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Always Have An Auto Bill Of Sale

So you're finally going to sell that old car...the one that's given you years of good service. The one that's taken you to work, the kids to soccer, t-ball practice and back and forth from the grocery store.

Good for you. You put a small ad in the newspaper and hang a "For Sale" sign in the window.

You end up selling your car to a nice young guy for just under the asking price and you think to yourself...that was easier than expected.

A month and a half later, the door bell rings. Standing on your doorstep is a rugged looking guy in a jacket and tie. He introduces himself as an investigator with the State Police, flashes his badge and begins to ask questions about the car you sold not so long ago. It turns out that he's investigating a case of odometer fraud - also known as "rolling back the odometer".

He's trying to establish two things. One, when did the odometer fraud take place. And two, who did it.

You know that you didn't do it. It had to be the kid you sold it to. But you start to think what documents you have from the sale that will detail the miles and records of the transaction. You think to yourself, "Do I have anything that will prove what the miles were on the car the day I sold it?"

For your sake, I hope you do. It'll keep you from spending some very uncomfortable time with the State Police.

And the easiest way to avoid that is to have an auto bill of sale that details the entire transaction, is signed by both parties and is stamped by a notary.

A recent report by the National Highway Transportation Safety Administration (NHTSA) reports that more than just under 500,000 vehicles per year are sold with false odometer readings resulting in a loss of more than $1 Billion each year. That's a huge number and the main reason why the police are so aggressive investigating it.

If you sell a car (or any motorized vehicle) make sure you have a completed auto bill of sale. It must have:

- The Buyers and Sellers Name;
- The Year, Make and Model;
- The Selling Price;
- The Odometer Reading or Hours of Service;
- The VIN (vehicle identification number);
- Both Signatures and Date;
- A Notary Stamp and Signature.

Most of the information above is simple and quick to do. And getting a Notary Stamp and Signature is simple matter of visiting your bank and paying a small fee.

Make sure you do yourself a favor....always have a completed bill of sale anytime you're selling a vehicle so you can avoid that very unpleasant visit from a guy in a jacket and tie.

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Author Bio
Tom O'Leary is an Automotive Portfolio Analyst based in Cincinnati, Ohio and Publisher of mynewcarpurchase.com, a consumer focused web site that offers assistance with a new car purchase, is Author of the best selling guide "How To Get Low Cost Car Insurance For Life" and offers a free auto bill of sale on his web site.

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