Tangible personal property is otherwise known as chattel. Chattel and real estate property can be differentiated because the property of chattel is movable whereas the real estate property is fixed at a specific location permanently. Intangible property is not transferable, cannot be touched or felt as compared to chattel. Examples of intangible assets are tradable financial assets, patents as well as intellectual property.
Concerning tax consequences and ownership rights, the differentiation of types of property has an important connotation. For example, rights concerning the chattel are generally weak and have lesser enforceability than the rights on the real estate property.
A chattel mortgage is an improved version of commercial hire purchase. Businesses use the chattel mortgage to buy new as well as used vehicles or such other equipment. The goods that can be used to be financed are used for a mortgage in a chattel mortgage. Chattel mortgage in case of vehicles as well as equipment is categorized as a cash sale. On purchasing those goods, one gets the ownership, and the finance company takes over the mortgage over the chattels. An individual can claim depreciation of assets for tax and the interest paid on the loan as an expense for setting the business income.
Structuring and benefits of chattel mortgage
A chattel mortgage is considered a flexible option in finance. Purchase in complete price is financed, or an upfront deposit is included or including trade-in for reducing monthly investments is available in the chattel mortgage. A residual payment, also known as a balloon payment, is placed concerning a chattel mortgage at the end of the term. This payment represents the end value of the equipment. Balloon payment benefits the flow of cash as it reduces the monthly repayments. An individual may choose to structure the chattel mortgage by paying the debt fully according to the terms of the agreement.
There has been substantial growth in the chattel mortgage in the businesses along with accelerated depreciation. The tax deductibility is more than other finance leases. Small businesses idealize the chattel mortgage, which falls within the simplified tax system with less than ten million dollars. Mortgaged assets can be pooled by these businesses where a specific depreciation rate can be claimed in the first year, such as 15% and later 30% of diminishing value.
Chattel Paper features of Chattel Mortgage
The document that contains information regarding the financial obligation of the borrower and the security interest held by the creditor is known as the chattel paper. Equipment lease sets an excellent example of chattel paper. In a chattel agreement, the buyer is allowed to use the equipment bought and maintain a safer position at the same time for the seller. On default of the buyer, the seller recovers the losses by selling the equipment to balance the loan amount.
Following are the features of the chattel mortgage-
Hundred percent financing is available in the chattel mortgage;
The businesses take complete ownership of the equipment;
To secure a loan, the equipment is used;
The structure of payment can be chosen as money or in arrears(which arises 30 days after the settlement of loan);
Fixed interest as well as payments for the life of the transaction;
Availability of new as well as used equipment.
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