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Registered
Join Date: Nov 1998
Location: antioch, ca, usa
Posts: 1,082
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Selling my 911 to my father-in-law, title and insurance Q's
We have decided to put our '91 964 C2 up for sale and came to an agreement with my father-in-law to let him purchase it for $10K (car has a value of about $20K* per Kelly Blue Book)
*80,000 miles with 17" Fikse rims to add to the value Now the sticky part, he is going thru a divorce that won't be finalized for another few months but wants to drive the car now... What we'd like to do is add my father-in-law to the title and have him get full insurance coverage on the car so that we can drop the coverage and save some money ourselves. The car will also be kept in our garage for the time being. (he needs to make room in his garage next to his '70 911T) The money has not exchanged hands yet and since it was inheritance money, the evil-step mother shouldn't be entitled to any of it anyways...but we are worried that the car might be even though they are in the process of the divorce. We are in CA if that helps any...thanks !!!
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'73 914, 1.7, with Boxster transmission in the future? 
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12-17-2006, 11:01 AM
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Why not just let him drive the car on your insurance the way it is until everything is straight and safe, and have him reimburse you for the additional cost of insuring the car? Seems like the simplest thing to do...
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12-17-2006, 11:09 AM
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Join Date: Oct 2006
Location: Colorado, USA
Posts: 8,279
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He's gone 50 or 60 or whatever years of his life without regularly driving your car, he can wait a couple of months more.
You can do whatever you want with your insurance, but as long as you are a registered owner of the car, YOU will always be a liable party for damages caused by the car, no matter who is driving it. Probably nothing happens in the next few months. If you want to take that risk. I personally wouldn't, and I wouldn't expect you to, either, if I were him. If you transfer title to the car to him (the only way to get you off the hook for liability), it will become an asset in his divorce, I'd imagine. The source of the money to buy the car will be an issue. You say it is his separate property inheritance, suggesting it won't be a problem. (I think normally if you can show an asset purchased during marriage was purchased with separate, non-community property, it remains separate, non-community property). If that's the case, let him do it. I wouldn't. But at least that's his and his divorce lawyers' problem, not yours, and not one that could result in someone coming after your assets. But that's just me. |
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12-17-2006, 11:31 AM
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Join Date: Nov 2001
Location: Jackson, Wyoming
Posts: 634
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Just have him wait....and drive the car now under your insurance. The ex-wife's lawyer wasn't born last night and knows that the "other 10K" is being passed under the table.
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12' GT3 18’ 991S |
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12-17-2006, 01:30 PM
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Join Date: Aug 2006
Location: Cleveland, Georgia
Posts: 149
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Given the messy divorces a few of my friends have been through, it's best to play everything safe and above board. If you make an assumption about the transfer of assets and that assumption is incorrect you or your father-in-law might get burned by the other side's lawyer. Remember, investigators hover around divorces as professional tattle-tails trying to make sure all available assets are accounted for. You don't want anything to appear to be a community asset no matter how much the new P-car might make him feel better at this time. Let him visit his new object of lust, but don't hand him the keys until his lawyer is sure he won't lose it in the divorce.
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Andy Glass '86 930 Kokeln IC, K27-7200, SC cams, GHL headers, Fabspeed muffler, Short R&P , misc other mistakes made... |
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12-17-2006, 03:07 PM
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