The gift of a vehicle is often one of the most thoughtful and well met gifts that can be received or given. After all, most of the modern world is now dependent on the use of cars as a primary means of travel and transportation. Not only do cars offer a means to travel from place to place, but they represent an unmatched freedom to many individuals. For this reason and many others, cars are among the most wished for Christmas gifts in developed nations. Before running out to purchase a new car for a loved one, however, consumers should make themselves aware of these 3 important truths about buying a car as a Christmas present.
1. If you do not have the money to purchase a car without financing, the financial obligation remains with you despite the fact that the car is being given as a gift.
Many consumers wish to give the gift of vehicle ownership to loved ones but are not in a financial position to purchase the expensive gift outright. In cases like this, the vehicle will have to be financed by the gift giver before being given away. it is important to remember that you still bear financial responsibility for the payments that are agreed upon during the negotiation of the purchasing agreement. Although the car is given as a gift, any missed payments or neglect of the financial agreement will reflect upon the purchaser of the vehicle rather than the recipient of the gift.
2. Purchasing a car as a Christmas gift can lead to unforeseen problems if the recipient of the gift is not a responsible driver.
Because the car is still technically the responsibility of the primary purchaser, it is important to ensure that the recipient of the vehicle as a Christmas gift is a responsible car owner and driver. If the recipient is reckless or causes frequent traffic accidents, the owner of the vehicle can be liable for financial reimbursements. The owner of the vehicle can also become disenchanted by the rise of his or her own insurance premiums as a result of the recipient’s negligence.
3. All legal documents and certificates should include the name of the recipient of the car as well as the purchaser’s name.
It is also essential to remember, before purchasing a vehicle as a Christmas present, that all legal documents should include the name and personal information of the gift recipient. This way, the recipient will be able to show proof of rightful legal possession in emergency situations or routine traffic incidents.
Ultimately, the purchase of a new car as a Christmas present can be a very rewarding experience. If the recipient of the gift has proven themselves as a responsible person in daily life, the care of his or her possessions, and in driving patterns and behaviors, there is no reason that they should not be rewarded with the gift of a new vehicle. Because of the risk factor involved with the gifting of a new car, purchasers should be careful to review the lives of the potential gift recipient for signs of responsible living. Even when the recipient is completely responsible and cautious when driving, however, the car purchaser must remember that unexpected circumstances that legally obligate them could always occur. Purchasing the vehicle without financing options, if available as a payment alternative, should always be used when buying a vehicle as a gift. If the vehicle is purchased outright with no money owed, the gift can be given in a free manner, with no lingering obligations that bind the giver and recipient together.
