Form CFT IT 12. Second Division Motor Vehicles Installment Surety Bond - Illinois

Form CFT IT 12 is the Second Division Motor Vehicles Installment Surety Bond form. This form is used by second division motor vehicle dealers who wish to use an installment sale agreement with their customers. The surety bond provides a guarantee to the customers that the dealer will fulfill their contractual obligations.

An example scenario where this form would be used is when a motor vehicle dealer sells a vehicle to a customer with an installment sale agreement. By filling out this form and providing a surety bond, the dealer can assure the customer that they will fulfill their obligations under the agreement and provide the vehicle as agreed. The benefits of using this form include improved customer trust, assurance of fulfilling contractual obligations, and compliance with regulations.

Form Structure

This form involves second division motor vehicle dealers who wish to use an installment sale agreement. It is structured with sections that require information such as the dealer's name and address, details of the installment sale agreement, bond details, and any additional explanations or attachments required. The form also includes important fields for the vehicle being sold, sale price, and other specific details related to the sale and bond.

How to Fill Out and submit the Form

To fill out this form, the motor vehicle dealer needs to provide the required information in each section accurately. It is important to review the form instructions and guidelines to ensure all necessary information is included. Once completed, the form can be submitted to the Illinois Secretary of State Vehicle Services Department along with any additional supporting documents or attachments as required.

While completing the form, remember to accurately provide all the necessary details and ensure compliance with the regulations. It is important to review the form instructions and guidelines to understand the specific requirements for the surety bond and installment sale agreement. Additionally, it is also important to attach any required supporting documents, such as the installment sale agreement or proof of surety bond, as per the guidelines provided by the Illinois Secretary of State Vehicle Services Department.