Always Have An Auto Bill Of Sale

So you finally come to sell the old car ... the one who has given you years of good service. The one who took you to work, 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 into a lovely young guy to just below the selling price, and you believe in yourself ... it was easier than expected.

A month and a half later, the doorbell rings. Standing on the doorstep is a rugged looking guy in a jacket and tie. He presents 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 is investigating a case of odometer fraud - also known as "rolling back odometer."

He is trying to establish two things. One, when did the odometer fraud office. And two who did it.

You know you do not. It would be the kid you sold it for. But you start to think about what documents you have from the sale, to identify the miles and records of the transaction. You believe in yourself, "Have I anything that will show what the miles were on the car the day I sold it?"

For your sake, we hope you do. It will keep you from using some very unpleasant time with the State Police.

And the easiest way to avoid this 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 from the National Highway Transportation Safety Administration (NHTSA) reports that more than almost 500,000 vehicles a year are sold with false odometer readings resulting in a loss of more than $ 1 billion annually. It is a big number and the main reason that the police are so aggressive, to investigate.

If you sell a car (or a 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 sale 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 above information is simple and quick to do. And get a notary stamp and signature is a simple matter of visiting your bank and pay a small fee.

Make sure you do yourself a favor .... always have a completed bill of sale whenever you sell a car, so you can avoid a very unpleasant visit from a guy in a jacket and tie.