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You may have heard the term "car bill of sale" many times as many did, but have you ever took the time to know what is it? Or what are its benefits?
A "car bill of sale" or "automobile bill of sale" is a simple form that is used to record the sale the sale of a vehicle thus providing protection and ownership prove for the new owner.
The majority of states in the US require a bill of sale before they allow the new owner to register the car in his / her name and the department of motor vehicle will require it as of ownership before they change the registration.
So what information you should see / put on a bill of sale form?
When making or filling a car bill of sale form it's recommended that you include the following
o Selling price
o The general condition of the car
o The make and the model
o The vehicle identification number
o The names and address of the buyer and the seller
o Odometer reading
o Statement by the seller admiring that no money is owed on the car
o Both parties signatures
So how can exactly the bill of sale protect you from fraud deals?
There are many risks when buying a car privately, such as buying stolen cars or buying a car that has its odometer altered to show smaller mileage than the actual one or even a car on which a lien is held. Many of these cases happen and do not get discovered until sometime later and detecting it back to determined who is responsible is not always easy.
Having a car bill of sale showing when the car was purchased and from whom as well as the odometer reading will surly clear you of any wrongdoing.
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Source: http://ezinearticles.com/?Car-Bill-of-Sale&id=1381227
