When a consumer purchases a car on credit, it is an example of a _____.
A) sale
B) secured transaction
C) lease
D) gift
E) bailment

Name: When a consumer purchases a car on credit, it is an example of a _____. A) sale B) secured transaction C) lease D) gift E) bailment
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When a consumer purchases a car on credit, the lender usually takes a security interest in the car to secure the loan. This makes it a secured transaction, as the car serves as collateral for the loan.

When a Consumer Purchases a Car on Credit, It Is