I'm planning to sell a car to a coworker who's unable to pay the full amount up front. I'm letting the guy make payments on it, but obviously I don't want to just transfer the title before I'm paid in full. What documentation do I need to that would allow him to assume ownership of the car while making payments to me?
Show yourself as the lien holder. He can register the vehicle in his name, but the title will show you as the lien holder until he's paid in full.
I don't know if you can paper it correctly without an attorney. You want to transfer the car to him, but retain a security interest so that you can repossess if he does not pay you. If you transfer ownership without a security instrument (or, at least, a promissory note), you may not get paid. If you keep title until he pays you, you could be responsible for anything that happens with the car (or he could wreck it and not pay you).
