How Can I Donate My Car, Boat or RV?
Donating a practical vehicle like a car or truck, or donating recreational vehicles such as boats and RVs, can be beneficial to all parties involved. However, many people fear the complexity of the donation process and therefore avoid going through with it. While the process might seem somewhat complicated, it is actually relatively straightforward. Signing the vehicle over to an organization is the simplest part of the process; more difficult is the process that one must go through in order to secure a legally recognized donation transaction. Nonetheless, there is a way to do it legally and with relative ease.
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Instructions
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Determine which charitable organization you'd like to work with. Several organizations in your area probably accept donations of large items like cars, boats, and RVs. Each organization will have its own plan for exactly what to do with the donation---some, for example, will sell the vehicle as close to market price as possible in order to generate administrative funding, while other organizations may re-donate the vehicle to an individual in need of transportation. Think about how you'd like to see the donation used, and decide accordingly.
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Determine the value of your vehicle. Most charitable organizations that accept donations as large as cars, boats, and RVs will respect the stated value of these items on an uncontested basis provided that they are appraised by professionals.
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Negotiate the terms of your donation. Items such as taxes and title fees must be discussed with the charity that you have chosen. Some organizations might assume that your donation is complete; this means that you will take responsibility for any government transaction fees that might be incurred in the donation process. These details should be fully negotiated and agreed upon before any documents are actually signed.
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Finalize your donation. This part of the process could be as simple as signing your vehicle's title over to the charity and in return receiving a receipt that will be recognized by government taxation agencies. Your transaction will probably require the official witnessing of a notary public. The charity may have a registered notary on staff; if not, you can probably find one at a local bank branch.
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Store the documents that contain the details of your donation for several years. The need to refer to these documents could arise on multiple occasions for at least a few years after your donation.
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Tips & Warnings
You can locate professionals capable of estimating your vehicle's value in a variety of ways, but car dealerships and insurance agencies are typically the most effective sources.
Selling your car, boat, or RV for any amount of money is not considered a donation and may result in a fraud investigation if the transaction is listed as such on government documents, such as federal, state, or municipal tax forms.
References
- Photo Credit luxury car - model toy car image by alma_sacra from Fotolia.com
