Posted By: Many Hats
Advertising bank-owned repos for sale in newspaper - 07/08/08 01:43 PM
We have a few manufactured homes (without land) that we took in reposession.
We want to place an ad in the paper. Are there any special disclosure requirements since this is considered a credit sale?
And, if we offered a $500 Home Depot card (or gas card) as an incentive, would this be okay?
Posted By: David Dickinson
Re: Advertising bank-owned repos for sale in newspaper - 07/08/08 01:50 PM
If you state the amount of down payment (or the percentage you're willing to lend), you trigger further disclosures. This is the only thing unique about credit sales.
There's no problem with offering the incentive that I'm aware of.
Posted By: Many Hats
Re: Advertising bank-owned repos for sale in newspaper - 07/08/08 01:57 PM
If we do indicate that a certain down payment is required...or that will will finance up to a certain percentage....where can I find the information regarding the exact disclosures that will be required?
Posted By: Dan Persfull
Re: Advertising bank-owned repos for sale in newspaper - 07/08/08 02:09 PM
Reg. Z 226.24(c) and its Commentary.
Posted By: David Dickinson
Re: Advertising bank-owned repos for sale in newspaper - 07/08/08 02:11 PM
This is exactly the type of thing we will be discussing in the upcoming Advertising Webinar (7/16):
http://calendar.bollearningconnect.com/main.php?view=event&eventid=1205417013387