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Many people who own a car today still run the risk of dealing with auto insurance companies that won’t honor their vehicle’s title and claim payment. An automobile bill of sale template, however, makes this task much easier and faster.
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A bill of sale is a legally binding contract between you and the person or business you are buying your car from. If you end up going through a business that doesn’t honor the paperwork properly, you can lose out on the sale. Instead of losing out on the sale, however, you will be making sure you get the most money for your purchase. If you are not aware of your rights, however, this could easily turn into a huge hassle and financial disaster.
With a legal bill of sale template in hand, you can rest assured that you know your rights and that you will be able to move forward with full confidence. Regardless of what other people may tell you, all you need to do is follow a set of steps to ensure that the transaction is properly recorded and paid for.
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The first step to ensuring that the paperwork is properly processed is to go directly to the dealership’s offices. There, you will need to be fingerprinted and issued with a certain amount of identification cards. You will also need to bring paperwork to support the purchase. For example, if the purchase price was in the three figures, you will need to provide supporting documentation to show that the amount is accurate.
Once you have completed these tasks, you will need to present the bill of sale to the dealership for the amount of the title, the value of the car and the certain amount of your down payment. All of these documents will be needed to complete the transaction.
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Your insurance company, meanwhile, is the final step in the process and if there are any gaps in the coverage or outstanding claims, they will consider your automobile to be at risk and will likely cancel your policy. This means that you will be responsible for a big chunk of your payment. In most cases, this will be between twenty-five percent and seventy percent of the remaining balance.
Most of the time, certain auto insurers will make things as easy as possible for their customers by using certain tools that are easy to understand and use. You may want to take advantage of this when you are dealing with a new insurance company or before you decide to switch insurance companies. Having the right paperwork makes it much easier to deal with and will save you money in the long run.
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