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Rhode Island __ (Signature of Buyer) 2 s note shall take effect as a sealed instrument and is made and executed under, and is in all respects governed by, the laws of: _____________________________ (State). _______________________________hall be binding unless in writing. If any provision of this Note is deemed unenforceable, in whole or in part, for any reason, the remaining provisions shall still remain in full force and effect. Thieunder. The holder's failure to exercise any right or option hereunder does not constitute a waiver of any future right or option. No modification to this document or indulgence by any holder hereof sices hereto. Buyer further agrees to remain bound by this note notwithstanding any exemptions, extension, modification, waiver, or other indulgence, failure, discharge or release of any obligation herd all other parties to this note, whether as endorsers, guarantors or sureties, agree to remain fully bound until this note shall be paid in full and waive demand, presentment, and protest and all notce or delays in collection, which may occur. All payments hereunder shall be made to such address as may from time to time be designated by any holder and must be made in United States funds. Buyer aner and all other persons who may become liable for the payment hereof severally waive demand, presentment, protest, notice of dishonor or nonpayment, notice of protest, and any and all lack of diligenhe Vehicles as a secured creditor. Upon default in making payment within 7 days of demand, Buyer agrees to pay all reasonable legal fees and costs of collection to the extent permitted by law. 1 Buyrate permitted by law, whichever is less. In the event of default for more than seven (7) days, after demand, the Vehicle must be returned to Seller and Buyer grants the right to Seller to repossess tt the option of the holder, become immediately due and payable. Any amount due at the time of default, shall accrue interest until payment at the rate of fifteen percent (15%) per year or the highest the Title as a Lien Holder. In the event of any default by the Buyer in the payment of Principal or interest after demand is made, the unpaid balance of the Principal of this promissory note shall, af the Vehicle Bill of Sale and Seller will become a secured creditor with an interest and a lien in the vehicle. If the Note is not satisfied and Title is given to Buyer, then Seller must be listed onrincipal. The Title to the Vehicle will (check one) o be held by Seller until such time as the obligation under this Note has been satisfied in full or o be given to Buyer at the time of the signing o (VIN): Model: Mileage: All or any part of the Principal may be prepaid at any time and from time to time without penalty. Payments shall be applied first to accrued interest and the balance to the Pull. This Promissory Note is given as security for the payment of the purchase price and in connection with the purchase of the following vehicle ("Vehicle"): Make: Year: Vehicle Identification Numberirst payment beginning on ________________ and continuing every month thereafter with a like amount on the same date each month until the full amount of this note and all accrued interest is paid in fipal), together with interest of _____% (Interest Rate) per year thereon from the date herein. The unpaid Principal and accrued interest shall be paid in monthly installments of $_________, with the fdress) promises to pay to the order of ________________________________ (Seller), whose address is ______________________________________ (Seller's Address), the principal sum of $_____________ (Princissory Note for Purchase of Vehicle Amount $ Date FOR VALUE RECEIVED, the undersigned, _______________________________ (Buyer), maintaining an address at _______________________________ (Buyer's Ad______________________ (Transferor's / Seller's Signature) [Transferor] ___________________________________ (Transferee's / Buyer's Signature) [Transferee] Date of Transfer: _______ Installment Proml: _______________________________ Body Type: _______________________________ Vehicle Identification Number (VIN): _______________________________ Year: _______________________________ ______________f mileage in excess of its mechanical limits. [__] (2) I hereby certify that the odometer reading is NOT the actual mileage. WARNING -- ODOMETER DISCREPANCY. Make: _______________________________ Mode actual mileage of the vehicle described below, unless one of the following statements is checked. [__] (1) I hereby certify that to the best of my knowledge the odometer reading reflects the amount oe statement may result in fines and/or imprisonment. I, ______________________ state that the odometer now reads ________________ (no tenths) miles and to the best of my knowledge that it reflects the (Signature of Seller) ODOMETER DISCLOSURE STATEMENT Federal law (and State law, if applicable) requires that you state the mileage upon transfer of ownership. Failure to complete or providing a fals___________________________________ IN WITNESS WHEREOF, Seller has hereunto executed and delivered this Vehicle Bill of Sale this ___________________ ("Date"). ? ____________________________________n made by Seller to Buyer. ____________ OR ? The Vehicle is sold with the following warranty: ______________________________________________________________________ ___________________________________ainst any claims or demands, except any previously mentioned lien (if any). (select one) The Vehicle is sold AS IS with no express or implied warranties Buyer's Initials or representations having bee, Seller warrants that Vehicle is free from any lien, security interest or other encumbrance, except a lien by ____________ _____________________ ("Lien Holder") and that Seller will defend Vehicle ag Buyer's executors, administrators, and assigns, forever. Seller warrants to Buyer that Seller is the legal and true owner of the Vehicle and that Seller has the right to sell the Vehicle. Furthermorets, sells, conveys, transfers and delivers to Buyer the following vehicle (the "Vehicle"): Make: Year: Vehicle Identification Number (VIN): Model: Mileage: To have and to hold the same unto Buyer and___________ ("Seller") from _____________________________, whose address is _______________ ___________________________ ("Buyer"), receipt and sufficiency of which are hereby acknowledged, Seller granout consulting with an attorney first. VEHICLE BILL OF SALE IN CONSIDERATION of the sum of $ ________________, received by ____________ __________________________, whose address is __________________ collect the amount lent. Please note that this information is not intended as and is not a substitute for legal advice. These forms should only be a starting point for you and should not be used withhe Seller would have the right to retake possession of the vehicle. Just like any contract, the Promissory Note can help the Lender enforce repayment terms and can be useful in any effort necessary tohe Seller and Buyer and also identifies the parties and the vehicle that is being paid for. This form allows the Buyer to repay the "loan" back at any time without a penalty. In the event of default tn monthly installments until the vehicle is paid off. The Promissory Note sets forth the amount of the loan, terms of the loan, the interest rate, the payment schedule, the rights and obligations of tthat the mileage on the odometer is either correct or incorrect. The included Promissory Note for Purchase of Vehicle, establishes the Buyer's obligation to pay for the purchase price of the vehicle i (i.e. Odometer Disclosure Statement). An Odometer Disclosure Statement is enclosed in this Package as well. This documents is a formal statement of the vehicle's mileage whereby the Seller certifies from the Motor Vehicle Department, unless you show them a Bill of Sale for the vehicle. Under Federal Law, the Seller must supply the buyer of a car or other motorized vehicle with a mileage statementof a vehicle. The vehicle's Certificate of Title (know as "pink slip" in some states) should also be signed over by the Seller. In some states, you might not be able to get a new Certificate of Title ng purposes as well. A Vehicle Bill of Sale can also help the Buyer prove that he/she owns the vehicle. However, a Vehicle Bill of Sale is not sufficient, by itself, to complete the sale and transfer van, car, truck, trailer or motorcycle to/from another person with installment payments. It can help both the Seller and Buyer to protect their rights and is useful to both for tax and other accountiow payments for the vehicle to be made in installments, it is a good idea to document the transaction in writing. A Vehicle Bill of Sale can be used for that purpose by anyone selling or buying a car, Use found at findlegalforms.com 2 Information Vehicle Bill of Sale; Odometer Disclosure Statement and Promissory Note Whenever you sell (or buy) an Automobile or other vehicle and also wish to allese forms should only be a starting point for you and should not be used without consulting with an attorney first. [__] The purchase and use of these forms, is subject to the Disclaimers and Terms ofe a lawyer review the completed documents including the Vehicle Bill of Sale and Promissory Note before they are signed. [__] These forms are not intended and are not a substitute for legal advice. Thry Note and should then sign and date it. The original Promissory Note should then be given back to the Buyer. [__] Laws vary from time to time and from state to state. It is always a good idea to havobligation under the Promissory Note is satisfied (i.e. the Note is paid off), the Seller should write "Cancelled", "Satisfied in Full" or "Paid in Full" 1 on the front face of the original Promissont are not sufficient alone to complete the sale of a vehicle. The vehicle's Certificate of Title (known as "pink slip" in some states) should also be signed over by the Seller. [__] When the Buyer's hould make sure that there are no liens (by lenders, lien holders etc...) on the vehicle except those that have been disclosed. [__] The Automobile/Vehicle Bill of Sale and Odometer Disclosure Statemell of Sale and Odometer Disclosure Statement. The Buyer should keep a copy of the Installment Promissory Note. [__] Seller should provide the name of any lien holder(s) where appropriate. [__] Buyer sparagraph with your word processor. [__] If the "as is" paragraph is selected, the Buyer should initial the box on the right of the "As Is" Paragraph. [__] Buyer(s) should keep the original Vehicle Bi Bill of Sale form offers the option to sell the vehicle "as is" or with some form of warranty. Pick whichever paragraph is appropriate and mark it with an "X". You can also take out the inapplicable eep the original Promissory Note for purchase of Vehicle containing the original signature of the Buyer. There should only be one original Promissory Note with the original signature. [__] The Vehiclees normally not need to be witnessed or notarized, although you may do so if you wish. [__] Seller(s) should keep a copy of Vehicle Bill of Sale and Odometer Disclosure Statement. [__] Seller should khould sign the Vehicle Bill of Sale and the Odometer Disclosure Statement. [__] The Buyer should sign the Odometer Disclosure Statement and Promissory Note for purchase of Vehicle [__] Signature(s) doPromissory Note for Purchase of Vehicle Form (4) simple instructions plus a checklist; and (5) additional useful information about Vehicle Bill of Sale and Promissory Note documents. [__] The Seller sInstructions & Checklist Vehicle Bill of Sale; Odometer Disclosure Statement and Promissory Note [__] This package contains (1) Vehicle Bill of Sale Form; (2) Odometer Disclosure Statement Form; (3) Rhode Island