Consignment and Sales Agreement
- A consignment vehicle is defined as an arrangement under which a dealer agrees to accept possession of a vehicle from an owner for the purpose of selling it and to pay the owner from the proceeds of the sale.
- The California Vehicle Code requires dealers to use a “Consignment Agreement”. Failure to comply with the vehicle code specifications is grounds for the DMV to suspend or revoke a dealer’s occupational license.
- The consignment agreement must specify dates, description of the vehicle, the period of time the agreement is valid, the estimated value of the vehicle, and the amount of outstanding liens. Further, if any repairs are needed, the agreement spells out who will pay what.
- The amount to be paid to the consignor must be determined as a flat price, or a percentage of the selling price. Finally, the dealer must disburse proceeds within 20 days of the date of sale to the consignor.
- 8 ½” x 11” - Available in 1 part padded or 2 part - 100/pkg