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.
Pennsylvania Promissory Note in Connection with Sale of Vehicle or Automobile
Category:
State:
Pennsylvania
Control #:
PA-00431-D
Format:
Word;
Rich Text
Instant download
Description
How to fill out Pennsylvania Promissory Note In Connection With Sale Of Vehicle Or Automobile?
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FAQ
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.
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.
Can a Bill of Sale Be Handwritten? A bill of sale is a legal document that verifies you have sold your car and provides basic information about the vehicle or any other item and the terms of the sale.As, with any legal written document a bill of sale can be handwritten.
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.
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.
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.
The date of the sale. A description of the car, including its: Year, make and model. The selling price of the car. If the car is a gift or partial gift, you should still create a bill of sale. Warranty information. The full names, addresses and signatures of the buyer and seller.
Sign your name (or names) on the back of the title where it says Signature of Seller. Print your name (or names) on the back of the title where it says Seller and/or Co-Seller Must Hand Print Name Here.
