well,here i go.i do not drive this car.he wants to buy it so what if he barrows it and keep insurance on tell he gets the money to buy it!would i be responsable if he wrecks my car if he is insured?or do in need a contract that releases me from all liability?and or do i need it notorized to make it legal ?
I’m assuming here that you do not owe any money on this vehicle, there is no lien on it, and someone you personally know wants to take the car with a thin promise of paying you for it later.
Don’t do it or you could very well lose both the car and the money.
If they want the car that bad then let them borrow the money, work 2 jobs to earn it, or whatever but don’t allow them to take the car for free.
They take it and blow the engine or trans next week and it will probably be when xxxx freezes over before you see them again or you’re going to hear; “You done sold me a hunk o’junk”.
This “deal” is all wrong for you. I’ve see enough of these kind of situations to know that it’s your hand which WILL (not might) get burnt.
If you own the car you are liable, unless it is stolen. If you let someone else drive it, you are liable. Your deal with the borrower makes no difference to everyone else on earth.
The laws vary from state to state, but likely yours is like mine. You will be responsible for keeping insurance on it. If for any reason the car is involved in an accident without liability insurance YOU will be responsible. I would also suspect there may be an issue if the insurance company were to find out about this deal after an accident, you might find that the insurance was invalid an you again would be personally responsible.
I would not go for this deal.
Tell them to walk till they get the money to BUY the car. The deal is not a smart move on your part.