Might be forced to sell

[Jetpilot3]

I'm in a bit of a pickle with regards to my NSX.

I'm currently living overseas and have extended my contract for yet another year (will I ever leave?). As such my NSX is being stored at my father's place in Vancouver but he's recently re-married and his wife is moving in. That means my nice little cosy storage is no more. I've found new storage in the GTA however it would appear I'm not able to get 3rd party or temporary insurance on the car.

I don't really want to be spending a few grand getting the car to Ontario when I can't get storage insurance for it. So....I may need to sell it.

Any options or something I haven't thought of?

 

[nsx20014me]

why don't you 'sell' the car to your dad and buy it back from him when you get back. Your dad can then find a local storage place and put insurance on it under his name. Of course you will reimburse your dad for all out of pocket costs on his part.
Tom

 

[Jetpilot3]

Yup...we did that but storage in Vancouver or area is stupid expensive (250/mth).

I've secured storage in the GTA for $600/year and other cars are stored there (kinda a secret facility a collector recommended me for).

I had thought of doing the same with my father in law however, getting the car to Ontario, getting it registered in his name for ownership, etc. might prove to be a headache (assuming I'd have to be there and I'm not planning to fly home until August). My father has politely asked me to remove the NSX ASAP.

DOH!

 

[Jetpilot3]

I think I've now got it covered!!!

Looking at the Ministry website my father-in-law can transfer me the car. So what I'll do is "sell" the car to him, he insures and registers it (me as secondary driver of course...hehe) and then its set.

When I return to Ontario he can transfer it to me without me paying the HST.

Solved.

 

[Matt_337]

Or you can just ship it down to me in Tx and I'll make sure it's properly stored

Glad to hear you found a solution. Quit trying to find a way out of this community

 

[Jetpilot3]

Or you can just ship it down to me in Tx and I'll make sure it's properly stored

Glad to hear you found a solution. Quit trying to find a way out of this community

It just seemed like the whole process would be an ordeal and thought my father in law wouldn't be keen however he is!

Trust me Matt I'm not looking for a reason to get out of the community...its like an ex-wife that won't go away!

Kidding...:biggrin:

 

[VTEC_Inside]

I think I've now got it covered!!!

Looking at the Ministry website my father-in-law can transfer me the car. So what I'll do is "sell" the car to him, he insures and registers it (me as secondary driver of course...hehe) and then its set.

When I return to Ontario he can transfer it to me without me paying the HST.

Solved.

Careful with the motor vehicle gift forms. You can indeed transfer ownership within your family without paying sales taxes, but they limit the relationships that can do that. Father->Son and vice versa is not a problem, but I'm not sure if you can do it between Father-in-law...

Also, at least in Ontario, they've imposed a limit as to the number of times you can do this in one year. We had an Accord that went from my grandpa to my dad, to me, and back to my dad over the course of a couple months (long story) a few years back without issue.

Then just last year my dad sold his Highlander to his sister. The plan was for it to go from my dad to my grandpa back to my aunt (gift form did not apply to siblings at least at that time) which is when we found out that now a person can only gift or receive ONCE in a year time frame.

 

[ENT]

They definitely permit father-in-law -> son-in-law gifting but I don't know about the other way around.

Cheers,
Ian

 

[Jetpilot3]

Careful with the motor vehicle gift forms. You can indeed transfer ownership within your family without paying sales taxes, but they limit the relationships that can do that. Father->Son and vice versa is not a problem, but I'm not sure if you can do it between Father-in-law...

Also, at least in Ontario, they've imposed a limit as to the number of times you can do this in one year. We had an Accord that went from my grandpa to my dad, to me, and back to my dad over the course of a couple months (long story) a few years back without issue.

Then just last year my dad sold his Highlander to his sister. The plan was for it to go from my dad to my grandpa back to my aunt (gift form did not apply to siblings at least at that time) which is when we found out that now a person can only gift or receive ONCE in a year time frame.

Thanks for the heads up however on the Ont. Ministry website my father-in-law can gift the car to me. I'll sell it to him in order to get it registered and insured.

We only need to do it once...:smile:

 

[VTEC_Inside]

Sounds like you're good to go. Just had to mention that since we got a bit flustered the last time we used that form.