You have all the liability as long as it is in your name and that includes the note if he does not pay you are basically renting him the car---anything happens in the car with the car they come for you and i never heard of an insurance company doing coverage that way ---what is the reason he doesn't want it in his name on it and do you know this person personally ---to be honest with you i wouldn't do it i just don't like the sound of it but it is your decision
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Submitted 123 days ago...
I am wanting to sell my vehicle to get out from underneath the payments. I have an interested buyer that wants me to keep the vehicle in my name,
With a joint contract that we would get notorize, and I would carry in my name for approx. 6 months. We have checked into insurance coverage, and according to their insurance, we can have joint coverage. Is this the case? What other liabilities are involved?
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Answer 1 / 3
Submitted 123 days ago...
Answer 2 / 3
Submitted 123 days ago...
You may have to go to court to get either the money or the car back or get it repoed it just does not sound like a good deal for you ===if he takes himself and the car out of state and does not make payments they come for you DO NOT DO IT IT MAKES YOU SOUND LIKE A FUTURE VICTIM if he could afford your car you would not need to go through this and i doubt he was even going to make a down payment of at least 20 % again this is a bad deal and i think you may be targeted
because you are some what nieve and they plan on taking advantge of you === you can have all the signrd documents you want but what are you going to do when they say catch me if you can=== you stand a chance of destroying your credit and being on the hook for the car payment you are trying to get out from under===IT IS A BAD DEAL
This answer was edited by jim5456 122 days ago.
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