Tennessee Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note
What is this form?
This Bill of Sale for Automobile or Vehicle is a legal document used to transfer ownership of a motor vehicle from a seller to a buyer. This form includes an odometer statement, which is a federal requirement, and a promissory note for any financing arrangements. It is essential for situations where the buyer makes a down payment and pays the remaining balance over time.
Form components explained
- Seller and buyer details, including names and contact information.
- Purchase price and terms for the promissory note.
- Vehicle information, including make, model, year, and VIN.
- Odometer statement required by federal law to declare the vehicle's mileage at the time of sale.
- Signature lines for both the seller and buyer, ensuring legal acknowledgment.
When to use this document
This form is needed when selling or buying a motor vehicle, especially if the transaction involves a down payment and an installment payment plan. It is also essential when you want to provide a legal record of the sale and protect both parties in case of disputes regarding ownership or payment terms.
Who needs this form
- Individuals buying or selling a vehicle.
- Buyers financing a vehicle purchase through a promissory note.
- Sellers who want to ensure a clear and legal transfer of ownership.
- Buyers or sellers who need to document the odometer reading at the time of sale.
Steps to complete this form
- Identify the parties involved by entering the seller's and buyer's names and other contact information.
- Specify the vehicle details, including make, model, year, and VIN.
- Enter the purchase price of the vehicle and the terms of any promissory note.
- Complete the odometer disclosure statement with the current mileage of the vehicle.
- Ensure both parties sign and date the document and provide notarization if required.
Does this form need to be notarized?
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.
Typical mistakes to avoid
- Failing to provide accurate vehicle information, especially the VIN and odometer reading.
- Not having all parties sign the document.
- Incomplete details on the purchase price or payment terms in the promissory note.
- Not following up on notarization if required by local laws.
Benefits of using this form online
- Convenient access to legal forms anytime, anywhere.
- Editable templates that can be customized to suit specific transaction needs.
- Secure transactions with clear records for both buyer and seller.
- Professional legal backing, ensuring that documents are compliant with current laws.
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.
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.
