.
https://www.state.nj.us/treasury/taxati ... tice.shtml
https://chargeup.njcleanenergy.com/
https://www.state.nj.us/treasury/taxati ... tice.shtml
https://chargeup.njcleanenergy.com/
Re: rivian transfer
I have a Ford Maverick on order which also take long time to get.
I don't know how it works in those states but it sounds like what people do is try to is to register it in both names then eventually take one name the title off the car.
I would look at registering in both names in PA since that is where it will end up eventually.
That would be much more complicated if a car loan is involved.
I don't know how it works in those states but it sounds like what people do is try to is to register it in both names then eventually take one name the title off the car.
I would look at registering in both names in PA since that is where it will end up eventually.
That would be much more complicated if a car loan is involved.
Re: rivian transfer
km700 wrote: ↑Wed Mar 29, 2023 2:22 pm The good news is that there is no sales tax on EVs in NJ. The Rivian would not qualify for NJ sale credits because the MSRP is too high.
https://www.state.nj.us/treasury/taxati ... tice.shtml
https://chargeup.njcleanenergy.com/
Thank you
I guess that takes care of the double tax concern.
-
- Posts: 2066
- Joined: Sun Aug 23, 2020 2:23 pm
Re: rivian transfer
Rivian might do something unique to prevent this, I don’t know.smitcat wrote: ↑Wed Mar 29, 2023 10:07 amGood advice - you cannot title a vehicle in someone else's name so a 'sale' will need to be completed. The brother will need to pay him what he paid plus any taxes, destination, and transfer fees to make him whole.texascrane wrote: ↑Wed Mar 29, 2023 9:11 amAs the owner of a rivian R1T, that’s not going to work with the way rivian handles title/registration. OP’s approach is the best way to handle it. His brother may also be able to claim the ev tax credit as well.DoubleComma wrote: ↑Wed Mar 29, 2023 9:06 am Just have your brother complete the purchase and register/title the vehicle in your name.
But not being able to buy a vehicle and title it in someone else is name certainly can happen. I bought my parents a car as a gift several years ago and absolutely titled it in their name. It was not titled to me and then transferred, it left the dealership in their name.
Re: rivian transfer
Just read the rivian pre-order agreement..they don't let you transfer the pre-order to another person..
"
Edits to your name or email will not transfer a preorder/reservation. Preorders/reservations are valid for the original holders only. Transfers are subject to cancellation per the Preorder/Reservation Agreement ".
Not sure how they can enforce, " no reselling"
"
14. No Resellers; Discontinuation; Cancellation
Rivian and its affiliates may unilaterally cancel any order that we believe has been made with the intent to resell the Vehicle or otherwise has been made in bad faith. Rivian may also cancel your order if a vehicle, product, feature, or option is discontinued after you place your order."
"
Edits to your name or email will not transfer a preorder/reservation. Preorders/reservations are valid for the original holders only. Transfers are subject to cancellation per the Preorder/Reservation Agreement ".
Not sure how they can enforce, " no reselling"
"
14. No Resellers; Discontinuation; Cancellation
Rivian and its affiliates may unilaterally cancel any order that we believe has been made with the intent to resell the Vehicle or otherwise has been made in bad faith. Rivian may also cancel your order if a vehicle, product, feature, or option is discontinued after you place your order."
Re: rivian transfer
Maybe within a family if they all 'trust' each other it can work out.DoubleComma wrote: ↑Wed Mar 29, 2023 7:47 pmRivian might do something unique to prevent this, I don’t know.smitcat wrote: ↑Wed Mar 29, 2023 10:07 amGood advice - you cannot title a vehicle in someone else's name so a 'sale' will need to be completed. The brother will need to pay him what he paid plus any taxes, destination, and transfer fees to make him whole.texascrane wrote: ↑Wed Mar 29, 2023 9:11 amAs the owner of a rivian R1T, that’s not going to work with the way rivian handles title/registration. OP’s approach is the best way to handle it. His brother may also be able to claim the ev tax credit as well.DoubleComma wrote: ↑Wed Mar 29, 2023 9:06 am Just have your brother complete the purchase and register/title the vehicle in your name.
But not being able to buy a vehicle and title it in someone else is name certainly can happen. I bought my parents a car as a gift several years ago and absolutely titled it in their name. It was not titled to me and then transferred, it left the dealership in their name.
Rivian is a limited production issue with this problem not occurring very often - there are 1,000's of these types of issues happening with many vehicles that have waiting lists and are then selling at higher than MSRP. Porche, Corvette, Hummer, Lyric, Limited Mustangs, Bronco etc all have folks wanting to secure a spot and then sell that vehicle for a higher price without actually taking delivery.
And they all have put in place methods so that will not happen - perhaps check out any of those sites where there is plenty of activity speaking about this issue.
Re: rivian transfer
Ani wrote: ↑Wed Mar 29, 2023 8:09 pm Just read the rivian pre-order agreement..they don't let you transfer the pre-order to another person..
"
Edits to your name or email will not transfer a preorder/reservation. Preorders/reservations are valid for the original holders only. Transfers are subject to cancellation per the Preorder/Reservation Agreement ".
Not sure how they can enforce, " no reselling"
"
14. No Resellers; Discontinuation; Cancellation
Rivian and its affiliates may unilaterally cancel any order that we believe has been made with the intent to resell the Vehicle or otherwise has been made in bad faith. Rivian may also cancel your order if a vehicle, product, feature, or option is discontinued after you place your order."
"Not sure how they can enforce, " no reselling""
Read your contract - they are fulfillng their end of that agreement.