eric bought a garden tractor at home depot using his home depot credit card. soon after, he lost his job and…

eric bought a garden tractor at home depot using his home depot credit card. soon after, he lost his job and could not make any payments on his home depot credit card, not even the minimum required payment. which of the following statements is likely true? a. home depot cannot seize any of erics goods since a home depot credit card loan is not secured. b. home depot can seize erics car and house as well as his tractor. c. home depot can take back the tractor from eric as loan collateral. d. home depot can seize any goods eric bought at home depot, including a christmas tree.

eric bought a garden tractor at home depot using his home depot credit card. soon after, he lost his job and could not make any payments on his home depot credit card, not even the minimum required payment. which of the following statements is likely true? a. home depot cannot seize any of erics goods since a home depot credit card loan is not secured. b. home depot can seize erics car and house as well as his tractor. c. home depot can take back the tractor from eric as loan collateral. d. home depot can seize any goods eric bought at home depot, including a christmas tree.

Answer

Brief Explanations:

A Home Depot credit - card loan is typically unsecured. Unsecured loans do not have specific collateral tied to them, so the lender cannot directly take back goods as collateral.

Answer:

A. Home Depot cannot seize any of Eric's goods since a Home Depot credit card loan is not secured.