OldCoyote
Senior Associate
Joined: Dec 21, 2010 10:34:48 GMT -5
Posts: 13,449
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Post by OldCoyote on Oct 11, 2017 6:55:15 GMT -5
Yesterday looking at insurance papers, I see we still have a Honda Odyssey on the policy,
I sold that car to a young woman at one of the businesses I take care of,
When we bought the new "personal" truck, she asked about buying the Honda, She would need to finance it, No problem, Tell me what you want to pay for it and how much can you afford to pay each month.
She offered $1000.,,, $100. a month. I said fine. ( these kids have nothing, I could care less if they paid or not)
Enter my wife, she took over the sale, notarized the title, unknown to me put a lien on the car!
Now we keep insurance on that car for $650. a year because we still "own it"!!
You have to be kidding me wifie,,
If you really need $1000. go into one of my accounts, get a $1000.
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Deleted
Joined: Oct 15, 2024 11:17:42 GMT -5
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Post by Deleted on Oct 11, 2017 7:59:27 GMT -5
I'm pretty sure you don't need that insurance and it may not even provide coverage. Check the policy definitions of "Covered autos" and "covered drivers". I'm pretty sure they exclude a car that you've sold that someone else drives every day.
If she's looking for protection if the car is totalled, the way to do it would be for the new owner to carry physical damage coverage (which they may not since it's not an expensive car) and add your wife as a loss payee. If they can't afford physical damage (collision and comprehensive, which covers fire, theft, etc.) it would probably be cheaper for her to pay for that coverage in THEIR name.
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Deleted
Joined: Oct 15, 2024 11:17:42 GMT -5
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Post by Deleted on Oct 11, 2017 8:16:36 GMT -5
Not to mention potentially making yourself liable if they do something wrong...
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andi9899
Distinguished Associate
Joined: Dec 6, 2011 10:22:29 GMT -5
Posts: 31,348
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Post by andi9899 on Oct 11, 2017 8:44:11 GMT -5
Why would you keep insurance on it if you are just the leinholder? They would still carry the insurance since they own the car. If you signed the title over, it's not your car. You should be listed as an additional insured on their policy in the event of a total loss so that you get your money before they get anything.
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cktc
Senior Member
Joined: Mar 19, 2013 22:15:31 GMT -5
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Post by cktc on Oct 11, 2017 9:18:49 GMT -5
Yeah, annoying, but you might want to talk to her about your kidney/truck/retirement thing before getting too worked up over this.  |
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OldCoyote
Senior Associate
Joined: Dec 21, 2010 10:34:48 GMT -5
Posts: 13,449
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Post by OldCoyote on Oct 14, 2017 22:41:11 GMT -5
Problem solved, the young woman that has the car, I went to her employer (who is a close friend of ours,) wrote her a check for $1000,
She in turn "loaned the young woman $1000. cash to pay off my wife, they met at DMV took care of everything!
I said to my wife, I need some money for a truck, she gave me the money!!!
On top of that I now get monthly payments from the young woman's employer, Is that cool or what??
Insurance was canceled!!
No one knows the difference.
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toomuchreality
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Joined: Sept 3, 2011 10:28:25 GMT -5
Posts: 16,925
Favorite Drink: Sometimes I drink water... just to surprise my liver!
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Post by toomuchreality on Oct 16, 2017 1:04:24 GMT -5
Problem solved, the young woman that has the car, I went to her employer (who is a close friend of ours,) wrote her a check for $1000, She in turn "loaned the young woman $1000. cash to pay off my wife, they met at DMV took care of everything! I said to my wife, I need some money for a truck, she gave me the money!!! On top of that I now get monthly payments from the young woman's employer, Is that cool or what?? Insurance was canceled!! No one knows the difference.  |
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