What Is a Buyer’s Order?
A buyer’s order is a contract containing terms upon which the buyer and seller have agreed. It is not the same as the sales contract for the vehicle, although it contains the price of the vehicle, information about the buyer and the dealership selling the vehicle, and other related information.
The buyer’s order includes a description of the vehicle being sold, including its make, model, color and any requested additions, such as warranties, vehicle options and alarm systems. The agreed purchase price should also be recorded in the buyer’s order, as should the vehicle’s VIN if it has been assigned one. The buyer’s order is a binding contract, and by signing the document, both buyer and seller agree to go through with the sale. However, money does not usually change hands at the time the buyer’s order is issued, as the order must first be processed and approved by the seller.
The buyer’s order usually includes a comprehensive breakdown of all the costs associated with the vehicle, including dealer’s fees, documentation fees and taxes. Auto Trader advises buyers to read through these orders thoroughly and make sure that they understand and agree with all the figures before signing the document.