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#803970 - 08/28/07 04:58 PM loan secured by car
Baker Offline
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Washington State
Is a loan secured by a car for personal expenses subject to the provisions of SCRA?

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#804671 - 08/29/07 02:00 PM Re: loan secured by car Baker
LoisLane Offline
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Yes
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#804950 - 08/29/07 04:20 PM Re: loan secured by car LoisLane
Baker Offline
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Posts: 772
Washington State
How do the rules apply other than the 6% cap? When reading through the act it states for the purchase of real property. Technically this isn't the purchase of real property, it is a loan secured by real property.

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#805544 - 08/30/07 12:35 AM Re: loan secured by car Baker
Andy_Z Offline
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The SCRA isn't restricted to real property loans.

A car loan would be restricted to 6%, no fees as they're interest, and you'd have concerns in the event of an attempt to repo and sell the car. Leases are also a focal point of the rules.
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