Wednesday, May 6, 2015

Selling your car to a stranger? Seller BEWARE.


If you sell your Michigan-titled vehicle to a stranger, make sure you keep your license plates.  Also, if any way possible, accompany the buyer to the DMV to ensure the title is transferred to the buyer.  The last option (the much less preferred option) is to fill out the seller's portion of the title, sign it, and keep a photocopy of that title!

All too often I hear of someone who is being sued for an accident involving a vehicle that they sold many months (or years) ago.  As to be expected, when that vehicle was subsequently in an accident, the plaintiff's attorney will sue both the owner(s) of record, as well as the driver.  When the buyer doesn't transfer the title (may not have the money to transfer it), you are still on the hook as the owner of record, unless you can prove you sold it (reason for keeping a copy of that title).

But BY FAR, the best solution is to accompany any buyer of your vehicle to the DMV to make absolutely sure your name is off the title!

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