Vehicle Repossession After Loan Default
Jai has experienced severe financial difficulties and has fallen behind on nearly all of his loan payments. Consequently, representatives from his auto loan company seized his vehicle. They informed him that the company will hold the car until his account is brought current, or they will sell the vehicle if he remains unable to pay. Which of the following legal actions has occurred?
A
Jai's car was subject to foreclosure.
B
A deficiency judgment was entered against Jai.
C
The loan company defaulted on the car loan.
D
Jai defaulted on his mortgage.
E
Jai's car was repossessed.