Cool cars just never go out style. Classic cars like Mercedes Benz, no matter how old, remain fabulous and precious - not to mention pricey - for years. Volkswagen and Porsche are also cars that no matter what you do, when you sit on it, you will look good.
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Ok, I am not going to rant on how my day was so miserable. Instead, I am going to talk about my chattel mortgage. But let’s get the definitions before we get going. Mortgages basically means using property as security for the performance of an obligation, usually the payment of a debt. Chattel mortgage is somewhat more precise type of mortgage which is defined wherein the purchaser borrows funds for the purchase of movable personal property (the chattel) from the lender. The lender then secures the loan with a mortgage over the chattel. Legal ownership of the chattel is transferred to purchaser at the time of purchase, and the mortgage is removed once the loan has been repaid. Get it? Got it? Good. Read the rest of this entry »

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