I was in a discussion recently addressing personal property and cars. The rule separates vehicles from personal property. Excepted are cars, so RVs, 4 wheelers and the sort are separated from cars by definition. That means they are not excluded as cars.
Are they now exempted as personal property? They are not real estate, they are personal property. But since vehicles are separated from personal property, and cars are separated from other vehicles, are these other vehicles actually covered? They were separated from personal property and they were separated from cars, leaving them, in some opinions, as covered items.
(2) Exceptions. Notwithstanding paragraph (f)(1) of this section, consumer credit does not mean:
(i) A residential mortgage, which is any credit transaction secured by an interest in a dwelling, including a transaction to finance the purchase or initial construction of the dwelling, any refinance transaction, home equity loan or line of credit, or reverse mortgage;
(ii) Any credit transaction that is expressly intended to finance the purchase of a motor vehicle when the credit is secured by the vehicle being purchased;
(iii) Any credit transaction that is expressly intended to finance the purchase of personal property when the credit is secured by the property being purchased;
19. Under 32 CFR 232.3(f)(2)(ii) and 232.8(f) what methods of transportation are
included within the definition of a “vehicle”?
Answer: For purposes of the MLA, the term “vehicle” means any self-propelled
vehicle primarily used for personal, family, or household purposes for on-road
transportation. The term does not include motor homes, recreational vehicles (RVs), golf
carts, or motor scooters.
My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell