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Define chattel mortgages. chattel mortgages synonyms, chattel mortgages pronunciation, chattel mortgages translation, English dictionary definition of chattel mortgages.. chattel mortgage; chattel mortgages; chattel paper; chattel personal; chattel personal; chattel personal; chattel personal.
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chattel mortgage: Lien on the personal and movable property of a borrower, instead of on land or building. Chattel mortgage is used often in the credit (hire purchase) sale of automobiles or big-ticket household appliances.
A chattel mortgage involves a finance company lending you the money to purchase a vehicle that will be primarily used for business purposes. Set repayments are then made on a monthly basis. You’ll own the vehicle outright, however, the finance company will place a "mortgage" over the vehicle, as security against the loan.
Chattel mortgage. A form of security interest, typically a legal mortgage, taken over tangible movable property (known as chattels ). Legal title to the chattel (or chattels) is transferred to the mortgagee (typically the lender) on the condition that such title will be transferred back to the mortgagor (who may be the borrower or a third party).
The definition of the depreciation cost limit differs between. For example, for a $77,009 car financed using a chattel mortgage or hire purchase contract, only 74 per cent of the interest charged.
Personal Property Manufactured Housing (Chattel). We're currently exploring opportunities to purchase personal property or chattel loans. More. Freddie Mac.
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Chattel mortgage definition: a mortgage on movable personal property | Meaning, pronunciation, translations and examples
Definition: Chattel mortgage is a loan extended to an individual or a company on a movable property. Here, the ‘chattel’ or the movable personal property which could be a car or a mobile home can be used as a security to extend the loan.
About 68 percent of all manufactured-housing purchase loans met the definition of a "higher-priced mortgage loan," meant to identify a set of loans that could be considered subprime. "Chattel loans.