OT - Selling the Durango - need title/lien help, I'm financing it for the buyer Options

[seanery]

I'm selling my 2004 Durango to a friend. I'm financing it, he's making 25 payments for it. I'm leaving the country soon and want to get this done before I leave.

We've got a promissory note filled out, but I'm not sure what to do with the title. I assume he's gonna need it to register the car, but I want it back as security.

I guess I need to know, how do I put a lien on it? Do I need to do that, or just have him send me the title once it's registered, and I'll return it when paid off? I'm not too worried about getting ripped off, I just want a bit of security.

Thoughts, opinions, & experiences are all appreciated.

ps...I need to make delivery by Sunday (IMG:style_emoticons/default/biggrin.gif)

[Ferg]

Be careful dude, friend or no friend this is a risky thing to do.

I would also draw up some damage clause documents, ect, just in case you need to take the truck back before it's paid... Also, make sure he shows proof that it's fully insured ect ect.

Ferg.

[skips]

I would ask a lawyer in your state.

Here in Florida, unless you have a security agreement (chattel mortgage) in addition to being named as leinholder on the title, you could lose your position.

Common in bankruptcies here where Dad puts up money for daughter's car, puts lien on title but gets no security agreement, Daughter files bankruptcy, Dad's lien is not recognized by the court and his legitimate debt gets lumped in with all the credit cards and trustee gets the car to sell off free of liens.

Could have been easily avoided with a contemporaneous security agreement.

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