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SETTLE THIS DEBATE!

Posted by on Nov. 9, 2009 at 12:30 PM
  • 58 Replies

My mom will not get off my back, so please let me know if I am doing the right thing or not.


We recently sold a vehicle to my BIL. It was a 2000 Dodge Dakota Magnum V8 Quadcab. It had minimal body damage, lots of miles, and needed about $1000 worth of repairs. We sold him the vehicle for $1500, he paid in full.

The next day, he was in an accident in the truck. It was not his fault- the other driver was at fault.

However, he had not yet changed the title of the vehicle into his name. It was still in our name (mind you, it had been less than 24 hours since we sold the vehicle to him so he hadn't a lot of time to get it changed).

To expedite the process, we dealt with the insurance company. We did not tell them that we sold the truck. They made us an offer and sent us a check for the truck.

Their settlement offer was $6,018.49.


My mom is freaking out that we are giving him the entire amount of the check. The BIL is re-imbursing us $75 for the cost of the notary and shipping expenses for the paperwork.

My mom says that he only paid $1500 for it and should give us some of that $6K that he is getting.


I say that it doesn't matter what we sold the truck to him for- he owned the entire value of the vehicle. We had no idea the truck was worth $6K (and yes, we looked at the Blue book value- it gave us $4500 at the most for private party sale. My husband is a sucker and sold it to his brother for cheap- that's our fault, not his.

What say you?

by on Nov. 9, 2009 at 12:30 PM
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Replies (1-10):
Ziggy-Stardust
by on Nov. 9, 2009 at 12:32 PM

Well technically you still owned it because the title was in your name. However I think you are good people for giving him the money. Most people would just give BIL the 1500 and keep the rest.

 If you choose not to decide you still have made a choice.

mitch576
by on Nov. 9, 2009 at 12:33 PM

your mom is wrong.

 morally.. the truck was paid for and belonged to your brother... therefore the insurance money is his.




 ADMIN FOR AUTISM, ASPERGER'S, PDD AWARENESS.





MomofWildcats
by on Nov. 9, 2009 at 12:34 PM

Well whats his GF saying/doing? I know she was trying to get money from your insurance... I only ask because I do agree that all that money is your BIL's money but I just want to make sure that before you go giving him the money his GF isn't going to be shady and try to come after you since you were the registered owner.

Crazy4Mustangs
by on Nov. 9, 2009 at 12:34 PM

Yeah, I'd want to keep some of that money, if not for anything else than to pay the increase in what your insurance is going to cost now, because since it was still your insurance, you can expect an increase most likely. I don't know what state you live in but in mine, regardless of who is at fault the insurance company increases the premium because of the claim. So pay your increase then give him the rest.

CafeMom Tickers
michelle121003
by on Nov. 9, 2009 at 12:35 PM

What you do with the money is entirely up to you.  If you want to give it all to BIL, then that's your choice.  I'm not sure what I would do in your situation...

     
 

krista778
by on Nov. 9, 2009 at 12:35 PM

I say its his truck he gets the entire amount.

.oOMellyOo.
by on Nov. 9, 2009 at 12:36 PM

This....

Quoting mitch576:

your mom is wrong.

 morally.. the truck was paid for and belonged to your brother... therefore the insurance money is his.


       Follow me to Army Wives


kk_bella
by on Nov. 9, 2009 at 12:36 PM


Quoting MomofWildcats:

Well whats his GF saying/doing? I know she was trying to get money from your insurance... I only ask because I do agree that all that money is your BIL's money but I just want to make sure that before you go giving him the money his GF isn't going to be shady and try to come after you since you were the registered owner.

I have to go cash this check real quick but I will answe rwhen I get back, I have to go to school today.

TASHA23
by on Nov. 9, 2009 at 12:36 PM

U did the right thing!

lorrie565
by on Nov. 9, 2009 at 12:37 PM

was the insurance in his name or yours?  

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