Why you need an Auto Bill Of Sale Form before you buy or sell a used car

It is important to complete an auto bill of sale form when selling or buyinga used car. For the seller, an auto bill of sale form provides proof thattitle to the used car has been legally transferred. For the buyer, the autobill of sale form documents the purchase of the used car.

The auto bill ofsale form should contain:

1.  name and address of the buyer;2.  name, address and signature of the seller;3.  complete vehicle description, including the Vehicle IdentificationNumber(VIN);4.  description of trade-in, if any;5.  purchase price of the vehicle.

Auto bill of sale forms are required in many states to register the newlypurchased used car. These states usually require a state specific auto billof sale form that documents specific information such as the purchase pricefor tax assessment or to obtain the actual mileage/odometer reading of theused car. A generic auto bill of sale form will not be accepted in thesestates. You will need to obtain a state specific auto bill of sale form.
To register a used car in other states, all that’s required is that thetitle assignment section on the title be completed and signed. Many of thesestates have added to the title assignment section of the title theinformation that was previously collected with separate documents (i.e.odometer disclosure statement, sales price/tax statements, etc.). In thesestates, an auto bill of sale form is not required to register the used carand is used by the seller/buyer to document the initial sale/purchase of theautomobile.

A promissory note form is a written promise to pay money to someone. Apromissory note form can be used to create a legally binding agreement whenfinancing the sale of personal property, such as a used car. You cancomplete a promissory note`s payment schedule to fit your needs. You set outthe terms of the loan in a secured promissory note form: how much is loaned,the interest rate, the rate of repayment and the security interest.

Article Tags:
Auto Bill, Sale Form, Note Form