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Automobile Bill of Sale with Promissory Note
Automobile Bill of Sale with Promissory Note
This Bill of Sale and Promissory Note is executed in accordance with the laws of the State of .
SECTION 1: PARTIES TO THIS TRANSACTION
SELLER:
Name: ________________
Type: Individual / Business
Address: ________________, ________, ____ _____
Phone: (___) ___-____
Name: ________________
Type: Individual / Business
Address: ________________, ________, ____ _____
Phone: (___) ___-____
BUYER:
Name: ________________
Type: Individual / Business
Address: ________________________________
________
____ _____
Phone: ______________
Name: ________________
Type: Individual / Business
Address: ________________________________
________
____ _____
Phone: ______________
SECTION 2: VEHICLE DESCRIPTION
Year: ______Make: __________
Model: __________
Body Type: __________
Color: __________
Mileage: ______ miles
Vehicle Identification Number (VIN): _________________
SECTION 3: FEDERAL ODOMETER DISCLOSURE STATEMENT
(Required by Federal Law — 49 U.S.C. § 32705)I, [seller_name], hereby state that the odometer of the vehicle described above now reads ________ miles.
TO THE BEST OF MY KNOWLEDGE, THE ODOMETER READING:
Reflects the ACTUAL mileage of the vehicle.
EXCEEDS THE MECHANICAL LIMITS of the odometer (vehicle has traveled beyond what the odometer can display).
IS NOT THE ACTUAL MILEAGE. WARNING — ODOMETER DISCREPANCY
SELLER'S CERTIFICATION:
I certify that the odometer disclosure above is true and correct to the best of my knowledge. I am aware that providing false information may result in fines and/or imprisonment under federal and state law.
Signature: ___________________
Date: ___________________
Printed Name: [seller_name]
I certify that the odometer disclosure above is true and correct to the best of my knowledge. I am aware that providing false information may result in fines and/or imprisonment under federal and state law.
Signature: ___________________
Date: ___________________
Printed Name: [seller_name]
BUYER'S ACKNOWLEDGMENT:
I, ________________, hereby acknowledge receipt of this odometer disclosure statement and confirm that I have read and understand the odometer reading and any warnings indicated above.
Signature: ___________________
Date: ___________________
Printed Name: ________________
I, ________________, hereby acknowledge receipt of this odometer disclosure statement and confirm that I have read and understand the odometer reading and any warnings indicated above.
Signature: ___________________
Date: ___________________
Printed Name: ________________
SECTION 4: SALE TERMS AND FINANCING
Total Purchase Price: $__________Down Payment: $__________
Financed Amount (Total Price minus Down Payment): $__________
Date of Sale: __________
The Buyer agrees to pay the Financed Amount to the Seller pursuant to the Promissory Note terms set forth in Section 5 below. The vehicle serves as collateral securing the Buyer's payment obligation.
SECTION 5: PROMISSORY NOTE
FOR VALUE RECEIVED, the Buyer hereby promises to pay to the order of Seller the principal sum of $__________, together with interest at the annual rate of ____% per annum, in ____ equal monthly installments of $__________ each, commencing on __________ and on the same day of each month thereafter until paid in full.- PREPAYMENT: The Buyer may prepay the outstanding principal balance at any time without penalty.
- SECURITY INTEREST: This Note is secured by the vehicle in Section 2. The Seller retains a security interest until all amounts are paid in full. The Buyer may not sell, transfer, or encumber the vehicle without the Seller's written consent.
- ACCELERATION: Upon default, the entire unpaid balance becomes immediately due and payable at the Seller's option.
PAYMENT SCHEDULE:
Monthly Payment Amount: $__________
Number of Payments: ____
First Payment Due: __________
Payment Frequency: Monthly
Final Payment Due: __________
Number of Payments: ____
First Payment Due: __________
Payment Frequency: Monthly
Final Payment Due: __________
TOTAL OF PAYMENTS: $__________
TOTAL INTEREST: $__________
GOVERNING LAW: This Promissory Note shall be governed by the laws of the State of
[State].
SECTION 6: DEFAULT AND LATE PAYMENT TERMS
- GRACE PERIOD: Payments received within ____ days of the due date shall not be considered late.
- LATE FEE: If a payment is not received within the grace period, a late fee of $____ shall be charged and immediately due.
- DEFAULT: The Buyer shall be in default if any payment remains unpaid for more than ____ days after its due date. Upon default, the Seller shall provide written notice of default to the Buyer. The Buyer shall have 15 days from the date of such notice to cure the default (the "Cure Period"). If the default is not cured within the Cure Period, the Seller may declare the entire unpaid balance immediately due and payable and exercise all legal remedies available. See UCC § 1-309.
- REPOSSESSION: In the event of an uncured default, the Seller has the right to repossess the vehicle in accordance with applicable state law.
SECTION 7: SELLER'S CERTIFICATION OF TITLE AND OWNERSHIP
The Seller hereby certifies and warrants that:- OWNERSHIP: The Seller is the legal owner of the vehicle described above, or is legally authorized to sell this vehicle on behalf of the owner.
- AUTHORITY: The Seller has full legal authority to transfer ownership of this vehicle and create a security interest in it.
- TITLE: The Seller will provide a properly signed certificate of title to the Buyer upon full payment of the Promissory Note. To protect the Seller's security interest, the Seller should be listed as lienholder on the certificate of title with the state DMV. See UCC § 9-311.
- NO UNDISCLOSED CLAIMS: Except as disclosed in this document, there are no outstanding claims, disputes, or legal actions affecting ownership of this vehicle.
SECTION 8: SIGNATURES
By signing below, the parties agree to all terms stated in both the Bill of Sale and the Promissory Note contained in this document.SELLER:
Signature: ___________________
Date: ___________________
Printed Name: [seller_name]
Signature: ___________________
Date: ___________________
Printed Name: [seller_name]
BUYER:
Signature: ___________________
Date: ___________________
Printed Name: ________________
Signature: ___________________
Date: ___________________
Printed Name: ________________
Frequently Asked Questions
Automobile Bill of Sale with Promissory Note