Ace defaults on its payments to its lender

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Reference no: EM131414574

Jody goes to the Ace Dealership and purchases a car with cash that she received in her divorce settlement. Ace Dealership has an inventory of 200 cars. Jody picks a brand new car that she loves and drives home. Two weeks later, Jerry comes to Ace Dealership and purchases a used car. He also pays cash. The car Jerry purchased was formerly owned by Shady, who still owed Big Bank $2,000 on the car. Shady quit paying on the car as soon as he traded it in at Ace. Ace defaults on its payments to its lender, and the lender contacts Jody to recover her car to satisfy payment. Can the lender take Jody's car? Can Big Bank recover Jerry's car to satisfy Shady's debt?

Reference no: EM131414574

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