Selling vehicle to a family member, I want to assure I am paid the whole loan amount even if he wrecks, damages, or the car breaks down and is no longer drivable. I want it in the contract that he is responsible for the loan even if car is no longer drivable
Write that in the contract. Also consider taking a security interest in the vehicle so that it cannot be sold without you getting paid.
You need to enter into a loan agreement with the person -- and make sure you are on the title and on the insurance as an additional insured. You should have the family member sign a note that is due and payable and ensure that the person has insurance at all times.
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