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When a financial institution uses a home or car as __________, they have the right to take ownership of that item in lieu of payment. asse payment collateral debt

When a financial institution uses a home or car as __________, they have the right to take ownership of that item in lieu of payment. asse payment collateral debt
asked 191k views
5 votes
When a financial institution uses a home or car as __________, they have the right to take ownership of that item in lieu of payment.

asse
payment
collateral
debt

asked
User Ashawley
by
8.5k points

2 Answers

5 votes

Answer:

collateral

Step-by-step explanation:

I know because i took the test

answered
User Lorixx
by
8.9k points
4 votes
they can use it as payment
answered
User ZJorge
by
8.3k points
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