Bill Of Sale With Promissory Note For Automobile Template for Indonesia

The Bill Of Sale With Promissory Note For Automobile is a specialized legal instrument used in Indonesia when selling a vehicle with deferred payment arrangements. This document is particularly relevant when the full purchase price is not paid upfront, requiring a structured payment plan. It combines the essential elements of a vehicle sale agreement with a legally binding promissory note, ensuring compliance with Indonesian vehicle transfer regulations, consumer protection laws, and financial instruments legislation. The document is designed to protect both seller and buyer interests by clearly documenting the vehicle transfer, payment obligations, and security arrangements. It includes comprehensive details about the vehicle, payment schedule, warranties, and remedies in case of default, while meeting all requirements for vehicle registration transfer under Indonesian law. This type of agreement is commonly used by car dealerships, private sellers, and businesses engaged in vehicle sales where financing is provided by the seller rather than a third-party financial institution.

1. Parties: Identification of the seller and buyer with complete legal names, addresses, and identification numbers as required by Indonesian law

2. Background: Brief context of the transaction and the parties' intention to enter into a vehicle sale agreement with payment via promissory note

3. Definitions: Key terms used in the agreement including Vehicle, Purchase Price, Promissory Note, and other relevant terms

4. Vehicle Description: Detailed description of the automobile including make, model, year, color, VIN, license plate number, and other identifying features

5. Purchase Price and Payment Terms: Total purchase price, down payment amount, and terms of the promissory note including payment schedule

6. Promissory Note Terms: Specific terms of the promissory note including interest rate, payment schedule, late payment penalties, and acceleration clauses

7. Transfer of Title: Terms regarding the transfer of vehicle ownership and required documentation under Indonesian law

8. Seller's Representations and Warranties: Seller's declarations regarding vehicle ownership, condition, and absence of liens

9. Buyer's Acknowledgments: Buyer's confirmation of vehicle inspection and acceptance of condition

10. Default and Remedies: Consequences of default on the promissory note and available legal remedies

11. Governing Law: Specification of Indonesian law as governing law and jurisdiction

12. Execution: Signature blocks and notarization requirements