Auto Loan Promissory Note
Auto Loan Promissory Note
Date: January 15, 2060
Loan Amount: $25,000.00
Borrower:
Name: John A. Doe
Address: 1234 Elm Street
City, State, ZIP: Springfield, IL 62701
Phone Number: (555) 123-4567
Lender:
Name: [Your Company Name]
Address: [Your Company Address]
Email: [Your Email]
1. PROMISE TO PAY
For value received, the undersigned Borrower, John A. Doe, hereby promises to pay the Lender, [Your Company Name], the principal sum of Twenty-Five Thousand Dollars ($25,000.00), together with interest at the annual rate of 5.5% per annum. This obligation is binding and enforceable under the laws of the State of Illinois.
2. PAYMENT SCHEDULE
Payments shall be made as follows:
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Monthly Payment Amount: $480.00
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Payment Due Date: The 1st of each month, commencing on February 1, 2060
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Number of Payments: 60 (Fifty-Six months of regular payments and a final balloon payment)
The Borrower agrees to make a total of 60 payments, culminating in a final balloon payment on January 1, 2065.
3. LATE PAYMENT
In the event that any payment is not received by the due date, the Borrower agrees to pay a late fee of $50.00 for each late payment. Additionally, the Lender reserves the right to assess further charges or initiate collection proceedings if the account remains delinquent for more than 30 days.
4. PREPAYMENT
The Borrower has the right to prepay this loan, in whole or in part, at any time without incurring any penalties. Any prepayment will be applied to the principal balance of the loan, thereby reducing the total interest paid over the life of the loan.
5. DEFAULT
Should the Borrower fail to make any payment when due, the Lender may declare the entire remaining balance due and payable immediately. In such an event, the Lender may exercise its rights under this Note and take any necessary actions to recover the owed amount, including, but not limited to, initiating legal proceedings.
6. COLLATERAL
This loan is secured by the following vehicle:
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Make: Toyota
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Model: Camry
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Year: 2023
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VIN: 1HGBH41JXMN109186
The Borrower grants the Lender a security interest in the collateral listed above until the loan is paid in full. The Borrower agrees not to sell, transfer, or encumber the collateral without the Lender's prior written consent.
7. GOVERNING LAW
This Promissory Note shall be governed by and construed following the laws of the State of Illinois. Any disputes arising from this agreement shall be subject to the exclusive jurisdiction of the courts located within Sangamon County, Illinois.
8. MISCELLANEOUS
This Note constitutes the entire agreement between the parties and supersedes any prior agreements or understandings, whether written or oral. Any amendments or modifications to this Note must be made in writing and signed by both parties to be effective.
IN WITNESS WHEREOF, the Borrower has executed this Promissory Note on the day and year first above written.
Borrower's Signature
John A. Doe
Borrower
Lender's Signature
[Your Name], Loan Officer
[Your Company Name]
