Someone wants to buy my truck, put X amount down and pay X amount a week.
Now the truck is titled / insured in my name.
Could I leave the title in my name and have them out there own ins on it?
or somehow keep my name and his name on the title?
no, they need to register and insure it in their name. The title can stay in your name, but you will need to go with them to the DMV to get it registered in that case.
This is better for you since the resposibility stays on them while driving the car around. However, the title proves you still own it.
In for when this ends in spectacular fail and you’re asking about small claims court procedures.
well I just remembered that I can’t drop my ins off of it in till the plates are turned in.
---------- Post added at 10:45 AM ---------- Previous post was at 10:43 AM ----------
I’f I didn’t sell it i was gonna use it as a project truck anyway.
Also they live 10 house’s up the street from me.
yep, insurance and registration go hand in hand. title is seperate though.
This!
My dad sold a car like this and it worked out for him. Lucky? lol
yeah, I’ve done this with hopping on a parent’s insurance plan. Kept title in my name, reg and insured in parent’s name.
Honestly, don’t go through with this. Keep it or sell it outright.
It will be a only a matter of time for that first late payment.
don’t worry, people who can’t get financing never screw up on deals like this. I’m sure they’ll still pay when something breaks on the truck.
Its a hard decision on both parties in something like this, but it can done. I’ve done it for borrowing purposes. no intent to own though
Just keep the keys, title and a written and signed agreement with time stipulations. Worse case take back the truck and sue. If the person is your neighbor and they own the house they probably won’t screw you.