My question involves vehicle registration or title in the state of: Texas
I am selling a 1996 Toyota Camry to my 20 year old son. The purchase price is $3300. I am self financing all but $1200. He does not have a stellar record with regard to repaying me for debt that he owes. I would like to make certain that I have some recourse in the event that he fails to repay the loan. I intend to have him sign a promissory note that lists the vehicle as a security interest. He will be providing full insurance coverage on the vehicle under his own insurance policy.
My questions are:
1) Should I show him as the owner of the vehicle and myself as the lien holder on the title or list both of our names as owners on the title, with no lien.
2) If both of our names are on the title, can I legally sell the vehicle without his consent/signature?
3) If I show myself as the lien holder, what is involved in repossessing the vehicle should he fail to repay the debt.
4) If I show both of us on the title as owners, what are the potential ramifications to me, personally, should he be involved in some sort of serious at-fault accident?
I have attempted to keep this a short as possible, but still provide enough information. If more info is needed, please let me know. If these questions are better suited for a face-to-face with an attorney, please advise what type of attorney would be most capable.
Thank you in advance.