Illinois Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note
What this document covers
The Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note is a comprehensive document that facilitates the transfer of ownership of a motor vehicle. This form package not only provides a bill of sale but also includes an odometer statement and a promissory note, making it suitable for transactions where the buyer makes a down payment and pays the remaining balance over time. Unlike a basic bill of sale, this form addresses critical aspects related to financing the purchase and ensuring legal compliance with odometer disclosure requirements.
What’s included in this form
- Bill of Sale: Specifies the transaction details, including buyer and seller information, vehicle details, and purchase price.
- Odometer Disclosure Statement: Acknowledges the vehicle's mileage at the time of transfer to comply with federal and state regulations.
- Promissory Note: Outlines the terms of payment, including down payment, interest (if any), and the consequences of default.
- Signatures: Requires signatures from both the seller and buyer, as well as notarization for validity.
When to use this document
This form should be used when selling or purchasing a motor vehicle where a portion of the payment is financed through a promissory note. It is especially useful in transactions involving down payments and installment payments, ensuring that both parties have a clear understanding of their rights and obligations. Additionally, use this form to fulfill legal requirements for odometer disclosure, safeguarding against future disputes.
Who can use this document
- Individuals buying or selling a vehicle through installment payments.
- Any party requiring a formal record of the vehicle sale, including mileage and payment terms.
- Those seeking to comply with legal requirements regarding odometer disclosures.
- Individuals looking for a comprehensive legal solution that combines different forms related to the vehicle transaction.
How to prepare this document
- Identify the parties involved: Fill in the names and addresses of the buyer(s) and seller(s).
- Specify the vehicle details: Enter the make, model, body type, year, and VIN of the vehicle being sold.
- Complete the financial terms: Indicate the purchase price, down payment amount, and details of the promissory note.
- Fill out the odometer reading: Complete the odometer statement with accurate mileage information and relevant disclosures.
- Sign and notarize the form: Make sure all parties sign the document, and have it notarized to ensure its legal validity.
Notarization requirements for this form
This document requires notarization to meet legal standards. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available 24/7.
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If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to enter accurate vehicle details, especially the VIN.
- Not providing the correct odometer reading or omitting necessary disclosures.
- Forgetting to sign the document or have it notarized.
- Leaving financial terms incomplete, leading to misunderstandings about payment responsibilities.
Benefits of using this form online
- Convenience: Access and complete the form from anywhere, eliminating the need for in-person consultations.
- Editability: Easily modify the document to suit your specific transaction needs.
- Reliability: Forms are drafted by licensed attorneys and designed to comply with legal standards.
- Time-saving: Download the form immediately and complete it at your own pace.
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FAQ
Car Registration. You must have your car registration when selling your vehicle. Notice of Sale Form. You will need to advise the Illinois Secretary of State that you have sold your car. Odometer Disclosure Statement Form. Vehicle History Report.
Bills of sale do not require notarization in the state of Illinois, but it is always an option.
No. An Illinois bill of sale is not required to register a vehicle. However, a bill of sale can be a helpful document. A title is required and you are not allowed to operate the vehicle with the plates on the vehicle at the time that it is sold as those belong to the seller.
An Illinois bill of sale is not required to register a vehicle. However, a bill of sale can be a helpful document.To register a vehicle in Illinois, you need to apply for registration and title on the vehicle. You can use a bill of sale along with the proper VSD form depending on your needs.
Alabama. Arkansas. Colorado. Connecticut. Hawaii. Idaho. Maine. Nebraska.
Louisiana. Maryland. Nebraska. New Hampshire. West Virginia. Montana.
The full names and contact information of the buyer and seller. A statement that transfers ownership of the item from the seller to the buyer. A complete description of the item being purchased. A clause indicating the item is sold "as-is"
Obtain and fill out the Illinois Notice of sale form. Remove the license plates from the car. Confirm that the buyer has a valid driver's license. Confirm that the buyer has valid car insurance. move all personal identification from the car.
Car Registration. You must have your car registration when selling your vehicle. Notice of Sale Form. You will need to advise the Illinois Secretary of State that you have sold your car. Odometer Disclosure Statement Form. Vehicle History Report.
