Bill of Sale Requirements in Oklahoma
Oklahoma is rather strict as far as requirements for a clear title to a motor vehicle go. The Oklahoma Tax Commission (OTC) oversees all motor vehicle registration in Oklahoma.
If you're registering a new vehicle, you'll need to provide a copy of your contract or purchase agreement to the OTC. For used vehicles, you'll need to provide the OTC with a copy of the Bill of Sale or contract. The OTC uses this documentation to figure the excise tax due on the vehicle you are registering.
A Bill of Sale is the document that shows one person has sold a vehicle to another person―the ownership has changed.
If you don't have a contract for a new vehicle purchase or if you need a form to use as a Bill of Sale, a notarized copy of a completed Declaration of Vehicle Purchase Price (Form 722-1), will be required.
It is important that you have proper documentation regarding the purchase price of your vehicle. As part of every automotive registration fee, Oklahoma charges an "excise tax" based on the purchase price of the vehicle.
The excise tax is a charge that will be calculated on the vehicle and is based the purchase price of the vehicle.
However, don't try to pull a fast one! If the purchase price on your Bill of Sale is considerably lower than the average retail price, you will be charged on a "perceived value" within 20% of the average retail value for that specific model vehicle. If the purchase price on your Bill of Sale is not within that 20% range, the excise tax will be determined by using a figure within the 20% range.
If you have trouble downloading the Oklahoma Bill of Sale form, we provide links to generic forms from our sponsors.
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