Installment Portal Service. Installment payment plan services are now offered exclusively by phone. For installment plan enrollment, please call 225-925-6146 and select option 3. Call centers are available Monday - Friday from 8:00 a.m. Questions about the certification program, you should contact our Enrollment Services Center at 877-669-2228, Opt. 1, before submitting your Installment Payment Contract. Can I pay by check? We do not accept check payments to initiate the installment plan.
- Free Printable Basic 1 Year Installment Payment Plan Form
- Free Printable Basic 1 Year Installment Payment Plans
- Free Printable Basic 1 Year Installment Payment Plan Template
- Free Printable Basic 1 Year Installment Payment Plan
- Free Printable Basic 1 Year Installment Payment Plan Agreement
Our printable installment sale template may be used when the seller will be accepting monthly payments when selling goods or equipment.
We have made provision on our sample document to have a lien recorded on the goods. You may choose not to record a lien, although that carries a risk should the buyer go bankrupt.
It is also important to review the guidelines regarding permissible interest rates, late payment fees, repossession upon default etc.
Note: Specific free installment sale agreements are available for selling a vehicle, motorcycle or boat.
Please refer to our main page featuring various Bill of Sale forms for links to those legal documents and additional legal guidelines to assist you in compiling your agreements.
1. THE PARTIES TO THIS INSTALLMENT SALE AND SECURITY AGREEMENT ARE:
1.1 THE SELLER:
Identity / Social Security or Other number (Specify):
1.2 THE BUYER:
Identity / Social Security or Other number (Specify):
Free Printable Basic 1 Year Installment Payment Plan Form
The parties choose the above stated addresses as their physical addresses at which legal proceedings may be instituted.
2. DESCRIPTION OF THE GOODS BEING SOLD:
3. PURCHASE PRICE AND PAYMENT TERMS:
Purchase Price: $__________ (__________________________dollars)
Less Deposit Paid: $_________ (__________________________dollars)
Outstanding Balance: $________ (__________________________dollars)
Interest Charges: Interest shall accrue at the rate of _____percent (_____%) per year on any unpaid balance.
Late Payment Fees: If payment is not made within _____days as stipulated in the payment terms the Buyer shall pay an additional late payment fee in the amount of $_______ (________________dollars).
The Buyer will pay to the Seller ___________payments of $________ (_____________________dollars) each at uninterrupted monthly intervals on the ________day of each month, starting on the ___________day of ___________________20____ until the Outstanding Balance and accrued interest is paid in full. All payments shall first be applied to outstanding late payment fees, then to accrued interest and thereafter to the Outstanding Balance.
4.1 The Buyer may prepay the Outstanding Balance in full or in part at any time without premium or penalty. All prepayments shall first be applied to outstanding late fees, then to accrued interest and thereafter to the Outstanding Balance.
5. PLACE OF PAYMENT:
5.1 Payment in terms of this installment sale agreement shall be made at the above stated address of the Seller or at such place as may be designated from time to time in writing by the Seller or assignee of this agreement. For ease of payment the Buyer may exercise the option to effect payment by direct deposit or electronic transfer of funds into the account of Seller as specified in writing.
6. ACCELERATION OF DEBT UPON DEFAULT:
6.1 If the Buyer fails to make any payment when due for whatever reason and the Seller provides notice of such failure, the Buyer must effect payment of the amount due within ____ days, failing which the Seller can demand immediate payment of the entire outstanding balance and accrued interest.
7. COLLECTION FEES:
7.1 In the event of default this installment sale and security agreement may be turned over for collection and the Buyer agrees to pay all reasonable legal fees, collection and enforcement charges to the extent permissible by law, in addition to other amounts due.
8.1 The Seller guarantees that he/she is the true and lawful owner of the above described Goods and that it is free of all encumbrances, liens and any and all legal claims.
9.1 The Seller warrants that no person shall have legal claim against the Buyer for the removal of the Goods hereby sold and the Seller warrants to indemnify and hold harmless the Buyer from any and all adverse claims arising from the sale of the Goods.
10. NO WARRANTIES OR GUARANTEES:
10.1 The Seller or his/her agent gives no warranty or guarantee other than those specified in 8.1 and 9.1
11.1 The Goods are sold 'As-Is' and the Seller shall not be liable for any defects, patent, latent or otherwise.
11.2 The Buyer admits to having inspected the Goods to his/her satisfaction and that no guarantees or warranties were expressed or implied by the Seller or his/her agent regarding the condition, quality or fitness for any purpose of the Goods.
12. SECURITY INTEREST:
12.1 A lien shall be recorded on the goods and the Seller shall retain a perfected security interest in the goods until all installment payments and all other amounts under this agreement have been paid in full.
12.2 The Buyer shall effect at his/her cost the filing of a financing statement at the relevant public offices within 5 (five) days of signing this agreement and shall furnish proof of such filing to the Seller.
13. TRANSFER OF OWNERSHIP AND COSTS:
13.1 The Seller shall issue a lien release within 5 (five) days of receiving full and final payment of all monies due under this agreement, whereafter the onus shall be on the Buyer to file the lien release with the relevant public offices.
14. POSSESSION AND TRANSFER OF RISK:
14.1 The risk passes to the Buyer once the Buyer or his/her agent takes possession of the Goods.
14.2 Loss of or damage to the goods will not release the Buyer from his/her obligations under the terms of this agreement.
14.3 The Buyer shall insure the goods against all risks with a recognized insurance company acceptable to the Seller at his/her cost. The Buyer shall furnish proof of such an insurance policy to the Seller and assign to the Seller all rights to receive proceeds of insurance to the value of the Outstanding Balance.
14.4 The Buyer shall effect all maintenance and repairs to the goods at his/her cost where necessary in order to keep it in the condition at which it was sold and any improvements to or accessories placed on the goods shall become inherent components thereof.
14.5 The Buyer will keep the goods free from any other liens or security interests.
14.6 The Buyer agrees not to sell, dispose of or transfer the rights to the goods to another party without the prior written consent of the Seller until such time as all monies have been paid under this agreement.
14.7 The Buyer shall not affix the goods to any other goods or property without prior written consent by the Seller.
15.1 The Buyer may not assign his obligations under this agreement to a third party without prior written permission by the Seller.
15.2 The Seller may assign this installment sale and security agreement to a third party without notice to the Buyer and the Buyer agrees to remain bound to any subsequent holder of this agreement under the terms of this agreement.
16.1 Upon default by the Buyer under the terms of this agreement and within 3 (three) days of demand by the Seller, the Buyer shall deliver the goods to the Seller, failing which the Seller my enter any premises where the goods are being held with or without legal process and take possession of the goods.
16.2 The Seller shall then have the right to sell the goods in any manner which he/she may deem fit and to apply the proceeds to the repayment of monies due under the agreement.
16.3 The Buyer agrees that proceeds from the sale of the goods shall first be applied to repayment of monies due under the agreement and that any surplus money shall be transferred to the Buyer.
16.4 The Buyer agrees that he/she shall remain liable for any shortfall if the proceeds from the sale of the goods are not sufficient to repay all monies due under the agreement.
16.5 No relaxation, indulgence, waiver, release or concession extended to the Buyer by the Seller and no delay or omission in the enforcement or exercising of the Seller's right under the agreement shall affect the rights of the Seller under this agreement.
17. JOINT AND SEVERAL LIABILITY:
17.1 Should there be more than one signatory to this installment sale and security agreement, their obligations shall be joint and several and each specifically agree to be bound by all the provisions as set out in this agreement.
18. BUYER'S WAIVER:
18.1 The Buyer waives demand and presentment for payment, notice of non-payment, off-set, protest and notice of protest and agrees to remain fully bound until all monies are paid in full.
18.2 The Buyer waives all defenses based on suretyship or impairment of collateral.
19. SELLER'S INDULGENCE:
19.1 No relaxation, indulgence, waiver, release or concession of any terms of this agreement by the Seller on one occasion shall be binding unless in writing and if granted shall not be applicable to any other or future occasion.
20. BINDING EFFECT:
20.1 This agreement shall be binding upon and accrue to the benefit of the parties, their successors, legal representatives and assigns.
21.1 Where appropriate words signifying one gender shall include the others and words signifying the singular shall include the plural and vice versa.
21.2 Paragraph headings are for convenience of reference only and are not intended to have any effect in the interpretation or determining of rights or obligations under this agreement.
21.3 Should any provision of this agreement be judged by an appropriate court of law as invalid, it shall not affect any of the remaining provisions whatsoever.
22.1 The parties consent to the jurisdiction of the magistrate's
(other ________________) court for the district of ______________________
Signed at this location: ______________________
on this ______day of _________________20____
This installment sale agreement was acknowledged before me
on this ______day of ____________________20____
Signature of Notary Public ______________________
Full legal Name ______________________________
My commission expires ________________________
Free Printable Basic 1 Year Installment Payment Plans
State of ________________________
County of ______________________
Installment Sale - Related Information and More Free Legal Forms:
Bill of Sale Guidelines - Additional information on how to record a lien, permissible interest rates that you may charge and the consequences of defaulting on an agreement.
Lien Release Form - To issue to the buyer of your goods upon full and final settlement of your installment sale.
Promissory Notes - For more information on unsecured loans.
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A Purchase Agreement is a legal document between two parties, the Seller who wishes to sell a piece of personal property and the Buyer who wants to buy that property. The Agreement describes the terms and conditions of the sale and ensures that both parties will follow through on their promises regarding that sale.
It should identify the following basic elements:
- Seller: the person who has the personal property and wants to sell it
- Buyer: the person who will become the new owner
- Personal Property: a detailed description of the property
- Purchase Price: how much the Buyer will be paying for it
- Payment: how and when the Seller will be paid for it
A bill of sale or invoice can and should be used in conjunction with a purchase agreement.
What is the difference between a Purchase Agreement and a Bill of Sale?
A Purchase Agreement is signed before any property or money is exchanged. It is an agreement between the parties to enter into a future transaction and documents the details of what that transaction will be.
A Bill of Sale is signed during or after the exchange of money and property. It documents the transfer of ownership from the Seller to the Buyer, and acts as a receipt to the transaction.
As a reference, this document known by other names:
Free Printable Basic 1 Year Installment Payment Plan Template
- Agreement to Sell Personal Property
- Sale and Purchase Agreement
- Contract for Sale of Personal Property
This document can cover a wide range of personal property being sold.
When a Purchase Agreement is Needed
If you are either selling or purchasing any personal property, you should consider documenting your transaction in a Personal Property Sales Contract. A written Contract will allow both parties to carefully consider and describe the details regarding the sale, and confirms each party’s understanding of how the transaction will take place.
It is also important to keep a record of the property that you sell for tax and accounting purposes. Selling property may have an impact on your tax return. The Internal Revenue Service (IRS) requires you to report all miscellaneous income, including income from the “barter and exchange of goods”. A tax lawyer or certified accountant can give you more information about how the sale of property may impact your tax return.
Some states require that a sales and use tax be added to the purchase price of personal property being sold. Be sure to include who will be responsible for any such taxes in your Purchase and Sale Agreement.
A simple Purchase and Sale Agreement could help prevent some of these consequences:
|1. Lost time||1. Lost time|
|Appearing in court to clarify ownership and title||Appearing in court to clarify ownership and title|
|Lawsuit to get full purchase price||Lawsuit over purchase price|
|Difficult to clear your name||Title transfer more difficult|
|2. Lost money||2. Lost money|
|Unexpected gift of property||Seller did not have legal title|
|Liable for fees and violations||Unfair seizure of illegal item|
|Did not get paid on time||Had to pay more money to get item|
|Penalties for improper sale||Purchased a faulty item or lemon car|
|3. Personal safety||3. Personal safety|
|Disgruntled purchaser expected the item to be in perfect condition||Faulty or defective car or item is a threat to public safety and your well being|
Most Common Uses for Purchase Agreements
Here are just a few things a Buyer or Seller might buy or sell using a Purchase Agreement:
Free Printable Basic 1 Year Installment Payment Plan
- Car or truck
- Diamond ring
- Designer gown
- Sports equipment
- Concert tickets
A simple Purchase Agreement should generally have at least the following:
- Who are the Seller and the Buyer
- What is the item being sold
- Where are the Seller and Buyer located
- When will the item be delivered
- How much is the Buyer paying for the item
Here are some other details a Purchase Agreement might include:
- Governing Law: the state’s laws that will govern the Agreement
- Payment Plan: any down payment or installments and when they are due
- Representations: the Seller owns the item, but otherwise is selling it “as is”
- Taxes: the Buyer is responsible for paying any sales and use tax
Purchase Agreement Sample
The sample purchase agreement below details an agreement between a seller and a buyer. The seller agrees to sell an item to the buyer according to the specified conditions.
Free Printable Basic 1 Year Installment Payment Plan Agreement
If you’re looking to sell or purchase a business, please use our business purchase agreement.