Legal Question in Real Estate Law in Illinois

Selling a Car and Payment Plan

What is the safest way to sell a car using a payment plan?

I own the car/title, and someone wants to buy it, $1000 down, $200 a month until it is paid off. Do I keep the title until it is paid off? Am I liable if there is an accident?

Thank you


Asked on 6/04/08, 10:06 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: Selling a Car and Payment Plan

You can record your lien on the title. You certainly do not want to keep the car in your name, since you would be liable for accidents and more.

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Answered on 6/04/08, 10:41 am


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