Used Cars: putting a lienon a car, bill of sale, collateral

Question
Hi,
we have sold a cr to a friend of my son's. The car was sold for $1500.00. We are still holding the title in our name and have been paid $220.00 over the past two months. We would like to hand over the title but hold a lien on the car...is this possible?
Thanks for your input

Answer
Yes it is not only possible, but it is a HAVE TO!  At least here in oklahoma you have to have the title to them within 30 days.  What you need to do is have the friend of your sons sign a standard contract that shows this vehicle to be the collateral, with a bill of sale, and go to a local tag agent to file a lien.