I have a car loan. Someone wants to purchase it by making payments to me ...?

Scott is correct. You are setting yourself to be ripped off.

You cannot legally sell the car without the title from your lender. Talk to your lender. They have a specific procedure for you selling your car.

And really, why does this person want to do it this way. Because their credit is so bad, no commercial lender will lend to them. Or they intend to just take the car and not pay you.

Also note that notarization is only confirmation of who signed the documents. It means nothing in court for the enforceability of a contract.

In conclusion, do not do this.

There are a few holes in your plan. Please allow me to point them out.

1. It's illegal to sublease a vehicle without the lender's consent.

2. Any agreement you make with the buyer will not be valid, because you don't have the right to sell the car (see #1).

3. The "buyer" will not be able to register or insure the vehicle because they don't have the title.

4. You would be in violation of your loan agreement and the lender may repossess the vehicle.

5. You are not a financial institution, so don't try to be one.

6. You have a legal and financial obligation to the lender and will remain responsible for the vehicle until the loan is paid in full. The "buyer" would not exist as far as the lender is concerned.

Doing this would open you up to all kinds of potential legal and financial issues.

Don't do it.