Question

What will most likely happen if Tony continues to make late payments? Check all that apply.

The bank might take his car.
The bank will charge late fees.
His credit history might be damaged.
He might be charged a down payment.
He might have to add an asset to the loan.

Answer 1

Continued late payments by Tony will likely result in car repossession, imposition of late fees, and damage to his credit history. Down payments and additional assets are not standard consequences for late payments.

Step-by-step explanation:

If Tony continues to make late payments, several adverse outcomes are likely to occur:

Making a down payment is typically part of the initial loan agreement and isn't affected by late payments. Similarly, adding an asset to an existing loan agreement isn't a standard penalty for late payments and might not apply to Tony's situation unless the terms of the loan explicitly allow for such measures.

Answer 2

the answers are option 1,2,3

option one is correct because if people do not make their payments on time then the banks will seize that item.

option two is correct because banks issue late fees when payment is missed.

option three is also correct because your credit history is based on if you pay bills on time.

option four is not correct because down payments are the payments you make before receiving he car.

option five is not correct because a bank will never ask you to add assets,