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#259224 - 10/20/04 05:42 PM Open end Loans
Anonymous
Unregistered

This may be a stupid question, but can an open end loan be used to purchase vehicles? If so, does the loan not need to state term of the loan and total interest paid over the life of the loan.

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Lending Compliance
#259225 - 10/20/04 07:22 PM Re: Open end Loans
Retired DQ Offline
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Turnpike Exit 10
You may want to post this in the lending forum.

The watercooler is where you will only find jokes, frivolity and heated political and social discussions.
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Get your facts first, then you can distort them as you please. - Mark Twain

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#259226 - 10/20/04 07:22 PM Re: Open end Loans
Retired DQ Offline
10K Club
Retired DQ
Joined: Dec 2002
Posts: 40,766
Turnpike Exit 10
You may want to post this in the lending forum.

The watercooler is where you will only find jokes, frivolity and heated political and social discussions.
_________________________
Get your facts first, then you can distort them as you please. - Mark Twain

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#259227 - 10/22/04 08:47 PM Re: Open end Loans
CHT Offline
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Joined: Apr 2002
Posts: 100
Silver Spring, Maryland, USA
the short answer is: yes

Of coursed, a lot depends on who is borrowing the money so that the disclosures are correct.
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IMNSHO, FWIIW

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