Overhaulin'

Can I put a lien on a car to sell it?

Someone wants to buy my car but doesn't have all the money to pay for it up front, they want to make payments. I've heard they're pretty trustworthy but I don't know them like that. Is it possible for me to put a lien on it to make sure it is paid? How should I sell this but make sure I will get my money? (This is the first offer on it for quite a while, so it would be great if I could sell it to this person)

Public Comments

1. Instead you could write up a contract and make the other party sign it in front of a notary. This way you have a legal contract between the two of you. Make sure you include the payment amounts, dates they are to be made, any late fees and other misc fees, also state if payments are not made in full by blank date then car can be repossessed. That would be your best course of action
2. It can be done but I strongly advise against it. If they default on the payments you would have a hard time either getting the remainder of the money or having the car returned. A contract would need to be written, signed by both and notarized with the specific terms spelled out regarding payment date, penalties etc. You would need to go together to the DMV and explain what you want as far as how the lien holder would appear on the title.