If you’re like me, buying a car feels good. You enjoy the new driving experience and are eager to park it in your garage. But before you make the transaction, you’re going to have a sign a vehicle sales agreement. As per our Full Disclosure Policy, we want you to be aware of what you are signing. Keep reading to learn more.
What Is a Vehicle Sales Agreement?
As you might already know, the vehicle sales agreement is a legal document you sign when purchasing or selling a new or used car. It’s a contract that outlines the details of the sale and authorizes the change in ownership of the vehicle.
Both the buying and selling parties will list their name, address, and contact information in that vehicle sale agreement. The contract will also describe the vehicle including it’s make, model, and year. The vehicle sales agreement will also list the car’s color, vehicle identification number, and the car’s latest odometer reading.
The Vehicle Sales Agreement is a Legal Contract
Within the vehicle sale agreement, the terms of sale will be outlined. These are the terms in which the vehicle will be transferred to the new owner. They include:
-Price of the car
-Payment method
-Handover date
If both parties agree to the terms in the agreement, then the contract is signed and becomes a legally binding contract.
Who Does and Doesn’t the Vehicle Sale Agreement Protect?
Ideally the vehicle sales agreement protects both the buying and selling parties. However, as the buyer, always make sure to read this car sale agreement very closely before signing your name. Like other contracts, it becomes legally binding once both parties have signed.
Despite common perception, most used car scams come from the finance department, not the sales floor, so always read the vehicle sales agreement closely. Before signing ask for a completed Purchase Order to accompany your sales agreement and get that signed by the manager. This will help you navigate the vehicle sales agreement and make sure you are paying for what was quoted.
Conclusion
Although you’re eager to buy your car, the vehicle sales agreement is the last piece of paperwork before the transaction is complete. Therefore, read it carefully (bring your reading glasses if applicable) and ask all your questions while you can. If something doesn’t make sense or feels like a scam, you are not obligated to purchase the car and you can leave. Do you have more questions about the vehicle sales agreement? Then please contact Find Me A Car TODAY at: (216) 539-2541
