Promissory Note For Sale Of Motor Vehicle

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PROMISSORY NOTE
(for sale of motor vehicle)
Amount Due and Due Date. FOR VALUE RECEIVED, the undersigned Buyer(s), promises to pay to the order of Seller,
the sum of $____________________, together [ ] with no interest, or [ ] with interest of ______ percent per annum,
payable in monthly installments of $_______________ per month, with the first payment being due on date
_______________. 20____, and a like payment due on the same day of each month thereafter until paid in full.
Pre-Payment. There is no pre-payment penalty on this Note.
Late Payments. If payment is not received by due date, payment status is in default. The holder of this note may demand
payment due, and if not received within 10 days of due date, the holder may declare the whole remaining unpaid balance
immediately due and payable.
Collection Costs. If payment is late, the Buyer agrees to pay all costs of collection, including reasonable attorney fees,
whether or not a lawsuit is filed with the court.
Surrender of Vehicle. If payment is not received within 10 days of due date, the Buyer agrees to return the vehicle sold
in connection with this Note to Seller. Seller shall be granted all rights of repossession as a secured party.
Waiver of Buyer. Buyer waives all rights of presentment for payment, demand, notice of dishonor, protest, notice of
protest, homestead exemption or personal property exemption allowed by law.
Non-waiver by Note Holder. Failure or delay of note holder to exercise any rights or option granted by this Note shall
not constitute a waiver of any rights.
Security. This Note is given to secure payment of the purchase price of the following vehicle:
______ __________ ________ __________ ____________________________________ _______________
YEAR
MAKE
BODY
MODEL
VEHICLE IDENTIFICATION NUMBER (VIN)
ODOMETER
Title. Title to the vehicle will be:
[ ] retained by Seller until all payment due under this Note is paid in full.
[ ] transferred to Buyer at execution of this Note, with Seller retaining a vendor’s lien in vehicle, and Buyer grants Seller a
security interest in the vehicle until this Note is paid in full.
If title is transferred to Buyer, Seller shall be listed as a lender on the title of the vehicle, whether or not Seller elects to
perfect Seller’s security interest in the vehicle.
______________________________
______________________________
Buyer 1 Name
Seller Name
______________________________
______________________________
Buyer 1 Signature
______________________________
______________________________
Seller Address
Buyer 2 Name
______________________________
______________________________
Seller Phone
Buyer 2 Signature
______________________________
______________________________
Buyer Address
______________________________
Buyer Phone
State of _______________
County of _______________
Acknowledged before me on this date _______________, 20____ by Buyer 1 ______________________________, and
Buyer 2 ______________________________.
______________________________
Notary Public
[Seal]

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Related Categories

Parent category: Miscellaneous
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