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15 August, 21:56

Adam borrowed money to buy a new car. the bank now has a lien. what can happen if Adam doesn't make his payments on time?

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  1. 15 August, 22:20
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    If Adam does not make his payments on time, the bank will charge an additional fee due to late payment.

    The bank can also demand the possession of the car if Adam fail to pay for the entire loan despite many chances given by the bank.

    The car was the collateral for the loan because the loan was for the purpose of buying the car.
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