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Roger
Roger, Attorney
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I own a commercial trailer Ive leased to an owner operator

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I own a commercial trailer I've leased to an owner operator I work with. She intends to buy the trailer making payments as she goes. I've been instructed by my insurance to get my name off the title and remain as lien holder only.
What documents do I need to file or what actions do I need to take to achieve this? Title for vehicle is in Missouri.

Kirk Adams :

Hi - my name is XXXXX XXXXX I'm a litigation attorney. Thanks for your question.


If the trailer has a title (most do), then you can sign the title over and write yourself in as the lienholder on the title.


Also, you need to get a bill of sale together to sign over the vehicle AND a promissory note that says how much you're selling the vehicle for and how the payments are going to be made to you, etc.


There are several samples online, but here's a sample bill of sale: http://www.leetc.com/downloads/forms/MiscellaneousBillOfSale.pdf; Also, here's a sample promissory note: https://www.rocketlawyer.com/secure/interview/new.aspx?id=153&try=1&v=3&utm_source=1024#q1

Customer:

Thank you Kirk, I appreciate the help.. I know it seems obvious but I need to make sure I'm covered properly..

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