Even Trade Bill of Sale

What Is Missouri Form 1957?

Missouri DOR Form 1957 is the Department of Revenue's Bill of Sale or Even-Trade Bill of Sale, one form that covers both a cash sale and a straight swap of motor vehicles (Missouri DOR Form 1957).

The form puts both people and both vehicles on a single page. It captures the make, model, year and VIN of each car or truck, plus contact details for both people. The seller must complete all applicable information and sign this form (Missouri DOR Form 1957). Each person keeps a signed copy.

Key Terms on the Form

A few words on the form can look unfamiliar at first, such as title, VIN, assignment area and odometer reading. Here is what each term means in plain English.

• Title: the document that shows who owns a car or truck.
• VIN: the vehicle identification number, a unique code for every car or truck that is printed on its title.
• Assignment area: the part on the back of the title where the owner hands the vehicle over to the next owner.
• Odometer reading: the mileage shown on the vehicle at the time of the trade.
• Party: a person who takes part in the trade.
• Make and model: the brand and the name, such as Honda and Accord.

What Does Even Trade Mean?

An even trade is a swap of items of equal value with no money added. In a vehicle trade, each person gives up a car or truck and receives the other person's, so each is the seller of the vehicle they give up and the buyer of the vehicle they receive.

That double role shapes the paperwork. Each person describes the vehicle they give up, signs over its title and takes the other title home. If either person adds cash to balance the swap, the deal is a sale with a trade-in rather than an even trade, and the same Missouri form covers it as a regular Bill of Sale.

Even Trade Bill of Sale vs. a Regular Bill of Sale

A regular bill of sale covers a deal in which a person pays money for an item, while an even trade bill of sale covers a swap. The difference shows up in the boxes you fill in:

• Regular bill of sale: one item, one buyer, one seller and a payment.
• Even trade: two cars or trucks, two people and no money changing hands.
• Both: a signed paper that each person keeps, with names, addresses, the vehicle details and the date.

How to Fill Out an Even Trade Bill of Sale

To fill out an even trade bill of sale, enter both people's names and addresses, describe each vehicle by make, year, title number and VIN, then sign and date the form together. Work through the steps below in order, with both titles on the table.

Gather the Titles and IDs

Bring both certificates of title and a photo ID for each person to the meeting, along with the form itself. Form 1957 calls for a properly assigned certificate of title (Missouri DOR Form 1957). Check that each VIN on the title matches the VIN on the vehicle itself.

Enter Both People's Details

Print each person's full name and address in clear letters, in the boxes for the buyer and the seller. Spell each name the same way it appears on the title and the ID, so the papers match line for line.

Describe Each Vehicle

Describe the vehicle each person gives up by make, year, title number and VIN, using the boxes listed below:

• The full names and addresses of both parties (buyer and seller)
• The details of the motor vehicle or vessel traded by the seller (Make, Year, Title Number, VIN, Sale Date, Sale Price)
• The details of the vehicle the buyer is trading in
• Whether or not the vehicle is being sold for destruction

The form has Sale Date and Sale Price boxes even on an even trade. Our sources do not say what figure goes in the Sale Price box for a swap or what value the sales tax on the vehicle you receive is figured on, so ask a Missouri license office before you fill in that box.

Keep the vehicles apart on the form. Mark clearly which car or truck each person gives up, so nobody reads the swap backwards later.

Read, Sign and Date

Once all the details are filled in, both parties should read through the form to make sure everything is accurate before signing. When both agree, sign and date the form. The seller must complete all applicable information and sign this form (Missouri DOR Form 1957). Our sources do not say which signature line each person uses in a swap, so check the lines on the Form 1957 PDF or ask a Missouri license office.

Sign Over Both Titles

All sellers and purchasers must print their names and sign the back of the title in the assignment area (Missouri DOR Form 1957). The seller must write in the odometer reading and date of sale (Missouri DOR Form 1957). In an even trade, each title is signed over this way.

Keep a Copy Each

Each person should keep a signed copy of the form with the title papers for the vehicle they received. A photo or scan of the signed form also works as a backup if a paper copy gets lost. When ownership changes in the future, fill out a new bill of sale for that transfer.

Missouri Title Rules for an Even Trade

Missouri Department of Revenue rules set what happens to the titles, the sale report and the new title after a vehicle changes hands. The table lists each rule with the source it comes from.

In a swap, each person is the seller of the vehicle they give up. The Department of Revenue explains these steps on its selling a vehicle and buying a vehicle pages.

Sample Entries for Form 1957

Common Mistakes to Avoid on the Form

Most problems with this form come from small slips made in a hurry. Take your time with each line, and check the form together before anyone picks up a pen.

• Leaving a box empty when the form has room for the detail.
• Copying a VIN with one wrong character.
• Using handwriting that is hard to read.
• Mixing up which car or truck belongs to which person.
• Spelling a name differently on the form and on the title.
• Forgetting to add the date next to a signature.
• Signing before both people have read the whole form.

What to Do After You Sign

After you sign the form, hand over the keys and titles, report the sale and title the vehicle you received. These steps close out the trade for both people.

1. Hand over the keys, including any spare keys, and the signed title.
2. Take a photo of the signed form and of each car or truck.
3. Unless you are a Missouri licensed dealer, report the sale of the vehicle you gave up with Form 5049 or Form 1957 (Missouri Department of Revenue; Selling a Vehicle).
4. Title the vehicle you received within 30 days from the date of purchase (Missouri Department of Revenue; Buying a Vehicle).
5. Contact your insurance company about the vehicle you received.
6. Keep your copy of the form with the other papers for that car or truck.

Frequently Asked Questions

Does Form 1957 need to be notarized?

Form 1957 must be notarized only when it shows proof of ownership on major component parts of a rebuilt vehicle, or when the Department of Revenue specifically asks for it (Missouri DOR Form 1957). The signatures on the back of the title do not need to be notarized (Missouri Department of Revenue; Selling a Vehicle).

Who signs an even trade bill of sale?

The seller signs Form 1957: the seller must complete all applicable information and sign this form (Missouri DOR Form 1957). Our sources do not say which lines each person signs in an even trade, so check the signature lines on the Form 1957 PDF or ask a Missouri license office before you sign.

What do I write as the sale price in an even trade?

Ask a Missouri license office what to enter in the Sale Price box for a swap. Our sources do not say what figure to enter or what value the sales tax on the vehicle you receive is figured on.

How long do I have to title the vehicle I received?

You have 30 days from the date of purchase to title and pay sales tax on your newly purchased vehicle (Missouri Department of Revenue; Buying a Vehicle).

Can I fill out the form by hand?

Yes, you can write the entries by hand, or type them in and print the form. Either way, keep the writing easy to read.

Can I use an even trade bill of sale outside Missouri?

Outside Missouri, start from a general bill of sale, list both vehicles and both people, and ask the local motor vehicle office which papers it accepts. Form 1957 is the version used in Missouri.

What if I make a mistake on the form?

If you make a mistake, start again on a clean copy instead of writing over the entry. A neat form is easier for both people to read and check.

General information, not legal or tax advice.

Mara Erlach

Writer & Attorney

Mara has been practicing estate planning and trust law in California since 2003, taking pride in helping clients of all backgrounds and asset profiles form a complete and customized estate plan. Her specialties are: estate planning, wills and trusts, trust and probate administration.