Every state requires a bill of sale before the vehicle can be registered. For used car dealers, a bill of sale is proof of the sale and the vehicle has been given legally to the buyer. There is specific information that should be included in a bill of sale that can include: the description of the car such as the make, model, condition, the vehicle identification number, the odometer reading, name and address of the seller and buyer, and the purchase price. A bill of sale form that does not contain the required information may not be allowed to be registered. Much of the information in the bill of sale is to prevent auto dealer fraud.
It is important that you do not become a victim of auto sealer fraud by making sure that you receive a thorough bill of sale form. Understating of a bill of sale form is usually done so that the seller can hide specific information to make more money. For example, odometer fraud is rolling back of the odometer to show that the vehicle has been driven less miles that it actually traveled. This is done so that the seller can sell the car for a higher value. As well, a seller may lower the value of a trade-in, inflate the price of a car, not report the actual history of ownership, and selling the car for more than the advertised price.
To determine if you are receiving accurate and honest information about a used car, you can check the Kelly Blue Book to find out if the price of the car that is being offered is fair. As well, check online car sites to compare car prices, get a CARFAX Vehicle History Reports to find out if the seller is hiding anything, and have a mechanic inspect the vehicle for any problems and signs of odometer tampering. It is important to make sure you receive all of the essential documents such as warranties, title to the car, registration, record of replacement parts, and record of maintenance.
Having the seller complete a thorough bill of sale is essential to protecting yourself from auto fraud. If you are wondering if you are the victim of auto dealer fraud, you should meet with an attorney experienced in auto fraud cases. An Auto Dealer Fraud Attorney will assess whether you are a victim of fraud, explain your consumer rights and options, and if you have to file a lawsuit, the attorney will work hard to make sure you receive compensation