Hmmm. Methinks you have a problem. I don't think the car is technically yours any more since a) you took the money b) gave him a release of interest.
UNLESS: The actual title has not been transfered. (Did you actually sign the title and hand it to him?) If not, the car's still yours. Move it.
OR: If you've been paying storage fees on the car at a legit storage placem maybe you could get the storage guy to lien sale the car for non payment for storage (i.e. the buyer should be paying the storage after you're agreed period) and let you buy it back from him.
If the title is still in your name, I would move the car; send the new buyer a certified registered letter stating your intentions, time limit to claim the car, bill for storage, etc, and put the purchase price you received into an escrow account for some period of time. At the end of the time you could cancel the sale. But be prepared for his estate (if he died) to come looking for either the car or the money.
Obviously, if he's transfered the title, it's his car. The only way to get it back I can see is the storage lien sale route.
Good luck! I bought a lien sale car in Pennsylvania and tried to title/register it in New Jersey. The legal requirements and differing forms from state to state made it nearly impossible in terms of fees and waiting periods.
I finally had the ownership transferred to my brother, who lived in PA, and then after he got a title he "sold" it to me.
Best,
Mark
This message has been edited by Spatzman on Dec 23, 2008 10:50 PM
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