Ask a Lawyer and Get Answers to Your Legal Questions
Unless you pay off the original lien holder or the lien holder agrees to remove you from the lien and add the new buyers as the responsible parties, there is no way to remove yourself as a responsible party. You can draw up a contract with the new buyers that says they will pay you x amount of dollars each month and that once the trailer is paid off, you will sign the title over to them, but you are taking the chance that they will quit making the payments, at which point you will not have the trailer and will still be responsible to the lien holder for payments. Of course, you would be able to sue the new buyers for breach of contract, or you can repo the trailer, but you are opening yourself up to a lot of exposure here legally. In any case, there would be no "form" to use, it would have to be a contract that is drawn up between you and the new buyers.