OMVIC Practice Test

Question: 1 / 400

True or false: If a consumer defaults on a loan after making two-thirds of the payments, the dealer must get permission from the court before they can take back the car.

False

True

This statement is true. If a consumer defaults on a loan after making two-thirds of the payments, the dealer must get permission from the court before they can repossess the car. This is to protect consumers from unfair repossession and give them a chance to catch up on their payments before losing their car. Option A is incorrect because it states that the statement is false, which is incorrect. Option C and D are not provided, so they cannot be considered as possible answers. It is important to note that this rule may vary in different states and countries, and it's always best to consult a legal expert for specific cases.

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