Q: Can I sell a car to myself with PoA?
I live in KY and one of my friends left for India a couple of months ago and asked me to sell his car for him. To enable that, we enacted a Power of Attorney in my name. Now I myself am looking for a car and in discussion with my friend, he offered me to buy his. But since, he's not here in US he cannot transfer it over to me. So can I, with the power of attorney, sell it to myself on his behalf? Would it not be a conflict of interest? Is there any other way for me to use his car and pay him for it? Lease or otherwise? What would be the route to go?
A: You should be able to sell it to yourself. One concern is that this would not be an "arm's length" transaction. You should document that your friend is satisfied that he is getting fair market value for the car. Pay him a fair price as purchaser.
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