What is the name of your state (only U.S. law)? MN
I bought a used car about 4 years ago for a friend that is unemployed. He hasn't paid for it, but I'm willing to just forget about the purchase price of $1200. I've signed and sent him the title so that he could transfer the car into his name (he's in NY, I'm in MN). The car is still in my name and I've been paying insurance and license tabs for it for 4 yrs. (MN license tabs although the car has been in NY four years.) Am I still responsible for insuring this car? I've gotten parking tickets from NYC that I've paid because the title is still in my name. If he's involved in an accident, am I liable because my name is still on the title? The license tabs don't expire until Oct. 2010. I've lost contact with this guy and I'm not sure how to resolve this. Any advice is appreciated. Thank you
I bought a used car about 4 years ago for a friend that is unemployed. He hasn't paid for it, but I'm willing to just forget about the purchase price of $1200. I've signed and sent him the title so that he could transfer the car into his name (he's in NY, I'm in MN). The car is still in my name and I've been paying insurance and license tabs for it for 4 yrs. (MN license tabs although the car has been in NY four years.) Am I still responsible for insuring this car? I've gotten parking tickets from NYC that I've paid because the title is still in my name. If he's involved in an accident, am I liable because my name is still on the title? The license tabs don't expire until Oct. 2010. I've lost contact with this guy and I'm not sure how to resolve this. Any advice is appreciated. Thank you