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I may need more explanation. Do you plan on the person that is working it off will use the vehicle while performing work for you or that he will ultimately receive the vehicle for a fixed price after a certain time of working for you?
You would need to retain the title and write out a contract that identifies the vehicle to include VIN. Names both parties. Indicates that he will be working for you and you he is to complete the following projects and then at that point he will own the vehicle. Do remember that while the vehicle is in your name you will be responsible for accidents and so you should maintain insurance. You will also be charged for any tolls or parking tickets.
Where you list all the projects he is going to do for you I would place an estimated value in the contract for paying to have the project completed. This is in case he takes the car and you have to sue him. A Judge may not be likely to make him finish the work, but if both parties agree the projects would cost about $10,000 and the car is worth approx $10,000 and he only completed half the work the Judge could award him the car on the condition he paid of the other 1/2 of the work he did not complete. Does that make sense?
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In any event, it was a pleasure assisting you and I would be glad to attempt to assist you further on this issue, or a new legal issue, if needed. You can go directly to my page for future questions by going here: http://www.justanswer.com/law/expert-ron-b/?rpt=3800