Jason used his car as collateral to borrow money from his bank. After losing his job, Jason is now unable to make his monthly payments for the loan, defaulting on the loan. If Jason is unable to continue to make his payments, what is likely to happen to his car?
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If Jason have used his car as the collateral property and fails to pay his monthly installments then he have to pay more interest rate.
Otherwise, the financial lender will cease your car and make you to suffer. It depends upon the rules and agreements of the financial lender and you made during the time of borrowing money.
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