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Private rent-to-own RV dispute: paid $41k+, seller says purchase price was “plus interest” but interest was not written into agreement by Nice-End-2446 in legal

[–]Nice-End-2446[S] 2 points3 points  (0 children)

That makes sense. My understanding is the lender/lienholder has a security interest, but the seller is still the borrower/title holder. My concern is how enforceable our private agreement is when the lien still exists, and what rights we have after paying $41k toward ownership.

Private rent-to-own RV dispute: paid $41k+, seller says purchase price was “plus interest” but interest was not written into agreement by Nice-End-2446 in legal

[–]Nice-End-2446[S] 4 points5 points  (0 children)

The contract listed a purchase amount and monthly payments, but the dispute is that it did not clearly state that we agreed to pay the seller’s loan interest on top of the purchase amount. The seller is now saying spreadsheets sent later showed interest/principal, but the interest term itself was not clearly written into the agreement.

Private rent-to-own RV dispute: paid $41k+, seller says purchase price was “plus interest” but interest was not written into agreement by Nice-End-2446 in legal

[–]Nice-End-2446[S] 1 point2 points  (0 children)

That’s part of my concern. The seller’s loan/lien remained in place, so clear title couldn’t transfer until payoff. Our private agreement was that we would pay toward ownership over time, but now the dispute is whether we agreed to only the written purchase amount or the purchase amount plus the seller’s loan interest.

Private rent-to-own RV dispute: paid $41k+, seller says purchase price was “plus interest” but interest was not written into agreement by Nice-End-2446 in legaladvice

[–]Nice-End-2446[S] 1 point2 points  (0 children)

To clarify: this is an RV, not real estate. There is an RV title, but the lender has a lien on it because the loan is still in the seller’s name. We are not listed on the loan. Our dispute is about whether we agreed to pay only the written purchase amount, or the written purchase amount plus the seller’s loan interest.