VW credit owns my car for 13 more months. I put an ad on Craig's list in 2007 for someone to take over payments, and then give the car to them for $1. For the last 4 years a buyer from Craig's list has made payments for the insurance
, and the car note. Which I kept in my name, to avoid increases. I put take over payments at $265 mo. ($12,000) I was short by $3,000. It should have been $15,000. I have sent numerous emails to this person, with no replies. In the emails I stated that I made a mistake and will pay last year carnotes out. But that he needs to contact me. I'm afraid that with the insurance still in my name, anything can happen. I don't know what to do. Should I report car stolen?
This person has changed their cell number. And hasn't replied to last 5 emails. Also has not made payments for last two months. He has posseson of the car. And I have no idea if he is in Florida where it is registered or back in NYC where he is from.
We have one piece of paper that was notarized, stating a waiver release in the case of an accident. 3 things listed in the terms of this mutual contract
1 The buyer will assume all responsibility for care and maintenance for the vehicle for the duration of payments.
2. At the end of the term of this agreement, regardless of mileage, I hereby agree to sell the car for $1
3. At the end of the term of this agreement, buyer agrees to purchase for $1
Above these 3 statements, one more important paragraph:
I certify that I have entered into an agreement with buyers, whereby they have agreed to accept financial responsibility in the form of all remaining payments for the retail installment contract associated with the following vehicle....