I want to sell a car that I is totally paid off and finance the sale.?

Question

I'm asking for a nominal down payment, but am not sure about insurance and payment plan. What kind of title does the buyer get and what sort of paperwork needs to be completed in Texas?

Answer 1

You remain on the Title as "Lienholder" in most States.

(The vehicle cannot be sold until you are satisfied.)

You must assure yourself that the vehicle is insured

for damage, and here again, you must be the first

payee.

There has to be a loan agreement specifying everything:

Downpayment, interest rate, payment schedule, penalties,

insurance required, etc.

Both parties get a copy.

It's not a real good idea to do this as a private party

unless you're very sure of the integrity of the buyer.