Wanda is a guarantor to Chloe's car loan. Chloe stops making payments and the car is repossessed. Which statement below is correct?
A) Since the car is repossessed, Wanda has no legal obligation to repay the loan.
B) Wanda will be obligated to repay the loan but will get ownership of Chloe's car.
C) Chloe will be the only person obligated to repay the loan since the car was repossessed.
D) Wanda, as the guarantor is obligated to repay the loan since Chloe defaulted on it.
Correct Answer:
Verified
Q7: To ensure that a loan is repaid,
Q8: Copper Construction rents a large office building
Q9: Nate wishes to get a student loan
Q10: A third party that agrees to be
Q11: A third party that agrees to be
Q13: Which of the following are defenses that
Q14: An interest in property that gives the
Q15: Rob borrowed $5000 from Axel and refused
Q16: A lien that arises from a judicial
Q17: Savanna, a creditor, files a complaint against
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents