The donor's relationship to you. The exact dollar amount of the gift. The date the gift was given. A complete and comprehensive statement from the donor, explicitly stating that no repayment is required or expected.
Yes, most dmv will take market value if they see the car being sold for $1. Your better option is to have him gift it.
It is better to ``sell'' the car for the minimum as the gift tax is higher...
Most mortgage providers will have a template that you can follow, but in general, your gift letter should include: The donor's name, address and phone number. The donor's relationship to the client. The dollar amount of the gift. The date when the funds were (or will be) transferred.
Most gifted deposit letters will require the following: The name of the receiver of the gifted deposit. The source of your gifted deposit. The relationship between you and the donor/s. The value of the gifted deposit. That the donor expects no repayment. That the donor makes no claim to the property.