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Many people will one day either buy or sell a car via a private sale at some stage in their lives. Most people realise that it is important to complete a bill of sale when purchasing a vehicle, however it is just as important to protect yourself when you are selling your car through a private sale. The term odometer fraud refers to the practice of turning back the odometer so that the vehicle appears to have covered less miles than it actually has. This is done to obtain a better price for the automobile when sold. It is estimated that almost half a million vehicles are sold each year in the US with odometer readings that are not correct. A situation often repeated is as follows. A vehicle is purchased via a private sale and a bill of sale form is not used. The new owner rolls back the odometer and then re-sells the vehicle for a higher price than they purchased it for. At a later time the deception is discovered and all previous owners of the vehicle are investigated to discover when the fraud occurred. The easiest way to record the mileage at the time of sale is to use a bill of sale. Without one, the original owner, even though they may know what the odometer reading was at the time of sale, will have a hard time showing this without any evidence. It is suggested that anyone selling a car privately should complete an auto bill of sale form with the following details. It must have the names of both the buyer and the seller. The specifics of the vehicle being sold including the make, model and age of the vehicle. It must state the selling price. It needs to state the odometer reading and the VIN. Finally it needs to be signed and dated by both the buyer and seller. So to avoid any problems and to protect yourself from becoming involved in odometer fraud, always complete a bill of sale form when selling your vehicle privately.
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Tony Potter is a car enthusiast and businessman. He runs a website providing professional auto bill of sale forms that provide car buyers with security and peace of mind. For more information on automobile bill of sale forms, please see www.AutoBillOfSale.org
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