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

question 57

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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Definitions:

Organization Development

is a systematic practice aimed at improving organizational effectiveness and employee well-being through planned interventions in the organization's processes.

Intervention

The action taken to become involved in a situation in order to help alter the outcome or improve the circumstances.

Diagnosis

The identification of the nature or cause of a condition, situation, or problem.

Status Quo

The existing state or condition of a situation, often used in the context of maintaining current circumstances.