two years ago, tommy borrowed $12,500 from his bank to purchase a new vehicle. unfortunately, he lost his…

two years ago, tommy borrowed $12,500 from his bank to purchase a new vehicle. unfortunately, he lost his job about a year ago, and he hasnt been able to make a payment on the loan for six months. as a result, the bank is taking steps to seize his automobile. this is called a\ndebt consolidation.\nforbearance.\nforeclosure.\nrepossession.

two years ago, tommy borrowed $12,500 from his bank to purchase a new vehicle. unfortunately, he lost his job about a year ago, and he hasnt been able to make a payment on the loan for six months. as a result, the bank is taking steps to seize his automobile. this is called a\ndebt consolidation.\nforbearance.\nforeclosure.\nrepossession.

Answer

Brief Explanations:

Debt consolidation combines debts. Forbearance is temporary relief from payments. Foreclosure is mainly for real - estate. Repossession is when a lender takes back property due to non - payment of a loan, which is the case here as the bank is seizing the automobile for non - payment.

Answer:

D. repossession