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Letter of Intent to Sell a Vehicle

Updated on January 9, 2015

The price of the vehicle you're intending to sell could also be include in the letter.

Writing a letter of intent to sell a vehicle is a way to attract possible buyers for your vehicle. However, this can be tricky for many people because one detail or specification left aside in the letter, could force the parties involved in the transaction to reconsider the deal, or drop it altogether. You should take special care in making a clear copy of your letter of intent prior to closing the deal.

What's a Letter of Intent

A letter of intent is a sort of pre-contract, where the parties involved in a determined transaction establish points of agreement in the negotiation. The function of a letter of intent is to establish, formally, the negotiation as it will provide safeguards just in case the transaction fails to be done. The letter of intent is written by one negotiation party and handed to the other one.

Contents of a Letter of Intent to Sell a Vehicle

A letter of intent to sell a vehicle is a document in which you state your desire of selling your vehicle. Anyone who’s looking to sell a vehicle should write one of these letters. It should include every technical specification of the vehicle being offered such as brand, model, year of manufacture, type of motor, and identification number. A very important point in a letter of intent is the mileage. Also, it is important to state if the vehicle has had previous repairs. Every little detail is important and should be stated clearly in the letter of intent. This will allow the person who wants to purchase it to make a fully informed decision, which will also avoid problems in the future.

Parts in the Letter of Intent

A letter of intent to sell a vehicle has four parts that are indispensable. Remember that the letter has to be written with a professional and formal language. First of all, in the top section, you should state the date in which the letter was written, name and address of the seller. The second part of the letter consists on making a formal statement on why the vehicle is being sold. The third part consists on stating the vehicle specifications. The fourth and final part consists of stating the name of the possible buyer and his agreement with specifications and details.

Stating the Price

The price of the vehicle you're intending to sell could also be include in the letter. This is optional because many sellers and buyers, in this stage of the negotiation, have not made a final agreement on the price of the vehicle.

References

  • The Guide Farm N: The Importance of Formalizing Your Intentions in a Written Letter of Intent - http://farmguiden.com/the-importance-of-formalizing-your-intentions-in-a-written-letter-of-intent/

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      Vic Hull 

      16 months ago

      Car for sale , hyndia Tuscan blue 2005 hatch back , 148,000 km excellent shape , trailer hitch , new tires , CD player , am , fm radio , air and power locks , windows , skylight. Clean inside has 6 cylinder engine gas , automatic. Asking $8000. 00

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