Selling my car?

View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.

LifeLock Identity Theft Prevention - Save 10%

Im planning to sell my car to my cousin but im not done yet paying it off.

my cousin got denied for auto loans. So what im planning is, just letting him pay me monthly. $4000 for 15 months

the car will still be ofcourse registered to me.

can he get an auto insurance just for him even though its registered to me?

what is your advice?

Selling my car?

Don't do it. The car is ultimately your responsibility. If he wrecks it, lets insurance lapse, or does not pay, you are the one who gets sued, fined, etc. Most insurance companies will not insure a vehicle he does not own. With poor credit, can he afford to insure it with full coverage? Insurance is largely based on credit, and you want him to keep full coverage to protect your interests (stolen, crashed).

Not knowing your cousin, I will say this using generalizations. He cannot get credit because his credit is bad for a reason. He did not meet his financial responsibilities. I do not know if he ran up some cards, defaulted, or flat out skipped out. If he got cleaned out by someone else (ex-spouse, id theft), that is of course a shame, but do not get yourself involved in this.

There are usually some loud mouth dealers that have those commercials that are about 50db louder than the regular show that will get anyone on earth a car. Let him get some clunker from them for $200 a month for 24 months.

Selling my car?

He can not get insurance on a car that he does not have a title to. They won't insure him on his own policy. You might consider adding him on yours.

Selling my car?

As long as he has basic and you have full coverage you should be alright, but you can add him to the policy.

Selling my car?

Topic