Vehicle security agreements are commonly seen as another long, boring document that comes with the purchase of a car, however, they are actually a lot more important than it may first appear. Put simply, a security agreement vehicle is a document that has some significant components, including: A security agreement will provide you with the level of security that your investment is protected in case of default which means that lenders can rest assured that they are getting their money back. When we apply this to the purchasing of a memorial from SPB Stoneworks Ltd, the investment in a memorial is a major investment in their loved one. The equivalent in this case would be that if some unexpected financial hardship happened to the family, they would not be able to pay the memorial design company and if they defaulted, the stone masons would take the memorial back.

Being an informed buyer can help you understand how secure your financial agreement is, and therefore help you understand how secure your investment is. For major purchases like a car, or a memorial, these agreements are designed to contain information about security which seeks to disclose the risk of the product. In crisply written terms in the attached article, security agreement vehicle explains: ‘…the loan product… Securing the loan… Description of collateral… Federal Truth In Lending Disclosure… Safe harbor for common discovery mistakes…’ In short, depending on your financial situation, you may need to do a lot of research into a product to understand that each part was made from good quality materials.

Likewise, when purchasing a custom memorial it pays to do your research on your supplier to see how long they have been around and whether they are members of a relevant association so that their staff are regularly trained on the latest in memorial products. Simply put, collateral is what’s put up by the borrower to secure the lender’s interest. In the case of a car, it is the vehicle itself, but for general purposes there is no specific definition of collateral, and can include assets beyond vehicles, such as property. In the context of memorials with SPB Stoneworks Ltd, the collateral would be your stone.

The value of collateral is determined differently by different lenders. In the case of a vehicle for instance, the value placed on the collateral could be several hundred dollars and in some cases, thousands, but for a memorial it may be less so, for instance, with a default taking the form of a refund of deposit. The Consumer Financial Protection Bureau is a great resource for consumers to consult when entering into a vehicle security agreement, and some of the rights and protections you have are: Consumer Financial Protection Bureau.

Likewise, with SPB Stoneworks Ltd, we have built our reputation on creating long-lasting, beautifully crafted memorials, and with millions of choices in materials and designs, we are here to help you choose the best for your unique requirements. In all of these instances, a vehicle security agreement has the same purposes as the guarantees given by SPB Stoneworks Ltd with its memorial products and warranties. Ultimately, there is one thing every consumer should note about vehicle security agreements, and the same can be said when entering into a contract with a memorial provider like SPB Stoneworks Ltd. In order to ensure the proper protection of their investment – whether that be a vehicle or a unique stone – a consumer should always carefully consider the products or services being offered and do their research on the company that is providing them, to make sure that they are not left out of pocket in the case of defective products or services.