Vehicle Bill of Sale with Monthly Installments

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									Vehicle Bill of Sale with
Monthly Installments
This Bill of Sale transfers the ownership of a vehicle from a seller to a buyer. This
particular Bill of Sale contains a promissory note whereby the buyer promises to pay for
the vehicle using monthly installment payments. Customize the information of the
parties, the vehicle’s specifications, the down payment amount, the monthly installment
amount, and more. This document is ideal for individuals or small businesses that want
to purchase or sell a vehicle using installment payments.
STATE OF __________________ [Instructions: Insert state of sale]
COUNTY OF ________________ [Instructions: Insert county of sale]

        VEHICLE BILL OF SALE WITH MONTHLY INSTALLMENTS

THIS BILL OF SALE (hereinafter referred to as the “Bill of Sale”) is made and entered into as
of ____________________ [Instructions: Insert the date] by and between
______________________ [Instructions: Insert the Seller’s name] (hereinafter referred to as
the “Seller”), of _______________________________ [Instructions: Insert the Seller’s
address] and ______________________ [Instructions: Insert the Buyer’s name] (hereinafter
referred to as the “Buyer”), of _______________________________. [Instructions: Insert the
Buyer’s address]

WHEREAS, Seller is the owner of the Automobile described in Exhibit “A” attached hereto and
incorporated herein (hereinafter referred to as the “Automobile”); and

WHEREAS, Buyer wishes to acquire the Automobile from Seller pursuant to this Bill of Sale,
and subject to the terms and conditions hereof, Seller desires to transfer Seller’s entire right, title
and interest in and to the Automobile to Buyer.

NOW, THEREFORE, in consideration of good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Seller and Buyer hereby agree as follows:

1.       PURCHASE PRICE

In consideration of Seller’s transfer of right, title and interest in and to the Automobile, Buyer
shall pay to Seller the sum of ___________ Dollars ($_____) [Instructions: Insert the purchase
price] (hereinafter referred to as the “Purchase Price”), which shall be paid by Buyer as follows:

        a.     A down payment in the amount of ___________ Dollars ($_____) [Instructions:
Insert the down payment amount] (hereinafter referred to as the “Down Payment”), which
shall be due and payable upon the Execution of this Bill of Sale; and

        b.     The balance of the Purchase Price,. ___________ Dollars ($_____) [Instructions:
Insert the remaining balance after subtracting the down payment from the purchase price]
(hereinafter referred to as the “Balance”), which shall be financed by Seller pursuant to the
promissory note (hereinafter referred to as the “Note”) attached hereto as Exhibit “B” and
incorporated herein.

2.       REPRESENTATIONS AND WARRANTIES

       a.      Seller represents and warrants that: (i) Seller is the legal owner of the
Automobile; (ii) the Automobile is free from all liens, encumbrances liabilities, and adverse
claims of any nature (individually and collectively, “Adverse Claims”); (iii) Seller shall
indemnify and hold harmless Buyer from and against any damage or liability, including
reasonable attorneys' fees and legal expenses actually incurred and paid by Buyer for or on


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account of any charge, claim, suit or proceeding that alleges or is based upon an Adverse Claim
with regard to the Automobile; (iv) Seller has the full right and authority to sell, transfer, assign,
deliver, set over and convey the Automobile to Buyer; (v) to the best of the Seller’s knowledge,
all material information and facts provided herein, including the attached Exhibits, are true and
correct.

        b.      Except as otherwise represented and warranted in the prior subparagraph, the
parties acknowledge and expressly agree that the Automobile is being sold on an “as is, where
is” basis, without warranty of any kind, whether express or implied, regarding the condition of
the Automobile. Buyer’s purchase of the Automobile shall be conclusive evidence that Buyer has
inspected the Automobile and found the Automobile satisfactory in all respects. Any defects,
whether patent or latent, and all repairs are the sole responsibility of the Buyer. Seller neither
assumes, nor authorizes any other person or entity to assume on its behalf, any liability in
connection with the sale of the Automobile. Seller's disclaimers of warranty do not affect the
terms or applicability of any warranty from the Automobile’s manufacturer that may be
applicable to the Automobile

3.       SALE AND ASSIGNMENT OF THE AUTOMOBILE

Upon execution of this Bill of Sale, Seller hereby sells, transfers, assigns, delivers, sets over and
conveys to Buyer all of Seller’s right, title and interest in and to the Automobile in perpetuity (or
for the longest period of time otherwise permitted by law). In connection therewith: (a) Seller
shall deliver possession of the Automobile to Buyer and Buyer shall take possession of the
Automobile immediately upon execution hereof at Seller’s address; (b) Seller shall convey title
to the Automobile to the Buyer upon delivery of the Automobile to Buyer; and (c) Seller shall
execute and deliver such further instruments and take such further actions as may be reasonably
necessary to evidence more fully the transfer of ownership of the Automobile to Buyer.

4.       MISCELLANEOUS

       a.     This Bill of Sale constitutes the entire agreement between the parties hereto with
respect to the specific subject matter hereof and supersedes all prior agreements or
understandings of any kind with respect to the specific subject matter hereof.

       b.       In the event that any provision or part of this Bill of Sale shall be deemed void or
invalid by a court of competent jurisdiction, the remaining provisions or parts shall be and
remain in full force and effect.

         c.     Any modification to this Bill of Sale must be in writing and signed by the parties
or it shall have no effect and shall be void.

        d.     This Bill of Sale shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and assigns.

       e.      No failure by either party to pursue any remedy resulting from a breach of any
provision of this Bill of Sale by the other party shall be construed as a waiver of that breach or as



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a waiver of any subsequent or other breach unless such waiver is in writing and signed by an
authorized representative of the non-breaching party.

       f.     This Bill of Sale shall be governed in accordance with the laws of the State of
___________________ [Instructions: Insert the state’s laws that will govern this agreement]
applicable to agreements to be wholly performed therein, without giving effect to its laws
governing conflict of laws.

IN WITNESS WHEREOF, this Bill of Sale has been signed and delivered by and on behalf of
the parties hereto as of the date first set forth above.

SELLER                                                           BUYER



__________________________                                       __________________________
__________ [Instructions: Insert name]                           __________ [Instructions: Insert name]




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                                                    EXHIBIT A

                                    DESCRIPTION OF AUTOMOBILE

1.       Make. __________________ [Instructions: Insert the make of the automobile]

2.       Model. __________________ [Instructions: Insert the model of the automobile]

3.       Body Type. ________________ [Instructions: Insert the automobile’s body type]

4.       Year. __________ [Instructions: Insert the year of the automobile]

5.       Color. ______________ [Instructions: Insert the color of the automobile]

6.       VIN. __________________________ [Instructions: Insert the VIN of the automobile]

7.       License Plate. __________________ [Instructions: Insert the license plate]

8.       License Plate State. _____________ [Instructions: Insert the state of the license plate]

9.     Odometer Disclosure. Federal and State law requires that Seller state the mileage of the
Automobile upon any transfer of ownership. Failure to complete or providing a false statement
may result in fines and/or imprisonment.

      a.     Seller hereby states and declares that as of the date hereof, the Automobile’s
odometer reads _____________________ [Instructions: Insert the automobile’s current
odometer reading] miles (the “Odometer Reading”).

        b.      Seller certifies that to the best of Seller’s knowledge, the Odometer Reading
reflects the actual mileage of the Automobile.

        c.     Seller certifies that the Automobile’s odometer was not altered, set back or
disconnected while in Seller’s possession, and Seller has no knowledge of anyone else altering,
setting back or disconnecting the odometer.

Both Seller and Buyer acknowledge the above Odometer Disclosure:

SELLER:                                                          BUYER:



__________________________                                       __________________________
__________ [Instructions: Insert name]                           __________ [Instructions: Insert name]




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                                                    EXHIBIT B

                                             PROMISSORY NOTE

              $__________ [Instructions: Insert the amount of this promissory note]

THIS PROMISSORY NOTE (hereinafter referred to as the “Note”) is made and entered into as
of ____________________ [Instructions: Insert the date] by and between
______________________ [Instructions: Insert the Seller’s name] (hereinafter referred to as
the “Seller”), of _______________________________ [Instructions: Insert the Seller’s
address] and ______________________ [Instructions: Insert the Buyer’s name] (hereinafter
referred to as the “Buyer”), of _______________________________. [Instructions: Insert the
Buyer’s address]

WHEREAS, on _________________, [Instructions: Insert the date of the Bill of Sale] Seller
and Buyer entered into a bill of sale (the “Bill of Sale”), which set forth the terms and conditions
of Buyer’s purchase of Seller’s Automobile. All terms contained herein, unless otherwise
defined, shall have the meanings ascribed to them in the Bill of Sale;

WHEREAS, pursuant to the Bill of Sale, Seller agreed to transfer title to the Automobile to
Buyer upon the execution of the Bill of Sale;

WHEREAS, pursuant to the Bill of Sale, Seller retained a security interest in the Automobile,
and Seller shall be listed as a secured lender on the title to the Vehicle until the Balance of the
Purchase Price and any other obligations under this Note have been satisfied in full.

NOW, THEREFORE, in consideration of good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Seller and Buyer hereby agree as follows:

1. PAYMENT AND PREPAYMENT

        a.      For value received, Buyer promises to pay to the order of Seller, at
__________________________ [Instructions: Insert the address where Seller wants to
receive payment] (or at such other address as may subsequently be designated by Seller by
written notice to Buyer) the sum of ___________ Dollars ($_____) [Instructions: Insert the
amount of this promissory note] together with compound interest, accruing from the date
hereof until paid in full, at the rate of ___________ (__%) per annum. [Instructions: Insert the
annual interest rate] All computations of interest will be made by Seller on the basis of a three
hundred sixty five (365) days year, for the actual number of days elapsed in the relevant period.
In no event shall interest to be paid hereon exceed the maximum rate permitted by applicable law
and, if, for any circumstances whatsoever fulfillment of any of the provisions of this Note shall
require exceeding such maximum rate, the obligation to be fulfilled shall be reduced to the limit
thereof; any sums received by Seller in excess of such maximum rate shall be applied to the
unpaid principal balance of this Note.




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        b.      Until the Note is paid in full, for whatever reason, the unpaid principal and
accrued interest shall be payable in monthly installments (hereinafter referred to as the “Monthly
Installments”), of ___________ Dollars ($____) [Instructions: Insert the monthly payment
amount] payable on the ___________ [Instructions: Insert the day of each month payment is
due e.g. first, fifth, fifteenth, etc.] of each month (hereinafter referred to as the “Installment
Due Date”), commencing on _____________________ [Instructions: Insert the date Buyer
will make the first payment] and continuing until the entire balance, including the principal and
all interest accrued, is paid in full. The entire balance, including the principal and all interest
accrued, shall be due and payable in full on or before ___________________. [Instructions:
Insert the due date of the entire promissory note balance] Buyer reserves the right to prepay
this Note, in whole or in part, with no prepayment penalty.

   c. Principal and interest on this Note shall be payable in lawful money of the United States
of America. All payments, when paid, shall be applied first to the payment of accrued interest
and then the balance thereof to principal.

2. SECURITY

This Note is secured by the Automobile sold to Buyer by the Bill of Sale.

3. DEFAULT

        a.     Buyer shall be deemed to have defaulted on this Note if: (i) Buyer fails to make a
Monthly Installment payment by or before the applicable Monthly Installment Date and such
failure continues for a period of ___________ (__) [Instructions: Insert the number of days
Buyer has to be delinquent to be considered in default] days following such date; (ii) Buyer
voluntary or involuntary files a petition for relief under the United States Bankruptcy Code, or
any other proceeding is initiated for the general relief of Buyer’s debtors; or (iii) Buyer executes
an assignment for the benefit of Buyer’s creditors or a receiver, custodian, trustee, or similar
party is appointed to take possession of the Buyer’s assets or property.

        b.     In the event that Buyer defaults on this Note, all of the unpaid principal balance
hereof, together with all accrued but unpaid interest, shall be due and payable, at the option of
the Seller. Failure to exercise this option shall not constitute a waiver of the right to exercise the
same in the event of any subsequent default. Upon such default, Buyer shall pay all reasonable
costs of collection, including without limitation, court costs, reasonable attorney’s fees and
expenses, and all other expenses of collection permitted by law. Buyer expressly waives
presentment, protest and demand, notice of protest, demand and dishonor and nonpayment of this
Note as well as all other notices of any kind.

4. MISCELLANEOUS

        a.     All notices and/or requests for approvals (“Notices”) that either party hereto is
required or may desire to give to the other party shall be given in writing by addressing the same
to the other party at the addresses set forth above. Notices shall be made by personal delivery,




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courier, or by certified U.S. mail, return receipt requested, postage prepaid. Notice shall be
deemed given on the date of delivery to the other party.

        b.     This Note shall be binding upon and shall inure to the benefit of the parties hereto
and their respective successors and assigns. Notwithstanding the foregoing, Buyer will not
assign or transfer any of its benefits or obligations arising under this Note without Seller’s prior
written consent.

        c.     In the event that any provision or part of this Note shall be deemed void or invalid
by a court of competent jurisdiction, the remaining provisions or parts shall be and remain in full
force and effect.

        d.      This Note constitutes the entire agreement between the parties hereto with respect
to the specific subject matter hereof and supersedes all prior agreements or understandings of any
kind with respect to the specific subject matter hereof.

        e.     Any modification to this Note must be in writing and signed by the parties or it
shall have no effect and shall be void.

       f.      No failure by either party to pursue any remedy resulting from a breach of any
provision of this Note by the other party shall be construed as a waiver of that breach or as a
waiver of any subsequent or other breach unless such waiver is in writing and signed by an
authorized representative of the non-breaching party.

        g.     This Note and all acts and transactions pursuant hereto and the rights and
obligations of the parties hereto shall be governed in accordance with the laws of the State of
__________________, [Instructions: Insert the state’s laws that will govern this agreement]
applicable to agreements to be wholly performed therein, without giving effect to its laws
governing conflict of laws.

IN WITNESS WHEREOF, the parties have executed this Note as of the date first set forth
above.

SELLER                                                           BUYER



__________________________                                       __________________________
__________ [Instructions: Insert name]                           __________ [Instructions: Insert name]




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