________ is an interest a creditor automatically obtains when he or she extends credit to a consumer to purchase consumer goods.
A)Purchase money security interest
B)Cumulative security interest
C)Future advance monetary interest
D)Default interest

Question

Quizplus · Accepted Answer

A Purchase Money Security Interest (PMSI) is an interest that a creditor automatically obtains when extending credit to a consumer to purchase consumer goods. This interest essentially 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