If you are thinking about selling your old vehicle, make sure you seal the deal with a used car bill of sales. Even though you are not purchasing a vehicle through a dealership, it is still important to finalize the deal with a bill of sale. The bill of sale is a legal contract that proves you sold your vehicle and releases you of all further liability concerning said vehicle. Make sure any bill of sale you use or create contains the following information:
1. Personal Information
The first thing your bill of sale should contain is information about you. You should open the contract by stating your full legal name and your home address. Do not use a nickname. You want this bill of sale to be able to stand up in court as a binding, legal document, if necessary; which is why you need to use your full legal name.
2. Vehicle Information
You want to include as much information as possible about your vehicle. Make sure all the following information makes it onto your bill of sale:
- Vehicle Make
- Vehicle Model
- Vehicle Body Style
- Vehicle Year
- Vehicle Color
- Vehicle Identification Number
If you live in a state where the license plate follows the vehicle instead of the driver, you'll also want to include the license plate number as well as the date the registration for the vehicle expires.
If you live in a state where the license plate follows the driver, make sure you remove the license plate before you sell your vehicle.
3. Condition Of The Sale
Chances are, you are not selling your vehicle with a warranty. However, you need to make sure that is explicitly stated on your bill of sale. You need to state that no warranty is included with this vehicle, and that the vehicle is being sold "as-is."
To further protect yourself, you may want to include a space for the buyer to initial or sign next to this statement.
4. Selling Price
Next, make sure the bill of sale clearly states the selling price, as well as the method of payment.
If you have made payment arrangements with the buyer, make sure the payment terms are clearly laid out in the contract. Be sure that you state exactly what day the payments are due, as well as the consequences for a late payment.
5. Buyer Information
Finally, you need to include information about the buyer. The buyer should write down their full legal name as well as their home address on the bill of sale.
To be on the extra safe side, you may want to ask for a copy of the buyer's driver license to attach to the bill of sale as well.
Before you sell your vehicle, make sure you draft a bill of sale that includes all the information listed above. If you choose to download a bill of sale from the internet, make sure it includes all of the information listed above. This is the best way to protect yourself when you sell a used vehicle. Contact Canyon Honda for more information.