This forms package contains a Bill of Sale, Odometer Statement and Promissory Note. It is for the situation where the Buyer may be making a downpayment and paying the balance over time.
In Stockton, California, the Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note serves as a legal document to record the transfer of ownership from the seller to the buyer. This document provides essential information about the vehicle being sold, such as its make, model, year, vehicle identification number (VIN), and the purchase price. Additionally, it includes necessary disclosures and agreements related to the odometer reading and any outstanding loan obligations. 1. Standard Stockton California Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note: This is the most commonly used bill of sale form that includes specific sections for recording the vehicle details, the purchase price, the buyer and seller information, the odometer reading, and any agreed-upon payment terms. It also provides space for both parties to sign and date the document, making it legally binding. 2. Stockton California Bill of Sale for Automobile or Vehicle with Loan Payoff: When a vehicle has an outstanding loan, this type of bill of sale includes an additional section that addresses the loan balance and the seller's responsibility for paying off the remaining amount. It may also include a section for the buyer to acknowledge their understanding of the outstanding loan and agree to assume responsibility for paying it off. 3. Stockton California Bill of Sale for Automobile or Vehicle Exempt from Odometer Disclosure: In some cases, certain vehicles are exempt from odometer disclosure requirements, such as vehicles older than ten model years or vehicles with a gross vehicle weight rating (OVER) over 16,000 pounds. This bill of sale form is specifically designed for such exempted vehicles, excluding the odometer statement section. 4. Stockton California Bill of Sale for Automobile or Vehicle with Promissory Note: When the buyer agrees to make payments in installments rather than paying the entire purchase price upfront, this bill of sale includes an additional section known as a promissory note. The promissory note outlines the agreed payment schedule, including the amount and due date of each installment, interest rate (if applicable), and the consequences of defaulting on payments. It is important to note that a bill of sale for an automobile or vehicle, including an odometer statement and promissory note, must comply with the specific requirements and regulations of the State of California and should be drafted carefully to ensure its validity and enforceability. Consulting an attorney or using professionally designed bill of sale forms is advisable to accurately capture all necessary information and protect the interests of both the buyer and the seller.
