If I understand you correctly, you are going to finance the car to the buyer. Here's what all needs to happen to protect you. First, I assume you have the title to the car which you need to keep until the loan you made to the buyer is paid in full. If you have the car financed and you are looking for someone else to take over payments, you have no protection and I wouldn't recommend doing it. Now ask yourself, why would a buyer want you to finance the car. Answer: Because the buyer cannot obtain traditional financing which would indicate you have a potential bad debt on your hands. So here's what you do. First require at least $1,000.00 down payment so the buyer has a vested interest in the car. Require the buyer to keep full coverage insurance on the car while they are making payments to you and the insurance should show you as the lien holder and loss payee. Be sure your loan has interest incorporated into it because without interest, the courts can claim that the transaction was a gift and you can get screwed if the buyer quits paying. Now get an amortization schedule prepared that indicates the purchase price, the down payment, the amount financed, the interest rate, the duration of the loan. Spell out the penalties for slow payment. To me, the first time the buyer is one day late, go repossess the car, keep the down payment, and go sell it again. Even if you protect yourself as much as the law allows, you still face risks. The biggest risk I can think of is if the car gets abused by the buyer and then they decide not to pay you. Believe me, it happens all the time. These lots where you see the sign that says buy here/pay here have gigantic steroid inspired body builders that do their collections and repossessions. Unless you have a Guido the Killer Pimp to help you, you will probably be sorry you ever fooled with any of this.