Phillip, Who Has a Loan on His Car at the Bank

Multiple Choice

Phillip, who has a loan on his car at the bank, has placed his car on consignment at the local used car lot. His law professor tells Phillip that consignments can amount to a secured type of credit. If this is true, who is the creditor?

A) the consignor
B) In this case, the professor is wrong.
C) the next purchaser of the car
D) the consignee
E) the bank