Car sale receipts are pretty crucial in the private sale of used cars. For the buyer, these receipts are required for the car registration at the DMV. For the seller, these receipts are needed for calculating taxes on the capital gains on the sale.
This is why creating these receipts requires special care. Having a car sale receipt template handles the requirement very well. You can download the appropriate template for free and craft a receipt by filling in the information as guided in the template.
What is a Car Sale Receipt?
A car sale receipt is an official written document that signifies that a sale of a car has been made from the seller to the buyer. These receipts are used when purchasing a car from private buyers as well as dealers.
A car sale receipt is a protective document and helps in securing the interest of the buyer and seller in case something goes wrong in the future.
In case the buyer of the car damages it in any way after the purchase has been made, a car sale receipt eliminates the burden of repair from the seller. It signifies that the buyer has evaluated the car and the associated problems and agreed to make the purchase.
These receipts also ensure that the buyer is aware of pending payments, dues, and fines on the car. These fines are acknowledged in the car sale receipt, so the seller cannot cheat the buyer in any way.
How to Write a Car Sale Receipt?
Once you have downloaded the car sale receipt template, fill in the fields below to write the receipt for your customer:
Date of Sale
Providing the correct date of sale is very important. Any applicable warranties on the car or its accessories and parts are calculated from the date of sale.
Seller and Buyer Details
Fill out the details of the seller in the receipt. It should include the seller’s name, mailing address, and contact number. Fill out the same details for the buyer as well.
Providing the right car description is very important while making the sale, so as to provide future squabbles. Write the car make and model, year, color, and VIN. For the sale of used cars, you should also enter the registration number and the miles run.
In case there are any added accessories that the seller is providing with the car which do not come standard with the car model, write those accessories as well.
The details of all the payments made by the buyer should be mentioned in detail. In case the buyer is paying the entire amount in full, mention the sale price of the car. In case the buyer is paying a portion of the amount as a deposit, mention the deposit as well as the agreed amount.
Also, mention the method through which the buyer has made the payment. In case of payments by check, enter the check number.
The receipt requires the signatures of both the buyer and the seller. There are dedicated spaces on the receipt for the same.
How to Use a Car Sale Receipt?
It is vital to create two copies of the car sale receipt and fill them individually with identical information. The buyer and the seller should sign both of these copies. Each party can then keep an original copy with themselves.
The change of ownership of the vehicle needs to be updated in the DMV records as well. The steps for the same are available in the Title transfer section of the state’s DMV.
Car sales often involve a transaction of a substantial amount. With a proper car sales receipt, both parties involved can make sure they are not undertaking any risk in the transaction.
When you download the car sale receipt template, always make the necessary adjustments to make sure the receipt matches your requirements. The templates here are editable to allow room for modifications.