Tennessee Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note
What is this form?
The Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note is a critical document used to legally transfer ownership of a vehicle. This form package not only facilitates the sale of a motor vehicle but also includes an odometer disclosure and a promissory note, which is useful when the buyer makes a downpayment and agrees to pay the remaining balance over time. This comprehensive package ensures both the buyer and the seller maintain legal protection during the transaction, making it an essential tool compared to a standard bill of sale.
What’s included in this form
- Identification of the parties: The form requires the names of the buyer(s) and seller(s).
- Vehicle details: Entries for the make, model, year, VIN, and body type of the vehicle being sold.
- Purchase price: Specifies the total cost of the vehicle and the downpayment amount.
- Odometer statement: A declaration regarding the vehicle's mileage at the time of sale.
- Promissory note: Details the terms of payment for any remaining balance after the downpayment.
When this form is needed
This form should be used whenever a motor vehicle is sold and the buyer intends to make payments after an initial downpayment. It is essential in situations where seller financing is involved, helping document the sale, protect both parties' rights, and provide clear terms for the payment schedule.
Intended users of this form
This form is intended for:
- Private sellers and buyers of motor vehicles.
- Individuals who require a detailed payment plan to facilitate the sale.
- Those needing to comply with federal and state laws regarding vehicle sales and odometer disclosures.
Instructions for completing this form
- Identify the parties: Enter the full names of the buyer(s) and seller(s).
- Specify the vehicle details: Fill in the make, model, year, VIN, and body type of the car or vehicle.
- Enter the purchase price: Clearly state the total cost and downpayment amount.
- Complete the odometer statement: Provide the current mileage and select the appropriate option regarding the odometer's accuracy.
- Fill out the promissory note: Include the terms of the payment plan and the rights of repossession for the seller if applicable.
Notarization requirements for this form
Yes, this form must be notarized to be legally valid. Notarization serves to authenticate the identities of the parties involved and the legitimacy of the signatures. US Legal Forms offers integrated online notarization, available 24/7 through secure video calls, ensuring convenience and legal equivalence without the need for travel.
Get your form ready online
Our built-in tools help you complete, sign, share, and store your documents in one place.
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.
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 include accurate vehicle details, resulting in confusion over ownership.
- Not properly completing the odometer statement, exposing both parties to legal risks.
- Overlooking the signatures of both parties, which can invalidate the document.
Why complete this form online
- Convenience: Download and complete the form at your own pace.
- Editability: Customize the form to fit specific transaction terms.
- Reliability: Access documents prepared by licensed attorneys, ensuring compliance with legal standards.
Quick recap
- The Bill of Sale for Automobile or Vehicle includes essential components for vehicle sale transactions.
- Accurate completion is crucial to avoid potential legal issues.
- Notarization is required to validate the transactions detailed in the form.
Looking for another form?
Form popularity
FAQ
A promissory note is often included in a mortgage, student loan, car loan, business loan, or personal loan agreement. If you're loaning someone a large sum of money, you'll likely want a legal record of it. Therefore, promissory notes can be used in personal transactions as well.
PURPOSE: Federal and state law require both seller (transferor) and buyer (transferee) to accurately state the mileage of any used motor vehicle, with a manufacture year of 2011 or newer, in connection with the transfer of ownership whether sale, trade-in or exchange.
What is mileage discrepancy? A discrepancy means that we have readings on the National Mileage Register that are inconsistent with the mileage you have entered.
An odometer is a device that is used for measuring the distance traveled by a vehicle.Digital odometers differ from mechanical odometers in that a computer chip is used to track mileage. The current mileage will be digitally displayed. A vehicle may also have a trip meter or trip odometer.
Is a promissory note legally binding? A promissory note should contain all of the terms and conditions associated with the agreement between the issuer and the payee. It's only valid if it involves an exchange of money.
Also, if your car is valued at under $3,000 or is at least 30 years, you can simply fill out the Certificate of Ownership Form to get a new title. Other paperwork may be required, such as a notarized bill of sale.Not sure if you need a TN Bonded Title?
Not actual mileage means WALK AWAY. Not actual mileage means this vehicle could have 100,000 miles more than the odometer indicates. It's the same as saying "true mileage unknown.
No, a Tennessee bill of sale is not required to register a motor vehicle. You need a certificate of title and an odometer disclosure statement. If you cannot find the title, you must complete an Application for a Duplicate Certificate of Title.
An odometer disclosure statement is simply a declaration of a vehicle's mileage as indicated by its odometer, and if whether or not it's an accurate reading. If you've ever sold a car you've actually completed a generic odometer disclosure statement.
