Site: thebankruptcysite.org
... When John financed his truck, he agreed it would serve as collateral for the loan. ... gave the lender a lien against the truck—a type of ownership interest—so the lender and John ... Soon after John bought his truck, he decided he should have purchased an electric “virtual&rdquo ... Even though John’s old truck was worth only $50,000, the dealer paid off the $60,000 loan, which ... The lender financed the remaining $10,000 in the new deal, and John drove off the lot in his new, rather ...