This 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. Titile to the vehicle will either be retained by the Seller and transferred to the Buyer once the note is paid off or transferred to the Buyer upon execution of the note, in which case Seller will retain a vendor's lien on the vehicle.
Wyoming Promissory Note in Connection with Sale of Vehicle or Automobile
State:
Wyoming
Control #:
WY-00431-D
Format:
Word;
Rich Text
Instant download
Description
How to fill out Wyoming Promissory Note In Connection With Sale Of Vehicle Or Automobile?
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FAQ
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.
A general Wyoming bill of sale does not need to be notarized. It is used for your personal records. When it is completed, both the buyer and seller should keep several copies.
Most states do not require a notary to witness the signing of a bill of sale. However, by law, a notary public must witness both parties signing the document in Louisiana, Nebraska, Maryland, New Hampshire, West Virginia, and Montana. Notaries are optional in other states.
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.
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.
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.
Original Wyoming title signed by all parties whose names appear on the front of the title. The Seller must sign in front of a notary. Even if the names on the title appear as John OR Jane Doe, both parties must sign as seller`s on the title and have their signatures notarized.
A vehicle may be operated by the new owner for 60 days when accompanied by a completed bill of sale, or 45 days with a title. If an out-of-state dealership issues a temporary for less than 60 days, a Wyoming resident can still legally drive with the paperwork for 60 days.
