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A guy owns a truck & He Sells it to a friend that has bad credit (which prohibts him from going to most car lots--doing him a "favor").
The "friend" that is buying the truck makes payments to the seller. They come into the office to get insurance on the vehicle. Only the true owner of a vehicle is the only one that can insure the vehicle. So the seller insures it saying the buyer will have it paid off quickly (30 da...ys) and at that time will get his own policy.
Heres where it gets fun:
Fast Forward to Today: Accident happened (buyer driving-his fault). Turns out, the truck was paid off several months ago but the seller never transferred the title of truck over to the buyer. Why, you ask?--- Because the seller was in a pinch a couple months ago needing money so he took out a loan against it (even though the truck was sold already ;) ) . So you got the buyer driving around in a truck he paid in full for, but actually does not legally own it....and wrecks it.
---It gets better. The driver (buyer) had an expired drivers license. Insurance policy specifically states no coverage allowed of any suspended or expired license of any driver of such covered vehicle.
So what happens?..I can only speculate but Possibly the seller (that hasnt had the truck in his posession for many months) will be sued by the victim in the auto accident because he could be held responsible for allowing an expired licensed driver to travel in his car. Sound crazy?? Nah, A true dealership always checks drivers license status on all buyers on the lot.
So unless you want to take all the steps and procedures a dealership or car lot takes ( and responsibilities), dont act like one and let someone take over payments on your car,...or do a contract to buy your vehicle!!!!!! ------------------ NEXT!!
Posted 9:32 AM

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