Posted by Ed Copp (OH) on December 29, 2000 at 19:27:38:
If it is necessary to sue it might be necessary to do it in “big claims” court.
The loss is not $500 at all. It is ALL the profit that might have been made on this transaction, from now on. This would include any mark up on the mobile home for resale as well as any interest that might have been earned during the life of the note that could have been created in connection with this sale.
Depending on the resale market value of the mobile home, and the proposed interest charged (at least industry standard), the amount of potential profit that is being lost here could be many thousands of dollars (plus attorney fees).
So why would anyone want to give this deal away for a measley $500 ?