USA Promissory Note for Vehicle Purchase
Don't sell a vehicle to a buyer with the price to be paid over time unless you get them to sign this Promissory Note for Vehicle Purchase.
- This form is for vehicle sales in the United States only.
- The Promissory Note includes two interest clauses, one for annual interest at a specified rate and one for no interest. Use the one that best fits your situation.
- If the title is transferred to the buyer, the seller has a lien on the vehicle until the balance is paid in full.
- The buyer can prepay the outstanding balance at any time without paying a penalty.
- The seller can repossess the vehicle if the buyer fails to make the payments on time.
A promissory note is security for repayment of the amount owed. This USA Promissory Note for Vehicle Purchase is a downloadable legal form that you can customize to fit your transaction.
Last Updated: 14-April-2016