Used Cars: selling a car, car question, internet ray

Question
QUESTION: I am selling my car on a payment plan to a friend since it's not paid off I haven't given her the title and it's still in my name (in case she doesn't pay it off I can't take it back) my question is am I still responsible for the registering and inspection on it? (I live in Texas) And what about insurance? I've been paying the insurance on it but let her know that as of 1 August she will be responsible for it but what if she doesn't?

ANSWER: Hi Raychel


(in case she doesn't pay it off I can't take it back) ... I assume you mean you can take it back ?

The vehicle is in your name and will stay that way , you can't transfer title while vehicle has a lein in your name unless you come to terms with lender, the Insurance is your problem also, should an accident happen you will be on the hook,. contact the lender to see if your friend can qualify to take over the loan and title, that way your in the clear.

Ray
http://www.usedcartips.org/

---------- FOLLOW-UP ----------

QUESTION: yeah i meant can take it back =) sorry..... I own my car free and clear it's been paid off for a little more than a year does that make a difference? Thanks so much!

Answer
Hey Raychel nothing to be sorry about, I read your Q wrong also as I thought the payment plan involved a lender, but I see now it's got a clean title in your name.

I really have a few questions that needs answering to guide you in the right direction, to save time leave me a phone number and best time to reach you, I have free calling throughout north America, if you choose this option make sure you check the make private box with your Q or you phone number will be all over the Internet.

Ray