The "Repo Man" Recently Repossessed Your Car for Failure to Make

question 96

Multiple Choice

The "Repo Man" recently repossessed your car 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 paid attorney fees of $300. Based on the deficiency payments clause in your loan, what are you liable for?

• A) $0; repossession means the bank must "eliminate" the debt
• B) $500
• C) $2,000
• D) $2,500
• E) none of the above

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