Return the completed form and payment within 30 days of the sale. You can pick up the tax transaction form at any SOS facility. Tax Form RUT-50 is used to estimate the tax owed on the vehicle based on the price paid or fair market value, as determined by a licensed dealer. Simply put, even if you buy a car for way less than it's worth, you'll still be charged a tax rate based on the vehicle’s market value. Keep in mind that the tax rate is based on the "reasonable worth" of the vehicle. Cars worth more than $15,000 fall into a different tax bracket than those less than $15,000. The total amount of tax collected depends on the car's model year, and the price paid. This rate doesn't include any additional Illinois taxes, county taxes, or title transfer fees. With any private car sale in the state, buyers must submit Tax Form RUT-50 and pay the 6.25% Illinois State sales tax to the county tax collector. In Illinois, as in most states, a buyer pays sales tax when buying a used car from a private seller. Fill Out a Private Party Vehicle Tax Transaction Form The cost associated with this form depends on the service(s) requested. Put simply, it’s an easier way to deal with an Illinois car title transfer. In the section labeled "Type of transaction," you'll bubble in whichever service you need ("title and registration," "plate transfer," "title-only," and so on).īy having 1 form instead of 5, the SOS streamlines these processes, allowing drivers to tackle all their paperwork at one time. The Secretary of State office requires drivers to fill out an Application for a Vehicle Transaction form for just about every motor vehicle service they provide. Submit an Application for Vehicle Transaction (VSD 190) The names, addresses, and signatures of both parties.Illinois law states this document must include: The seller must give the buyer a written mileage statement-sometimes called a seller’s report-to the buyer before the transaction takes place. Illinois, however, requires an entirely separate document. Most states accept the completed title or bill of sale as proof of mileage. Have the Seller Fill Out an Odometer Disclosure StatementĪll states require sellers to document vehicle mileage when selling a car, thanks to the Federal Truth in Millage Act. Both parties will e-sign it on their phones via our mobile app when they meet to finalize the transaction. Drawing up a bill of sale doesn't take long, and there are many free templates online.įortunately, when you buy or sell a used car through PrivateAuto, the bill of sale gets automated. This document serves as a record of the transaction and may even offer legal protection and serve as proof of ownership in some circumstances.
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