My friend did this with some guy in petersburg. After 2 payments he "lost" his job. A couple weeks later we showed up at his job with the spare key and repoed it. My friend still had the title as the contract stated. Turns out he applied for a salvage title behind our backs. We had it back 2 days before he got his title and then reported him to dmv with a copy of the notarized contract. My friend was contacted by some lawyer to which he faxed a copy of the contract and never heard about it again. The car was subsequently sent to the junkyard.