Used Cars for Sale and the Bill of Sale
By Hanna Nilson
By selling your car
privately it’s possible to incur a decent return on your investment.
However, be prepared to take on the responsibility of handling all the
legitimacy factors. This means extra paperwork!
The Bill of Sale, otherwise
known as a Vehicle Transfer form (not to be confused with the
Title Transfer
form), for your car selling transaction is
one of the most essential elements to the selling process. Managing
cars for sale can take some extra amount of time and effort. However,
if all of your paperwork, especially the Bill of Sale, is handled with
care and proficiency, it could save you a lot of trouble in the
future. If this is your first time selling a car privately, you may
want to consider the following guidelines in addition to some extra
research.
Buying a Used Car with
Confidence
How to Find Actual
Used-Car Prices
As it is with any large
investment, always be sure all bases are covered. By initiating the
car selling task, is becomes the seller’s job to be prepared to
handle the worst case scenario. By making copies of the signed car
Bill of Sale, for both the buyer and the seller of your used car,
you can ensure a smooth and secure selling transaction.
Car Bill of Sale: The
Bill of Sale is essentially a written agreement between the car buyer
and the car seller. In some states, the back of the car Title serves
as the Bill of Sale, with pre-printed boxes to fill in the
information. In any case, the bill of sale should include your name,
the buyer’s name, the vehicle identification number, year, mileage,
make and model of the car. The Bill of Sale may also contain options
for further details about the car selling transaction, such as the
date, location, and amount paid. It’s good to know that cars for sale
by a private owner are usually bought with cash, certified check, or a
promissory note. Try to stay away from personal checks! Also, be sure
to list somewhere that the car is being sold “as is” to avoid
potential liability problems.
As mentioned above, it’s
always good practice to keep extra copies of the car Bill of Sale.
However, you might want to keep a copy of your Bill of Sale for tax
purposes as well. By consulting with a tax advisor about how the sale
affects your tax situation, you might be able to save some money on
top of the paid amount for your used car.
A Bill of Sale or Vehicle
Transfer form is available either online or at your local DMV
location. As long as all the terms between the seller and the buyer
are written down and signed by both parties, it will protect certain
rights in case of a misunderstanding, argument or even lawsuit. It is
important to have the Bill of Sale when selling a car because if the
seller is ever sued for Breaching an Oral Agreement, the written
contract will serve as evidence for the case.
Cars for sale by private
owners can be intimidating for some. Yet, as long as you’re careful
about staying organized and on top of the selling operation, you
should be successful in turning your used car into a significant cash
return. Good luck!
Cars for Sale and the Release of Liability
Cars for Sale and Your Driving Records
Cars for Sale and the Title Transfer
Preparing
Your Cars for Sale
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