How to Sell a Car With Terms
- 1). Discuss terms of the car sale with the proposed buyer in advance of confirming the deal and writing out the bill of sale.
- 2). Write the main paragraph that outlines the basic details of the sale. Basic details include the name and contact information of the seller and buyer, driver's license numbers and a description of the car including VIN, mileage, make, model and color.
- 3). Enter the exact terms, such as a temporary warranty or a payment agreement between you and the buyer. The latter is a very risky proposition, but in this case the bill of sale doubles as a promissory note for the loan. Provide full details of the terms to which you've agreed, including warranty term, deposits, interest rate for a loan, due dates, conditions of defaulting on the agreement and any contingencies related to the sale. A contingency is a condition under which the agreement may be rendered null and void.
- 4). Sign two copies of the bill of sale with the buyer in the presence of a state-certified notary. The buyer needs this contract in order to register his car and pay sales tax. You need the signed agreement as verification of the terms you've agreed to with the buyer, especially if a lending agreement is included.
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