Bill Of Sale With Promissory Note For Automobile Template for Germany

The Bill Of Sale With Promissory Note For Automobile is a specialized legal instrument used in Germany when selling a vehicle with a structured payment plan. This document is particularly useful when traditional financing through a financial institution is not preferred or available. It provides legal protection for both the seller and buyer by clearly documenting the vehicle sale terms while incorporating a binding payment obligation through a promissory note. The document ensures compliance with German vehicle transfer regulations, consumer protection laws (where applicable), and civil code requirements regarding both sales and payment obligations. It's commonly used in private sales, dealership transactions, and business-to-business vehicle transfers where deferred payment is desired but a formal loan agreement isn't necessary.

1. Parties: Identification of seller and buyer with full legal names, addresses, and identification numbers

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

3. Definitions: Key terms used throughout the agreement including 'Vehicle', 'Purchase Price', 'Promissory Note', etc.

4. Vehicle Description: Detailed description of the automobile including make, model, year, VIN, mileage, color, and current condition

5. Purchase Price and Payment Terms: Total purchase price, payment structure, and reference to the promissory note terms

6. Promissory Note Terms: Details of the payment obligation including principal amount, interest rate, payment schedule, and maturity date

7. Transfer of Title: Terms regarding the transfer of vehicle ownership and registration process according to German law

8. Seller's Representations: Seller's warranties 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 payment default and available legal remedies

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