A Car Loan Promissory Note is a fundamental document in vehicle financing transactions under Indonesian law. It serves as both evidence of debt and a security agreement, combining the features of a promissory note with specific provisions required for vehicle financing. This document is typically used when an individual or organization borrows money specifically for vehicle purchase, with the vehicle serving as collateral. The document must comply with Indonesian banking regulations, consumer protection laws, and fiduciary security requirements. It includes essential details such as loan amount, interest rate, payment schedule, vehicle specifications, and security arrangements. The document's format and content are influenced by OJK regulations and the Indonesian Civil Code, making it a crucial instrument in the country's vehicle financing landscape.
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1. Header: Title of document, date, and reference number
2. Parties: Full legal names and addresses of the lender and borrower
3. Vehicle Details: Complete description of the vehicle including make, model, year, VIN/chassis number, and registration details
4. Loan Amount and Terms: Principal amount, interest rate, and total amount to be repaid
5. Payment Schedule: Repayment frequency, installment amounts, and payment due dates
6. Security Interest: Declaration of fiduciary security interest in the vehicle
7. Default Provisions: Consequences of missed payments or other defaults
8. Representations and Warranties: Borrower's declarations regarding their capacity to enter into the agreement and vehicle ownership
9. Governing Law: Statement that the note is governed by Indonesian law
10. Signature Block: Space for signatures, dates, and witness details
1. Insurance Requirements: Required when the lender mandates specific insurance coverage for the vehicle
2. Co-signer Details: Include when there is a guarantor or co-signer for the loan
3. Prepayment Terms: Include if early repayment is allowed and any associated penalties or calculations
4. Usage Restrictions: Include when there are specific restrictions on vehicle use or geographic limitations
5. Registration Requirements: Include when specific requirements exist for maintaining vehicle registration during the loan period
1. Payment Schedule: Detailed amortization table showing payment dates, principal and interest breakdowns
2. Vehicle Documentation: Copies of vehicle registration, insurance certificates, and inspection reports
3. Identification Documents: Copies of borrower's (and co-signer's if applicable) identification documents
4. Insurance Details: Specific insurance requirements and proof of coverage
Relevant legal definitions
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Banking & Financial Services
Automotive
Insurance
Transportation
Fleet Management
Leasing
Consumer Finance
Retail
Relevant Teams
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Finance
Compliance
Risk Management
Credit Operations
Collections
Customer Service
Documentation
Underwriting
Auto Finance
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Credit Officer
Loan Officer
Finance Manager
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Financial Advisor
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