Notarized documents mean absolutely nothing except that the person signing the document has identification proving he/she is who he/she says they are. It says nothing about the contents of the document, the legality of the instrument, etc. You could have every notarized document you want, but if the person had decent false ID, there is nothing you could do if they stopped payments, didn't get insurance, etc.

That is absolutely a scam. Driving a car in somebody else's name is a blank check to stop paying on your car, drive uninsured, fly past every red light camera, and drive through toll booths without paying. Basically, you'd just be loaning your car to somebody else, and hoping that they'd make the payments as promised--which they won't. They won't pay, YOUR car will get repo'ed, and it will go on YOUR credit report. This is absolutely the worst decision you could make short of driving the car off a cliff.

they are likely drunks or stoners who lost there licence and can't keep tabs on a car.

I agree with everyone who says it is a bad idea.

Are you lucky enough that the trade in value is higher then the unpaid principal? You might be able to sell it regularly.

SCAM

if they will not buy it outright from you and you sign a Bill of Sale and title transfer DO NOT do this

They will not make the payments and will end up wrecking the car and you will be stuck with it

Don't do it.

I posted an ad for my car to take over payments because i lost my job and the payments are 332 a month but ive had 2 people contact me wanting me to keep it in my name...and they said oh well we would have a notarized document saying and we would have our own insurance and im like well what if u dont make the payments oh well ill get you proof of residence....idk it sounds shading seeing as how bad they want me to do this...what do you think?