Tennessee Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note
Overview of this form
The Bill of Sale for Automobile or Vehicle, including Odometer Statement and Promissory Note, is a comprehensive document used to transfer ownership of a vehicle from a seller to a buyer. It outlines the terms of the sale, payment details, and provides necessary disclosures regarding the vehicle's odometer reading. This form is particularly useful when a buyer pays a down payment and finances the remaining balance over time, setting it apart from simpler bill of sale templates that do not include financing terms.
Key components of this form
- Bill of Sale: Clearly identifies the seller and buyer, vehicle details, and sales price.
- Odometer Disclosure Statement: Confirms the vehicle's mileage at transfer and disclosures about discrepancies.
- Promissory Note: Details the payment terms, including down payment, financing amount, and consequences of default.
- Signatures: Requires signatures from both parties and possibly a notary to validate the agreement.
When to use this form
You should use this form when selling or purchasing a vehicle where the buyer is making a down payment and financing the rest of the purchase price. It is suitable for private sales between individuals and is particularly beneficial if you want to outline payment terms to secure the transaction and protect both parties' interests.
Intended users of this form
- Individuals buying or selling a personal vehicle.
- Buyers who plan to finance their vehicle purchase.
- Sellers needing to provide a formal record of transfer and payment terms.
How to complete this form
- Identify the parties involved: Fill in the names of the buyer(s) and seller(s).
- Specify the property: Enter complete details about the vehicle, including make, model, year, and VIN.
- Enter payment details: Provide the total purchase price, down payment amount, and financing terms in the Promissory Note.
- Complete the odometer disclosure: State the current mileage and any relevant odometer discrepancies.
- Sign and date the form: Ensure all parties sign and date the form, and consider notarization for added legal validity.
Does this document require notarization?
This form must be notarized to be legally valid. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call.
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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.
Common mistakes to avoid
- Failing to accurately report the vehicle's mileage on the odometer statement.
- Not including all required signatures from the seller and buyer.
- Leaving out terms of payment or failing to define the promissory note clearly.
- Not notarizing the document when required by state law.
Advantages of online completion
- Convenience: Download and fill out the form from home at any time.
- Editability: Easily modify details to suit your specific situation before printing.
- Reliability: Ensure you are using a legally valid form drafted by licensed attorneys.
Quick recap
- The Bill of Sale for Automobile is essential for documenting the sale and transfer of vehicle ownership.
- It includes necessary components like the odometer statement and promissory note.
- Always ensure accurate information is provided and that the form is properly signed.
- Consider notarizing the document for additional legal protection.
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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.
