Shep buys a car from his neighbor,Tyrone,for $8,000 and agrees to make monthly payments of $800 until the price is paid.This transaction is not sub?ject to federal credit regulations because

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Federal credit regulations typically apply to transactions involving creditors who regularly extend credit. In this case, since both parties are consumers and not professional lenders, the transaction is not subject to these regulations.

Shep Buys a Car from His Neighbor,Tyrone,for $8,000 and Agrees