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    CheyRR's Avatar
    CheyRR Posts: 1, Reputation: 1
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    #1

    Dec 16, 2011, 12:05 PM
    Selling my car to a family member
    I am selling my car to my nephew. I will retain the title until he pays off what he owes. Do I just give him a bill of sale to take to the DMV in order for him to get the taxes and tags or what?

    We have an agreement that if he doesn't pay for the vehicle, I will be able to repossess it, but I'm unsure about the paperwork he needs to bring to the tax assessors and the DMV.

    Please help!
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
    Uber Member
    		  
    #2

    Dec 16, 2011, 12:15 PM
    You typically put a LIEN on the title... but let them retitle it... if he fails to pay for it, the lien allows you to recover the vehicle.

    You can also require him to carry full coverage insurance in case he wrecks it or it gets stolen.

    If you hold the title... and he proceeds to get drunk and mow down a crowd of people at a bus stop at 90 mph... you are going to be in for a legal battle.

    Where do you live... specifics can allow someone to give you a better answer.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Dec 16, 2011, 12:46 PM
    No, if you keep the title in your name, you have to have the license and the taxes and the insurance in your name.

    You can let him buy it from you, but you will keep it titled and insured under your name.

    If you want it in his name ( so you are not liable for anything) then you sell it to him, make out a loan document and put a lien on the vechile.

    Then you can repo if he does not pay.
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