Posted by Shawn J. Dostie on July 29, 2003 at 20:53:03:
You are not set up or licensed as a finance company, therefore you cannot do this. Once again, if you owned the asset, you could place a mortgage on it from this guy for whatever you want and sell it for whatever you want. You don’t, therefore you are lending money. Period, end of conversation. I am not an attorney, but if you are seriously considering this loanshark deal, instead of debating theory, I would strongly urge you to find one now. But, who am I to tell you? I only deal with finance contracts on a daily basis.