Auto Promissory Note Without Interest

• Category: Promissory Notes - Automobiles
• State: Illinois
• Control #: IL-00431-D
• Format: Word; Rich Text

Description

The Auto Promissory Note Without Interest is a legal document designed for use when a buyer purchases a vehicle and agrees to pay the seller without accruing interest on the amount owed. This form specifies the total amount due, the payment schedule, and details concerning default and repossession of the vehicle. It explicitly states that there is no pre-payment penalty, providing flexibility for buyers. The document includes sections for both parties' information and identification of the vehicle involved in the transaction. Filling out the form involves entering the names, addresses, and social security numbers of both the buyer(s) and seller(s), as well as pertinent vehicle details like make, model, year, and VIN. The simple language and clear structure make it accessible for users with limited legal experience. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants dealing with vehicle sales, as it provides a straightforward solution for documenting payment terms and securing interests. It helps eliminate confusion and miscommunication in private sales while ensuring legal protections for both parties.