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#2268501 - 03/31/22 04:22 PM Military Lending Act
SallyGirl Offline
Joined: Aug 2014
Posts: 87
Feeling the need for confirmation...

Credit transactions expressly intended to finance the purchase of a motor vehicle or personal property (RV, boat, airplane,etc.) when the credit is secured by the vehicle or personal property being purchased are exempt from the requirements of the MLA. However, the refinancing of any of these, whether by the same creditor or a different creditor, is covered by the MLA?

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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#2268511 - 03/31/22 05:39 PM Re: Military Lending Act SallyGirl
raitchjay Online
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Joined: Oct 2009
Posts: 9,060
It not otherwise exempt, correct.
I'm fixin' to fix that.

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#2268610 - 04/01/22 09:31 PM Re: Military Lending Act SallyGirl
Andy_Z Offline
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The refi is not "expressly" for the purchase, so I agree the refi of a purchase does not retain the purchase exemption.
My opinions are not necessarily my employers.
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