A Bill of Sale is a legal agreement to document a transaction between two parties. Similarly, the Arkansas Vehicle Bill of Sale form, also known as the ‘Odometer Disclosure Statement’, is an agreement that legally documents the sale of a vehicle within the state of Arkansas.
How to Fill the Arkansas Vehicle Bill of Sale Form
- In Section 1, the Vehicle Identification Number (VIN) has to be entered (if buyer is a company rather than individual, ignore this section).
- In Section 2, enter all information of the buyer – name (first, middle initial, last), detailed address, city, state and zip code (if buyer is a company rather than individual, ignore this section).
- Before Section 3, check the box if there are multiple owners. Ignore if not.
- In Section 3, company information is required – full name and address of the company, city, state and zip code.
- In Section 4, fill in details of the dealer/seller – dealer’s/seller’s name and full address, city, state and zip code.
- Section 5 is for the date of purchase of the vehicle.
- Section 6 requires information about the vehicle purchased and vehicle traded in. This includes date of purchase and trade-in, make, model and year of manufacture of vehicle, primary and secondary color and VIN of trade-in.
- Section 7 is the Odometer Disclosure. The seller’s name is required along with the exact reading of the odometer in miles. The seller may or may not check the following two boxes depending on whether there are any discrepancies in the mileage of the vehicle or not.
- Section 8 is for the sales price information. Enter the full sales price and deduct the trade-in amount to arrive at the net taxable income of the seller. Also, the names and signatures of both seller and buyer are required in this section.
- Section 9 is a warning to taxpayers that it is a felony to attempt any tax evasion practices and will lead to penalty under state law.