Wednesday, September 12, 2012
Selling a car in Wisconsin
Selling a car in Wisconsin is generally simple, but to avoid problems with you and the buyer should know what Wisconsin law requires. Having a vehicle bill of sale form filled in correctly will save you a lot of headaches down the road odometer fraud or other problems arise.
Before you sell your car you must have a title to the vehicle on your behalf. There are suppose to sell a car that is not titled to you, this is unless you have a power of attorney from the owner or dealer for the title that gives legal authority. Sell a car that does not have the title is not a legal transaction. In Wisconsin, in addition, you can not sell a car you owe money. If you owe money on the vehicle title will show a lien. You must obtain a lien release from the lender before being able to sell a car you owe money. Lenders generally do not deliver a statement pledge without first paying the car.
After you sell your car then you must sign and date the title in the specific area "signature" of the selling owner or owners. If there are more than one signature on the title owner and the names are separated by the word "and" then all owners must sign. If the names are separated by "or" then any of the owners may sign. If you missed the title and not have it you can apply for a replacement license with the Wisconsin Department of Transportation. The original will no longer be valid once you apply for a replacement copy. In addition, under federal law you are required to carefully fill in the odometer mileage statement on the title. Even the title is necessary to fill in the name and address of the buyer and the selling price. The Department of Revenue monitors suspect sales of cars at low prices on securities.
Finally, to get a legal copy of the entire transaction if a subsequent allegations of odometer fraud, or if a check bounced, etc., will need to complete an auto bill of sale form or "Bill of Sale" at a glance . You must keep a copy of this for your records....
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