Used Cars: creative financing, retail installment contract, interest contract

Question
Are there ways the seller of a vehicle can legally be the bank when selling a vehicle? ex I sell a car, the buyer doesnt have the best credit and asks me to be the bank. Can I get a lawyer involved and make this possible?

Answer
Yes you can and you dont need to get a lawyer involved to do it. Just go to an office supply store and ask for a blank "Retail Installment Contract". They should have these if not they should be able to point you in the right direction of who does. If you need help with the figures stop into your bank and ask someone to run some numbers for you. For example if your loaning $2500 for 18 months at 16 percent interest your gonna need to know the total amount your going to collect.  It would look like this,
$2500 ATF (amount to finance)
18 mon term
$328.52 interest at 16 percent
$157.14 monthly payment
Decide if you want a fixed interest contract or "simple" interest contract. Fixed means they pay the total interest no matter how early they pay the loan off. Simple means they only pay interest for the amount of time they keep the loan open(early payoff means less $$ for you). Make sure that the contract is filled out completely and signed by both of you with a witness present. You can do this without an attorney, Good luck and take care.  Shane