Fill and Sign the Promissory Note in Connection with Sale of Vehicle or Automobile Michigan Form

PROMISSORY NOTE (In Connection with Sale of Vehicle) $ _________________ _____________ County, Michigan Date: _______________ FOR VALUE RECEIVED, the undersigned Buyer(s), promise to pay to the order of ________________________ , Seller(s), whose address is ______________________________ , the sum of _______________________ ($ __________ ), together with no interest, or with interest of       percent per annum, payable in monthly installments of __________________ per month, with the first payment being due on the _________ day of ____________ , 20 ___ and a like payment on the same day of each month thereafter until fully paid. THERE will be no pre-payment penalty on this Note. IF DEFAULT is made in payment after demand, and such default shall continue for a period of 10 days, then the holder hereof may, at its option, declare the whole sum then remaining unpaid immediately due and payable. In case of any such default, the undersigned agrees to pay all costs of collection, including a reasonable attorney's fee, whether or not suit is instituted. Upon default for ten (10) days, the vehicle sold to Buyer in connection with this promissory note shall be returned to Seller(s) and Seller(s) is granted all rights of repossession as a secured party. PRESENTMENT for payment, demand, notice of dishonor, protest, notice of protest and any homestead or personal property exemption allowed by the constitutions or laws of any state are hereby waived by the undersigned. Failure by the holder hereof to exercise any option granted it hereunder shall not constitute a waiver of future rights. This Note is given to secure the payment of the purchase price of a vehicle, identified below: Make: ______ Model: __________________ Year: _____ VIN: __________________ Title to the vehicle will either be (check option) retained by Seller until all payment due under this note are paid in full, or transferred to Buyer at execution of this note, in which case Seller retains a vendors lien in said vehicle and Buyer grants to Seller a security interest in the vehicle until this note is paid in full. If title is transferred to Buyer, Seller shall be listed as a lender on the title of the vehicle, whether or not Seller elects to perfect Seller’s security interest in the vehicle. __________________________________ BORROWER/BUYER SS# __________________ BORROWER/BUYER __________________________________ BORROWER/BUYER SS# __________________ Seller Name, Address, Phone: Buyer(s) Name, Address, Phone: ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________ ______________________