I am contracting to sell my big-rig to someone who promises to pay $3000/month for 5 months. He requires title be transferred to him upon formation of the contract, instead of upon completion of all payments, in order to qualify him for insurance. I wish to create a promissory note, a security agreement, and perfect the loan with a financing statement.
Will I be able to retain a security interest on the truck upon transferring title to the buyer (assuming I hire a lawyer and all the appropriate steps are taken to create the promissory note, security agreement and financing statement)?
I'm concerned because I understand (correctly or not) most of the time, creditor's retain title & security. Is it possible to transfer title and retain a security interest as I've described here?