________ is an interest a creditor automatically obtains when he or she extends credit to a consumer to purchase consumer goods.

Question

Quizplus · Accepted Answer

A purchase money security interest (PMSI) is an interest that a creditor automatically obtains when they extend credit to a consumer for the specific purpose of purchasing consumer goods. The PMSI serves as collateral for the debt and gives the creditor the right to repossess the goods if the consumer defaults on the loan.

________ Is an Interest a Creditor Automatically Obtains When He