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#2268501 - 03/31/22 04:22 PM Military Lending Act
SallyGirl Offline
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Joined: Aug 2014
Posts: 69
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 Offline
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Posts: 8,730
OK
It not otherwise exempt, correct.
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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.
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