Legal Question in Civil Litigation in California
Auto Insurance Delima
June 2004 I co-signed a loan for a car and got stuck paying $17K. I also paid insurance of $80/mo.
Recently I was kind enough to let my son buy the car off me for $5000.00. 15 days later he totalled it and the insurance is paying $10K. My question is, who gets the money? Me or my son?
1 Answer from Attorneys
Re: Auto Insurance Delima
Assuming that your son is the sole owner and then he should get the money. The amount is based on the car's actual value, not the purchase price. Your son got a good deal from you, and you are not entitled to now claim the benefit of his bargain.
If your son had paid you more than the car was worth and then totaled it he would not be entitled to make you pay the difference. You likewise can't make him pay the difference just because you sold the car for less than it was worth.
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