Question
You work for EZ Financial who give loans to people with bad credit so that they can purchase a car or finance a home renovation.
You work for EZ Financial who give loans to people with bad credit so that they can purchase a car or finance a home renovation. Lily wanted to purchase a 2018 Hyundai Roo, that had 37,000 km on it. The loan was for $22,000 and Lily was to pay $218.93 bi-weekly for 5 years (60 months) at 5.5% interest.
After about 6 months Lily lost her job and was unable to pay the loan, Since Lily has not been employed, she has not paid her rent in 3 months and owes her landlord $3,000. Lily's landlord wishes to take seize Lily's car that is sitting in the driveway and sell it to cover the outstanding rent? Can the landlord seize the car?
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