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  • Conditional Acceptance

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    Roberto Monterrosa
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    Rachel-Michelle Howland wrote to the finance manager of Killeen Certified seeking to remedy the situation regarding her attempt to purchase a 2021 Chevy Silverado using funds from her Social Security Trust. She met with a salesman who said she did not qualify for financing after running her credit report. She explained that she wanted to use a 1099-A form to direct funds from her Trust to pay for the vehicle, but the salesman and finance department were unfamiliar with this process. They suggested getting a short-term loan instead, but she wanted the dealership as trustee of her Trust to accept the 1099-A form. She is looking forward to the manager's prompt reply to

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    Rachel-Michelle Howland wrote to the finance manager of Killeen Certified seeking to remedy the situation regarding her attempt to purchase a 2021 Chevy Silverado using funds from her Social Security Trust. She met with a salesman who said she did not qualify for financing after running her credit report. She explained that she wanted to use a 1099-A form to direct funds from her Trust to pay for the vehicle, but the salesman and finance department were unfamiliar with this process. They suggested getting a short-term loan instead, but she wanted the dealership as trustee of her Trust to accept the 1099-A form. She is looking forward to the manager's prompt reply to

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    1K views2 pages

    Conditional Acceptance

    Uploaded by

    Roberto Monterrosa
    Rachel-Michelle Howland wrote to the finance manager of Killeen Certified seeking to remedy the situation regarding her attempt to purchase a 2021 Chevy Silverado using funds from her Social Security Trust. She met with a salesman who said she did not qualify for financing after running her credit report. She explained that she wanted to use a 1099-A form to direct funds from her Trust to pay for the vehicle, but the salesman and finance department were unfamiliar with this process. They suggested getting a short-term loan instead, but she wanted the dealership as trustee of her Trust to accept the 1099-A form. She is looking forward to the manager's prompt reply to

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    of 2

    From: Rachel-Michelle: 

    Family of Howland, beneficiary 


    of Cestui que Trust RACHEL MICHELLE HOWLAND
    All Rights Reserved Without prejudice
    109 W Young Ave
    Temple, Texas [76501]

    TO: Finance Manager


    Killeen Certified
    3401 E Central Texas Expressway
    Temple, Texas [76501]

    Dear Mr. Newport,

    I am writing to you to seek a remedy by accepting a 1099-A payment to honor an agreement between
    Killeen Certified and me.

    On, Friday, May 6th, 2022, I went into Killeen Certified and met with Salesman,

    _________________________ who helped me as I sought to buy a new truck. He was very helpful,
    answered my questions and I decided on a 2021 Chevy Silverado 1500 LT Trail Boss VIN #
    1GCPYFELXMZ406138 just under $57,000.00.  

    We sat down, and he asked me for my driver's license, social security number and ran a credit report on
    me. He then returned and said I did not qualify to buy the car through financing, and he let me know that
    there was nothing else they could do since I did not qualify for financing.

    I then asked him if I could use my trust to pay for the car. ______________________ wasn't familiar with
    using trusts to buy automobiles.  I explained to him that it isn't uncommon for people with trust funds to
    pick out a car and use the trust to pay for the car.  I then shared with ________________ that I have a
    trust, Social Security Trust for which I am the beneficiary of and would like to use funds in the Trust to
    buy the Chevy Silverado 1500.  

    I told _______________________ that when my Social Security number was used to run a credit check
    on me that Killeen Certified became a trustee in my trust and since I am the beneficiary, the trustee has a
    fiduciary obligation to benefit the beneficiary.  Using the off-ledger funds in my Social Security Trust
    account would cover the cost of the car.  I would like to add that the credit report I signed was signed
    using my beneficiary name (Rachel-Michelle.: Howland, bene.).  See attachment.

    I provided a copy of "Instructions for Forms 1099-A and explained how the 1099-A form is for
    Acquisition (of property) (not just Abandonment of Secured Property) and said that I would like to use
    the 1099-A and with it provided the 1099 OID, 1096 and 1040V IRS forms that the dealership fills out
    and sends into the US Treasury with my completed 1099-A form.  I then said that in 45 days or less that
    the Treasury would send the full amount of the car price to Killeen Certified and then I could pick up the
    car. Actually the IRS has an 1199-A form which can direct deposit funds in 10 days or less.  That link is
    here: https://www.irs.gov/pub/irs-utl/sf-1199-a_dirdeposit.pdf 

    Since __________________________ didn't understand the process, he went to the Finance Dept and
    brought out Don Dowd who I explained the whole process to.  Don was also unaware of this perfectly
    legal financing procedure.  I showed Jake in the instruction pamphlet an example for using the 1099-A in
    acquiring "personal property" which was a "truck-2021 Chevy Silverado 1500"  Don didn't make the
    connection.

    _______________________ suggested I go to the bank and see if they would agree to creating a short-
    term loan in which I could have them file the 1099-OID, 1096 and 1040V with my 1099-A IRS forms as
    it would be better for the dealership.  I did not want to go that route as the dealership had the ability and
    responsibility to accept my 1099-A form as the trustee in my Social Security Trust.

    I look forward to your prompt reply to resolve this issue, complete the sale using my 1099-A form of
    payment to pay Killeen Certified and put me in a beautiful Chevy Silverado 1500 LT Trail Boss.

    Sincerely and without ill will, vexation or frivolity.

    By:______________________________________
          Rachel-M.: Howland, beneficiary
          Without prejudice

    Attachment:  1

    Subscribed and sworn to before me this ______ of May 2022:  Current Era.

    My commission expires: ___________

    ____________________________________
    Notary Signature

    Seal:

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