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
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.
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.
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
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
