Whenever you sell (or buy) an Automobile or other vehicle and also wish to allow payments for the vehicle to be made in installments, it is a good idea to document the transaction in writing. A Vehicle Bill of Sale can be used for that purpose by anyone selling or buying a car, van, car, truck, trailer or motorcycle to/from another person with installment payments. It can help both the Seller and Buyer to protect their rights and is useful to both for tax and other accounting purposes as well. A Vehicle Bill of Sale can also help the Buyer prove that he/she owns the vehicle.
However, a Vehicle Bill of Sale is not sufficient, by itself, to complete the sale and transfer of a vehicle. The vehicle’s Certificate of Title (know as “pink slip” in some states) should also be signed over by the Seller. In some states, you might not be able to get a new Certificate of Title from the Motor Vehicle Department, unless you show them a Bill of Sale for the vehicle.
Under Federal Law, the Seller must supply the buyer of a car or other motorized vehicle with a mileage statement (i.e. Odometer Disclosure Statement). An Odometer Disclosure Statement is enclosed in this Package as well. This documents is a formal statement of the vehicle’s mileage whereby the Seller certifies that the mileage on the odometer is either correct or incorrect.
The included Promissory Note for Purchase of Vehicle, establishes the Buyer’s obligation to pay for the purchase price of the vehicle in monthly installments until the vehicle is paid off. The Promissory Note sets forth the amount of the loan, terms of the loan, the interest rate, the payment schedule, the rights and obligations of the Seller and Buyer and also identifies the parties and the vehicle that is being paid for.
This form allows the Buyer to repay the “loan” back at any time without a penalty. In the event of default the Seller would have the right to retake possession of the vehicle.
This Vehicle Promissory Note and Bill of Sale form is professionally formatted, prepared by a top attorney, can be easily modified, downloaded instantly, includes free customer support, and is backed by our 100% money-back satisfaction guarantee.
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3. Vehicle Promissory Note and Bill of Sale fill-in-the-blank form.
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