morganspeirs morganspeirs
  • 22-07-2021
  • Business
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7. Priscilla took out a loan for a new car. What is MOST likely to be TRUE about this process?

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Parrain
Parrain Parrain
  • 27-07-2021

Answer: D. The bank will hold the title of the car until her loan is paid off.

Explanation:

When a person uses a car loan to buy a car, the car itself is also used as collateral which means that if the person defaults on the loan, the bank is allowed to repossess the car.

In order to do this, the bank will hold the title of the car until the borrower is able to pay off the loan. Only then is the title properly transferred to the owner who is this case is Priscilla.

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