If You Default on Your Automobile Loan

question 80

Multiple Choice

If you default on your automobile loan:

• A) an advance notice to you is required before your car is repossessed.
• B) no advance notice is required before repossession.
• C) the federal consumer credit laws give you protection from your car being repossessed.
• D) you don't have to pay the full balance due on your automobile loan.
• E) you pay fifty percent of the balance due on your automobile loan.

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Definitions:

Tax Purposes

For Tax Purposes means considerations related to calculating tax liabilities and filing tax returns as required by law.