What is REFINANCED CHATTEL on EQ??

Discussion in 'Credit Talk' started by DemPooches, Oct 10, 2002.

  1. DemPooches

    DemPooches Well-Known Member

    This is on the new EQ report I'm working on and it appears as a notation on 3 of 4 Associates tradelines under "prior paying history". Under "status" they are marked "paid as agreed."

    Can someone tell me what this "REFINANCED CHATTEL" is and if it is negative? (And yes, I know finance company tradelines in general aren't desirable, but when they are positives in a sea of negs, you work with what you got.)

    DemPooches
     
  2. Butch

    Butch Well-Known Member

    Hi DP,


    UCC § 9-105. Definitions and Index of Definitions.

    (b) "Chattel paper" means a writing or writings which evidence both a monetary obligation and a security interest in or a lease of specific goods, but a charter or other contract involving the use or hire of a vessel is not chattel paper. When a transaction is evidenced both by such a security agreement or a lease and by an instrument or a series of instruments, the group of writings taken together constitutes chattel paper;

    Is this a secured transaction or Realestate?

    Chattel Paper is a description of a certain type of transaction. It is not in and of itself negative.

    hth.

    :)
     
  3. Karen

    Karen Well-Known Member

    Chattel is an old legal term for property that is movable, like a boat or car. I assume you own one of those and you refinanced it. It should not be a negative. I am suprised that someone still uses the term. Kind of like the old time term "et ux". You just don't see it used.
     
  4. whyspers

    whyspers Well-Known Member

    Finance companies usually use household goods as collateral. This would be chattel. Sooooo, if you took out a personal loan with a finance company, and refinanced, that is probably what happened.


    L
     
  5. DemPooches

    DemPooches Well-Known Member

    OK...that sounds like what she did with financing a car. Looks like she refinanced it 3 times before it was finally paid off. Looks like there is something I can actually leave alone. LOL

    It's funny, I'm finding myself to be much less willing to take a chance making a mistake on someone else's repair than I was on my own.

    Thanks for the help.

    DemPooches
     

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