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.
Maine Promissory Note in Connection with Sale of Vehicle or Automobile
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How to fill out Maine Promissory Note In Connection With Sale Of Vehicle Or Automobile?
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FAQ
Back of the title top half - sign name(s) on the line where it reads "Seller's Signature." Back of the title right next to where you signed name(s) - print name(s) on the line where it reads "Seller's Hand Printed Name."
Pay off your car loan. Think about the giftee's financial situation. Make sure you can afford to pay gift tax. Don't worry about sales tax if you already own the car. Write up a bill of sale. Transfer your car title. Insure the giftee. More coverage from How to Do Everything: Money.
If the recipient of the car has a different last name than you, the state will require proof that you're related. As you're filling out the title, you should list your name as the seller and your relative's name as the buyer. You'll also need to state the odometer reading. You should list the price of the car as gift.
You will need an Affidavit of Surviving Spouse or Personal Relative. You will need a copy of the death certificate. You will need the current title. You will need the current registration.
Your driver's license. The original title. Odometer reading. Proof of insurance. Proof of payment of excise tax. Payment for the title transfer fee.
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.
Name and address of the seller. Name and address of the buyer. Vehicle description, including Vehicle Identification Number (VIN), make, model, year. Amount of sale.
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.
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.
