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P. Simmons
P. Simmons, Attorney
Category: Business Law
Satisfied Customers: 34297
Experience:  12+ yrs. of legal experience.
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IS A STRAW BUYER FOR AN RV LEGAL IF THE PERSON USING IT AT

Resolved Question:

IS A STRAW BUYER FOR AN RV LEGAL IF THE PERSON USING IT AT ALL TIMES IS PAYING FOR IT?
Submitted: 8 years ago.
Category: Business Law
Expert:  P. Simmons replied 8 years ago.
Thanks for the chance to assist

Like with any contract, both parties have to agree to all the terms to have a valid contract. Here, if the dealer does not want to sell to you, they can refuse to do so. Unless the refusal is based on a protected status, such as race/gender/religious preference/etc. you will have no recourse. Sorry to bear bad news




Please let me know if you have further questions; if so I will do my best to answer them. If not please hit the accept button, its the only way I get credit for my work.

Customer: replied 8 years ago.
THERE IS A LENDER THAT THE BUYER HAS BEEN APPROVED AND HAS NOTHING TO DO WITH THE DEALER-THE DEALER HAS SAID THEY WILL MAKE THE SALE TO THE BUYERS LENDER
Expert:  P. Simmons replied 8 years ago.
Understand, but the analysis is the same. You can not force another person into a contract...if they do not want to lend, they do not have to lend.

Customer: replied 8 years ago.
I AM VERY AWARE OF CLIENT/ATTORNEY CONFIDENTIALITY. TO SIMPLIFY MY QUESTION: IT IS NOT A MATTER OF FORCE THE DEALER. THE DEALER WILL ACCEPT THE LENDER AND CLOSE ON THE PURCHASE. THE BUYER ALLOWS ME TO USE HIS RV. I AM AN ADDITIONAL DRIVER ON THE INSURANCE POLICY. THEREAFTER CAN I BUY FOR THE CONSIDERATION OF $1.00 THE RV WITHOUT SUBMISSION TO THE LENDER FOR APPROVAl? FOR THE LENGTH OF THIS INQUIRY, DO I NEED TO PAY MORE?
Expert:  P. Simmons replied 8 years ago.
Thanks

Appreciate that. What you describe is certainly possible...that is, you purchase from the owner at some agreed to price.

BUT the kicker is the requirement to submit to lender...you will need to examine the contract very closely. MOst contract require that if the rig is sold, the borrower notify the lender. If you do not do this, you risk the chance that lender cancel financing on the rig. If they will not sell to you, they likely will not be happy if you purchase from the person they are lending to.





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Customer: replied 8 years ago.
FINAL ? AND I'LL BE OUT OF YOUR HAIR. IF I OFFER TO BUY THE RIG FOR $1.00 +THE AMOUNT OF THE MONTHLY PAYMENTS FOR THE TERM OF THE LOAN DOES THAT ALTER, FAVORABLY, THE TRANSACTION TO THE LENDER. MY CONCERN IS THAT I AM 73 AND THE TERM IS 15 YRS. WILL THE LENDER CONSIDER ME TOO OLD? THAT'S IT AND THANK YOU VERY MUCH

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