WI Lonnie dealers take note


#1

I met with our lawyer today and found out that Wisconsin laws are “unique” and if we are financing our deals there is a very specific form that must be used. The form that he gave me is the Consumer Simple Interest Installment Sale and Security Agreement and is much more involved that the contracts that are outined in DOW. I used the forms in the books for my first few sales and never had a problem because my customers paid. Now I have one (my first one) that is behind both with me and the park. The short version of my meeting is that the homemade forms I used were “deficient” and wouldn’t stand up in court and I was advised to sign over the title to the occupant as soon as I got out of my meeting. There is a little more involved in the story, the deal was heading south in a hurry and the other side was making noises about their lawyer and court. The bright side is I did make some money off of this deal and I have a feeling they are going to get evicted from the park in another month and I may get the home back from the park owners. If anyone would like to know what forms are needed feel free to email me at jeshomes@yahoo.com, or call my cell phone at 608-931-4593.