The Importance of an Auto Bill of Sale Form When Buying Or Selling a Used Car

With the American economy going down the tank andpublished recently by the National Highway Traffic
the US-led global recession causing a lot of fear,Safety Association, sellers often roll back the miles on
anxiety, and stress among people across differentused cars and charge the buyers too much for them.
nations, every single dollar saved can make a lot ofReportedly, this kind of an odometer fraud has caused
difference. In such times, many of us consider buyingcustomers to suffer the loss of billions of dollars each
or selling a used car. However, when you buy or sell ayear. Another report by the Consumer Federation of
used vehicle, do not forget to record the sale with anAmerica revealed that at least 1 in 10 used cars had
auto bill of sale form as it provides securities to both,their odometers rolled back.
the buyer and the seller.Therefore, in order to prevent such frauds, the used
For those selling their car, the auto bill of sale formvehicle is usually not registered without an auto bill of
gives them a written proof or substantiation of the factsale form, furnishing correct and verified information
that the buyer is now responsible for the sold car andand completed in all respects. In case, the seller
the title of the car has been legally handed over to therefuses to record the sale in auto bill of sale form, do
buyer. On the other hand, for those buying a used car,not make any deal with him or try to convince him for
recording the purchase in the auto bill of sale form isthe same. Even if the state in which you live does not
important as it certifies the transaction and providesrequire an auto bill of sale form to register the
evidence of the purchase.purchase of a used vehicle, creating one is good for
In most U.S. states, recording the transaction in an autoyou. You should also insist the seller to create one so
bill of sale form is mandatory before the seller canthat both the parties are aware of exactly what legal
transfer the title of the used car to the buyer and getterms they are agreeing to. One can also hire a
the vehicle registered under the name of the newlawyer to provide legal advice regarding the same. In
owner. This not only helps to investigate the sale priceshort, an auto bill of sale form makes buying and selling
for tax assessment in future, but also helps to find outof used cars more comfortable, reliable, and
an odometer fraud, if any. According to a reportprofessional, and should be considered.