This form is a Promissory Note in connection with the sale of a vehicle where the Buyer is to pay a portion of the purchase price over time.
Washington State Auto Bill Of Sale And Promissory Note With Collateral
Category:
State:
Washington
Control #:
WA-00431-D
Format:
Word;
Rich Text
Instant download
Description
How to fill out Washington Promissory Note In Connection With Sale Of Vehicle Or Automobile?
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FAQ
A promissory note is a type of written contract a lender uses for secured debts where the lender has collateral to seize in the event of default. It is more likely your car loan is a promissory note if you have a schedule of payments and a fixed interest rate spelled out on your loan document.
At its most basic, a promissory note should include the following things:Date.Name of the lender and borrower.Loan amount.Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral?Payment amount and frequency.Payment due date.Whether the loan has a cosigner, and if so, who.
How Do I Write a Washington Bill of Sale?The full legal name (printed)The date the bill of sale was created.Certain information about the item being sold.The amount of money the item was sold for.The signatures of the buyer and seller.
In Washington, a bill of sale is required to sell, purchase, and register a vehicle or vessel. The Washington Department of Licensing (DOL) provides an official form, the Vehicle/Vessel Bill of Sale, or Form TD-420-065, which serves both purposes.
When you write the promissory note, make sure to contain the following information:Name and address of the borrower and lender.Model, year, make, and VIN of the vehicle.Loan amount, interest rate, length of the loan, and maturity date.Late fees and penalties.Collateral information.Odometer reading.More items...
