Loan Payments Assignment | Homework For You
Question 22 (1 point) Your car was recently repossessed for failure to make payments. You still owed $5,000 on the loan, but since it was always broken, you were glad to get rid of it anyway. The bank sold the car at a wholesale auction for $3,000. The bank also paid the “Repo Man” $200 and attorney fees of $300 for the legal paper work. Based on the deficiency payments clause in your loan, what are you liable for?
a) $0; repossession means the bank must “eliminate the debt
O c) $2,000
e) none of these. Get Finance homework help today