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Commercial Chattel Mortgage

A chattel mortgage is a commercial loan product where the customer takes ownership of the truck at the time of purchase.

 

How It Works

Under a Chattel Mortgage the financier advances funds to the customer to purchase a truck, and the customer takes ownership at the time of purchase.

The financier then takes a mortgage over the truck as security for the loan.

Once the contract is completed, the charge is removed giving the customer clear title to the truck.

 

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