| It is important to complete an auto bill of | | | | actual mileage/odometer reading of theused |
| sale form when selling or buyinga used car. | | | | car. A generic auto bill of sale form will |
| For the seller, an auto bill of sale form | | | | not be accepted in thesestates. You will need |
| provides proof thattitle to the used car has | | | | to obtain a state specific auto bill of sale |
| been legally transferred. For the buyer, the | | | | form.<br> |
| autobill of sale form documents the purchase | | | | |
| of the used car. | | | | To register a used car in other states, all |
| | | | that's required is that thetitle assignment |
| The auto bill ofsale form should contain: | | | | section on the title be completed and signed. |
| | | | Many of thesestates have added to the title |
| 1. name and address of the buyer; | | | | assignment section of the title |
| | | | theinformation that was previously collected |
| 2. name, address and signature of the | | | | with separate documents (i.e.odometer |
| seller; | | | | disclosure statement, sales price/tax |
| | | | statements, etc.). In thesestates, an auto |
| 3. complete vehicle description, including | | | | bill of sale form is not required to register |
| the Vehicle Identification | | | | the used carand is used by the seller/buyer |
| | | | to document the initial sale/purchase of |
| Number(VIN); | | | | theautomobile. |
| | | | |
| 4. description of trade-in, if any; | | | | A promissory note form is a written promise |
| | | | to pay money to someone. Apromissory note |
| 5. purchase price of the vehicle. | | | | form can be used to create a legally binding |
| | | | agreement whenfinancing the sale of personal |
| Auto bill of sale forms are required in many | | | | property, such as a used car. You cancomplete |
| states to register the newlypurchased used | | | | a promissory note`s payment schedule to fit |
| car. These states usually require a state | | | | your needs. You set outthe terms of the loan |
| specific auto billof sale form that documents | | | | in a secured promissory note form: how much |
| specific information such as the purchase | | | | is loaned,the interest rate, the rate of |
| pricefor tax assessment or to obtain the | | | | repayment and the security interest. |