Payment Plan (Installment) Agreement

Enter Amount Owed $

This is the amount owed at the time of writing this Agreement. If the Debtor is repaying a discounted amount, it can be entered later.

Describe the Goods:

Describe the Services:

Other (describe):

The OWED RENT is for the Period of:

Start Date

End Date

Vehicle Details

Make

Model

Body Type

Year

Color

Do you know the VIN?

Yes No

Vehicle Identification Number (VIN) is comprised of 17-characters.

Enter VIN:

Debtor's Name

Name of the party agreeing to the repayment.

Do you want to enter the DEBTOR'S Mailing Address?

Yes (recommended) No

Debtor's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

Creditor's Name

The party being repaid.

Do you want to enter the Creditor's Mailing Address?

Yes (recommended) No

Creditor's Mailing Address

Street Address

Address Line 2

City

State

ZIP Code

Will there be a DISCOUNTED AMOUNT if the Debtor makes all their payments on time?

Yes No

It is common to include a discounted amount as an incentive if the Debtor makes all their payments on time. If the Debtor fails to make any of the payments on time, the balance will be the original amount (less any payments made).

Enter the DISCOUNTED AMOUNT: $

Is there a DOWNPAYMENT as part of this repayment?

Yes (recommended) No

Downpayment Amount $

Will there be INTEREST (%) charged as part of this repayment plan?

Yes No

Interest Rate (%) %

Payments are due:

on a Monthly basis on a Bi-Weekly basis (2 weeks) on a Weekly basis Other

1st Payment Due

Last Payment Due

Payment is Due on the of each month

Payment is due on the of each week

Explain the Repayment Period:

Payment Instructions

Do You Wish To Specify the Exact Amount Due Each Installment?

Yes No

If no, the form will state all payments due are "equal installments." This means the amount due on the specified basis will be a number that is equal to the total debt divided by the total number of payments.

Enter the Amount Due Each Installment

Enter the dollar amount due at each installment period.

Will there be Specific Payment Instructions?

Yes No

Such as the Debtor being required to pay via direct (ACH).

Enter the Payment Instructions:

Are LATE PAYMENTS to be accepted under this Agreement?

Yes, but with a Late Fee No

The Debtor can be up to: Day(s) Late

Enter the Late Fee:

Will there be a PRE-PAYMENT PENALTY?

Yes No

Some Creditors will require a pre-payment penalty to ensure some kind of return on the borrowed money.

Enter the Pre-Payment Penalty:

Which State will govern this Agreement?

Commonly the State where the Debtor resides.

Will there be a Co-Signer under this Agreement?

Yes No

A Co-Signer, also known as a "Guarantor", allows someone else to be liable in case the Debtor does not pay. The Co-Signer would have the same liability and obligation to pay as the Debtor.

How Many Co-Signers?

Co-Signer's Name

2nd Co-Signer's Name

The 1st and 2nd Co-Signer have equal liability if the Debtor does not pay.

Any Additional Terms or Conditions?

Yes No

Enter Additional Terms & Conditions:

Date of this Agreement

The date this Agreement is written. Usually today's date.