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