Chattel

[jennifer]

Can somebody explain to me what chattel financing is? And is it legal to require someone to put all of their down payment upfront, if they are doing a land lease deal, and they are only buying the house? I heard a lot about Oakwood homes and I am having second thought about doing business with them.

[rmurray]

Chattel finance is a form of finance similar to automobile finance..The lender will palce a lien on the title just like auto finance..

Most dealers will require the full downpayment prior to delivery..It would not normally be required to check your credit..

Now ..Oakwood...well only you can decide..If you see other Oakwoods in the park...go knock on the door and ask how they like their home..

Good Luck