the buyer of my car wants to take possession of the vehicle before the title is released to me from my lien holder. he wants to insure the car in his name, but keep my plates and registration until i have the title cleared. i can't find any information on this, is this a terrible idea?
2007-03-12 05:20:55 · 8 answers · asked by SarahS 2 in Cars & Transportation ➔ Insurance & Registration
WHERE DO YOU LIVE???
I believe there are a few states where the plates go with the owner (TX?)
That would be your decision.
From what you have typed about having the title "cleared", I suppose you are saying that you haven't paid off the loan on your car, so the new owner will have to wait for you to get YOUR title after you pay off the loan, and then you will sign your title over to him, so he can go get his own title.
Until that moment, he wants to pay you for the car, and drive your car (in your name), with your plates and your registration.
I would strongly recommend doing this.
If he gets a parking ticket because he abandons it on the street, YOU will get the ticket.
If he wrecks the car, it is still in your name. You are responsible for dealing with the insurance company.
Until you have signed YOUR title over to the new owner, that car is still YOURS, regardless of how much money he has given you.
He cannot get insurance in HIS name until he is the owner.
He has to get his own plates and his own registration.
The best thing to do is to keep the car and not let him drive it until you get the title. When you get your title, sign it over to him and give him the car immediately.
Unfortunately, he will be angry. Bad situation.
2007-03-13 04:50:45 · answer #1 · answered by gg 7 · 0⤊ 0⤋
Turn your plates as soon as possible, DMV will suspend your license 1 day for everyday you are late. That is only assuming that they don't start at 1 month and start counting from there.Nobody should need your plates. If they want what's on your plates let them tell DMV when they register the car in their name. You've been warned. You don't need that kind of trouble. It'll come back to bite you, notwithstanding however tasty you may consider yourself.
2007-03-12 05:31:05 · answer #2 · answered by AVON I 2 · 1⤊ 0⤋
Don't do that--it's illegal number 1 and if he gets in trouble they gonna get ur license plate and ur registration and u will be responsible. Who knows if he will even insure in his name--I don't think he can get insurance with the plates and registration in ur name. He's selling u a bunch of bull.
2007-03-12 05:32:21 · answer #3 · answered by luminous 7 · 1⤊ 0⤋
Horrible IDEA
No freakin' way, tell him to be patient. and the lien will be released.
Some states have plates that go with the car so to get better info call your DMV. they might say WHAT WHAT WHAT like Stan's mom on Southpark but at least you will have the right info...
2007-03-12 05:25:39 · answer #4 · answered by Uncle Red 6 · 1⤊ 0⤋
That license plate number is assigned to you, and I don't think it's transferable to another person.
Here in Ohio I can sell my van, get another van, and put those plates on it--just let the DMV know. But I can't sell my van and assign my license plate number to the new owner.
2007-03-12 05:42:53 · answer #5 · answered by ? 6 · 1⤊ 0⤋
It depends. Do you want to be responsible for any tickets he may get? Do you want to be responsible if the vehicle is impounded and towed away? Do you want to be responsible if it's used in the commission of a crime? Do you want to be responsible for the rest of the payments due if the buyer vanishes with it?
If you answered yes to all the above, go ahead and do it.
2007-03-12 06:29:56 · answer #6 · answered by oklatom 7 · 2⤊ 0⤋
Where I am in NY - you can not do that - he needs to wait for the lien release then register and insure the car.
Bad idea anyways
2007-03-12 06:38:40 · answer #7 · answered by T F 4 · 1⤊ 0⤋
I would say it is a terrible idea. He should be able to get 30day tags in his own name.
2007-03-12 05:27:53 · answer #8 · answered by boolissa2002 2 · 1⤊ 0⤋