Q: We should get insurance money? The owner of the car (debt) or the owners the tittle?
We sold a car to our daughter for a price of $7000 so that she has transportation for school. She has been making payments for two years on time but still owes us $3000. We never transferred the tittle. She got in an accident (not her fault). At fault party is paying for car.
Who should keep the money? Should she pay us the $3000 dollars that she owes us and take the rest since we sold the car to her? Or should we give her the $4000 that she payed so far and we take the rest of the money since we still have the title of the car? The payment of the insurance company is higher than the $7000 that we originally sold the car to her.
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