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.
Connecticut Promissory Note in Connection with Sale of Vehicle or Automobile
Category:
State:
Connecticut
Control #:
CT-00431-D
Format:
Word;
Rich Text
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FAQ
A promissory note basically includes the name of both parties (lender and borrower), date of the loan, the amount, the date the loan will be repaid in full, frequency of loan payments, the interest rate charged on the loan payments, and any security agreement.
No sales and use tax is due on a vehicle or vessel received as a gift. A Motor Vehicle or Vessel Gift Declaration AU-463 is required, signed by the donor. Any vehicle exempt from the sales tax can not be transferred if delinquent tax is owed on the vehicle.
A simple promissory note might be for a lump sum repayment on a certain date. For example, you lend your friend $1,000 and he agrees to repay you by December 1. The full amount is due on that date, and there is no payment schedule involved.
Debt Classification 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.
Writing the Promissory Note Terms You can use a template or create a promissory note online. But before you begin, you'll need to gather some information and make decisions about the way the loan will be structured. First, you'll need the names and addresses of both the lender (or "payee") and the borrower.
A promissory note is often included in a mortgage, student loan, car loan, business loan, or personal loan agreement. If you're loaning someone a large sum of money, you'll likely want a legal record of it. Therefore, promissory notes can be used in personal transactions as well.
If you are drafting your own bill of sale it must contain the following information - name and address of purchaser; name and address of seller; description of vehicle (make, model, year, color, and vehicle identification number); sales price; date of sale; signature of seller.
A Bill of Sale is always required along with proof of ownership document for vehicle to process a new registration in CT which can be our Bill of Sale (form H-31) form H-31 or Supplemental Assignment of Ownership (form Q-1).
200b200bThe promissory note should contain: The car's VIN number, model, make and year of manufacture. The statement that the borrower promises to pay the lender a specific amount, how much each payment will be, the annual interest rate and when the loan will be completely repaid.
