Tennessee Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note
About this form
The Bill of Sale for Automobile or Vehicle, including Odometer Statement and Promissory Note, is a legal document used to finalize the sale of a vehicle. This form package includes a Bill of Sale, an Odometer Disclosure Statement, and a Promissory Note, distinguishing it from simpler forms by accommodating scenarios where partial payments or financing may be involved. It ensures that both buyers and sellers understand their rights and obligations in the transaction.
Key components of this form
- Bill of Sale: Captures the details of the vehicle sale, such as purchase price and vehicle specifications.
- Odometer Disclosure Statement: Requires the seller to state the current mileage, verifying its accuracy to avoid fraud.
- Promissory Note: Outlines the terms of payment, including downpayment and any financing arrangements.
- Signatures: Requires signatures from both the seller and buyer for legal validity.
- Notarization Section: Provides space for notarization to affirm the authenticity of signatures, if needed.
Common use cases
This form is essential when a vehicle is sold and the buyer is making a downpayment with an agreement to pay the balance over time. It is particularly useful in private sales between individuals, ensuring that all necessary details are documented, protecting both parties legally.
Who this form is for
- Individuals buying or selling a motor vehicle privately.
- Buyers who plan to finance the vehicle purchase through a promissory note.
- Sellers who need to provide an accurate odometer reading to comply with legal requirements.
How to prepare this document
- Identify the parties: Enter the names and addresses of both the buyer and seller.
- Specify the property: Fill in the details of the vehicle, including make, model, year, and VIN.
- Enter financial details: Specify the purchase price, downpayment amount, and terms of the Promissory Note.
- Complete the Odometer Disclosure: State the current mileage and check the appropriate boxes regarding its accuracy.
- Sign and date: Ensure that both parties sign the document and complete the notarization, if applicable.
Notarization requirements for this form
This form needs to be notarized to ensure legal validity. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available anytime.
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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
- Failing to accurately report the odometer reading, which can lead to legal penalties.
- Not providing all required signatures, compromising the form's validity.
- Leaving out crucial details about the vehicle, making it susceptible to disputes.
Benefits of using this form online
- Convenience: Easily fill out and download the form from home.
- Editability: Make corrections or add information before finalizing the document.
- Reliability: The form is drafted by licensed attorneys, ensuring legal sufficiency.
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.
