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| *Ostroff, Fair and Company>>>Personal Finance |
What info is necessary to draw up a promissory note? |
I want to buy a car from a friend but she won't give me the Bill of Sale until I write one up and sign it. This will explain better than I can, what a promissory note is: http://en.wikipedia.org/wiki/promissory_... And here is a sample promissory note: http://www.promissorynotes.net/samplepro... But as the previous answer warned, be careful what you are signing. This can be used as a legal document, so don't let "open terms" be put in there, or have it made a "note on demand." 1. If SHE wants the note, SHE should draw one up herself. 2. You only need a Promissory Note if she is loaning you the price of the car. DON'T buy the car if you can't pay CASH. Apparently you will be paying monthly payments to her. The required information should be the total sale price, monthly payment amount, interest rate (if applicable), number of payments, when you should pay her each month, seller's name and signature, your name and signature..... For example: I, Jane Doe, promise to pay Joan Smith $200 per month for 36 months to total a sum of $7,200. The payment will be due on the first day of each month starting August 1, 2007 and continue until July 1, 2010. If she charges interest, that should be specified in the statement. Good luck! Ron, ChFC |
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