Question
Wally buys a new Ram truck from Ripon Ram for $40,000.Under the contract, Wally promises to make a $10,000 payment and to pay the balance
Wally buys a new Ram truck from Ripon Ram for $40,000.Under the contract, Wally promises to make a $10,000 payment and to pay the balance at $566 per month for 60 months. He makes the down payment and gets the keys to the Ram.Ripon Ram has an arrangement with Bank of Ripon to buy contracts like this and as usual, Ripon Ram assigns the contract without recourse to the bank. If Wally fails to make his monthly payments,
A.Ripon Ram has no further responsibility or involvement in the contract.
B.Ripon Ram must make the missing payments to the bank.
C.Ripon Ram is entitled to repossess Wally's Ram.
D.Wally must make arrangements with Ripon Ram to deal with the delinquent payments.
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