Question
Sue got her very first good paying job after college and purchased a very expensive car on credit. A year later, Sue lost her job
Sue got her very first good paying job after college and purchased a very expensive car on credit. A year later, Sue lost her job and was forced to take a lower paying job. During this time, she discovered that the cars transmission was bad and a repair was necessary. When the car was repaired, the bill was more than $1,250. Sue does not have the money to pay for the car repairs, let alone the monthly car payments. Sue fell behind on her car payment and because she was unable to pay the repair bill, the shop was holding the car in the garage. They gave her 30 days to make the payment or risk sale of the vehicle to pay for the repair bill. The finance company went to Sues house to repossess the car and found that it wasnt there. Sue informed them that it was in the shop and gave the finance company the address. The credit company and the repair shop are battling over who has priority of repayment. Who has priority and why?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started