Credit Evaluation School Instructor eBook - Oct 2023

SCENARIO 2  Bank advanced $25,000 for purchase of a recreational boat and trailer.  Borrower has steady income and all payments have been made, and although they will occasionally run 15 or more days late, none have been more than 30 days late.  Payments are current at this time. Boat and trailer are worth $35,000.  The bank holds the title to the boat, but not to the trailer.  For this loan, would you recommend:  Pass  Special Mention  Substandard  Doubtful  Loss