I made the mistake of selling a car on a payment plan, holding the title until the buyer could finish paying me. I did have him sign a contract dating when he agreed to buy the car from me, and agreeing that he would be liable for anything he did with the car while he was in the process of paying me.. The next month he got in an uninsured accident with the car (still under my name) and was arrested. According to the deputy he didn't have a license and had a history of similar offenses. Now the
In my view you still owned the car and you were requited to have insurance. The only thing you can do is to go after him since he caused the accident. Based on you stated about his background, you may have much difficulty collecting.
My response above is only general, legal and business analysis. It is not "legal advice." It is my own analysis based on the limited brief summary you presented. Other attorneys may have a different analysis and opinion especially if more facts are considered. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in the State of New Jersey.
You unfortunately screwed up and are liable as owner of the car. Hopefully he has some insurance. If not, you can try to turn it over to your carrier but I doubt they will cover it.
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