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The Promissory Note For Car is a specialized financial document used in Canadian jurisdictions when a loan is provided for vehicle purchase and the vehicle serves as security for the loan. It's commonly used by financial institutions, car dealerships, and private lenders to document vehicle financing arrangements. The document includes essential elements required by the federal Bills of Exchange Act, along with specific provisions required by provincial secured transaction laws. It details the loan amount, payment schedule, interest rate, vehicle description, and security interest provisions. The note can be used for both consumer and commercial vehicle purchases, though consumer transactions may require additional provisions to comply with provincial consumer protection laws. This document type is particularly important as it combines the enforceability of a promissory note with the security features of a vehicle loan agreement.

1. Parties: Identification of the Lender and Borrower, including full legal names, addresses, and contact information

2. Background: Brief description of the vehicle purchase transaction and the purpose of the promissory note

3. Definitions: Key terms used in the document including 'Vehicle', 'Principal Amount', 'Interest Rate', and 'Payment Date'

4. Promise to Pay: The core promise to repay the principal amount with specified interest

5. Payment Terms: Detailed payment schedule, including amount, frequency, and due dates

6. Interest Calculation: Method of calculating interest and specification of the interest rate

7. Vehicle Description: Detailed description of the vehicle including make, model, year, VIN, and color

8. Security Interest: Declaration that the vehicle serves as security for the loan

9. Default and Acceleration: Circumstances constituting default and lender's rights upon default

10. Representations and Warranties: Borrower's declarations regarding their authority to enter into the agreement and the vehicle's condition

11. Governing Law: Specification that the note is governed by Canadian law and the applicable province