loan secured by car

Posted By: Baker

loan secured by car - 08/28/07 04:58 PM

Is a loan secured by a car for personal expenses subject to the provisions of SCRA?
Posted By: LoisLane

Re: loan secured by car - 08/29/07 02:00 PM

Yes
Posted By: Baker

Re: loan secured by car - 08/29/07 04:20 PM

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.
Posted By: Andy_Z

Re: loan secured by car - 08/30/07 12:35 AM

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.