Frequently Asked Questions From Buyers
Q. What is ‘Take Over Payments”?
‘Take Over Payments’ is exactly how it sounds. You are taking over a pre-existing loans payments for a shorter duration, or until the end of the turn, whichever happens first. Keep in mind that you are taking over a pre-existing loan, so all interest rates and payment amounts are final
Q. What is a seasoned loan?
A seasoned loan is a loan that has already been taken out and paid on, usually after the 2 year, 90% interest period. By entering a seasoned loan, most of your payment is applied to principal, as well as keeping the loan out of your name and not on your credit
Q. What if I can’t get financed at the end of the terms?
As long as you have made all your payments on time and no problems during the contract, most sellers are willing to carry out the contract longer until you can get financing, or until the unit is paid off.
Q. What if I want to get a different unit?
With our unique program, you have the option of turning the unit back in. However, you must continue to make payments on said unit until we find another buyer. After that unit has been sold, We set you up in the unit, and you make the payments as agreed.
Q. How does insurance work?
Full coverage insurance must be on the unit at all times, with the seller listed as an additional insured and the lien holder as the loss payee. Insurance must be purchased 6 months in advance to ensure the policy stays in effect.
Q. How do I know the payment is being made?
You as the buyer have the right to request a receipt from the selling partner after each payment. As well, You may make your payments directly to the lien holder to ensure that it arrives to the correct place and on the correct account.
Q. How much is the initial Cost?
The initial cost is anywhere from 10%-15% of the sale price of the unit. As well, 3 payments are sent to the seller for escrow,which are returned to you at the end of the agreement.
Q. What about registration?
The seller would contact our office or yourself and let you know before the registration is due. By doing so, it allows you time to send the money to the seller, and have them mail the registration to you before the due date.
Q. What if the seller requests the unit back?
The seller signed the contract. By signing that contract, the only way he’s allowed get the unit back is if you fail to make payments and go in default. If the seller tries to obtain the unit back with you being in default or surrendering the unit, then he is in breach of contract
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