Who should keep the money? Her as the owner with no title or us as the owner of the title. The market value of the car is higher than the initial selling price.
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Who should keep the money? Her as the owner with no title or us as the owner of the title. The market value of the car is higher than the initial selling price.
Trying to get clarity on family situation We sold a car to my daughter for 7000. She has been making payments for two years on time. We never transferred the tittle. She got in accident not her fault. AT fault party is paying for car.
Asked on November 13, 2017 under Accident Law, Colorado
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Since title to the vehicle was never transferred to your daughter, you are still the registered owner of the vehicle.
As the registered owner of the vehicle, the entire settlement from the accident should be paid to you.
If your daughter had been at fault in the accident, you as the registered owner would be liable for property damage (cost of repairs) and the personal injury claims of the occupants of the other vehicle even if you were not present at the scene of the accident. Therefore, since the registered owner is liable for an accident, the registered owner is entitled to and should receive the entire settlement payment when the driver (your daughter) is not at fault in an accident.
If title had been transferred to your daughter, she would be the registered owner and would receive the entire settlement for an accident in which she was not at fault.
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