Posted by Carey_PA on October 29, 2000 at 14:03:38:
I’m in PA, so therefore I don’t know if it would be the same in your state as it is in mine, but until you get someone in your state to answer your question I’ll tell you how it’s done in PA.
Basically, you just go to an auto tag place/notary etc and what happens is the buyer will be put on the title as owner and YOU will be put on the title as lien holder. The title will be sent to YOU the lien holder and you will obviously hold onto the title until the 3-4 year note is paid off. Then you would go back to the auto tag place and do the title work again RELEASING the lien. The people at the auto tag place should be able to help you out with any questions.
Hope this helps,