Retail Installment Contract Vs Bill Of Sale For Car In Utah
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An installment contract offers a buyer less protection than a traditional mortgage. This is true mainly because of forfeiture provisions, which give the buyer no right of redemption and allow a buyer to lose all interest in the property for even the slightest breach.
To transfer a vehicle title in Utah, you need the current title, a bill of sale, and a completed Application for Utah Title. Both the buyer and seller must provide identification, like a valid driver's license or state-issued ID, and proof of residency.
As long as the current title of record is a Utah title, the majority of person to person title transfers can be started online. Customers need to upload images of their original ownership documentation online to start the application process and obtain a permit if desired.
For example, today there are 18 states using Electronic Lien and Titling (ELT), eight of which have made the process mandatory. An additional five states are active but pending mandatory ELT status; additionally, Michigan and Utah are expected to enable ELT next year.
Transfer of a motor vehicle without a title may be easily accomplished with an Utah title bond. Utah defines a lost or defective title as "insufficient evidence of ownership". If the value of the motor vehicle exceeds one thousand dollars ($1,000.00) then a surety bond will likely be required.
UPP is Utah's online application process that allows customers with a Utah title to apply for title and registration, and even print out a temporary permit, in their name, all from the comfort of home. The Utah DMV is excited to offer this eService to its customers.
The bill of sale can be handwritten or typed/printed, but it should be in ink, not pencil. If desired, you can use the TC-843, Bill of Sale provided by the DMV.
Transferring a car title usually requires the vehicle title itself and a title application, the parties' addresses, signatures from the previous and new owners, and details on the vehicle and its value. These documents look different from state to state, but the information they require is generally the same.
Although not legally required, the Utah DMV advises and provides private sellers with a bill of sale (form TC-843) to use when selling your car on your own. The bill of sale provides proof the seller has legally transferred ownership of the vehicle to the buyer.
What is an Installment Sale? An installment sale is a financing arrangement in which the seller allows the buyer to make payments over an extended period of time. In an installment sale, the buyer receives the goods at the beginning of the installment period and makes payments over an installment period.
