Is this legal and can it happen?

I am thinking about letting my friend take over payments on my vehicle while I get another car. Although, he cannot put his name as the leasee bc I guess my finance company says they do not allow it. If I leave the car loan in my name get a notarized statement explaining the car is his responsibility etc then will I be on the safe end here? And will my friend be able to get his tags registered in his name even with my name on the loan?