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The borrower is responsible for any deficiency in the balance of the loan and applicable fees that remain after the sale of the repossessed vehicle. If the borrower cannot reach an equitable repayment agreement with the lender, the lender may decide to file a lawsuit against the debtor to recover the monies owed.

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โˆ™ 2007-02-11 20:37:29
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Q: What happens when there is a voluntary repossession of a vehicle and you cannot pay the remaining 13237 debt because you are unemployed and looking for a job?
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You returned a car you purchased because you could not pay for it?

That is called voluntary repossession. You will be required to pay the difference in what the lender sells the vehicle for and the balance on the note after that amount is applied to the loan. You did avoid repossession fees by voluntarily turning the car in. Your credit will also show this repossession for 7 years.

Can a lender take a house after a voluntary repossession of vehicle in Pennsylvania?

Yes. I would say because it just should. Who r u? LOSER bye...

How will voluntary repossession of a vehicle affect a persons credit score?

Same as a regular repo. The creditor may still put the repossession on your credit report and it would stay there for up to seven years. Notice the word "may", because it is at the creditor's discretion...

How is throwing a ball voluntary?

It is voluntary because your voluntary muscells in the arm are preforming this action.

Is writing voluntary or involuntary?

voluntary because you can control writing

Are the muscles that control chewing voluntary or involuntary why?

voluntary because you have to force them to do it

Is lifting a involuntary muscle or a voluntary muscle?

voluntary because you can control it

Why you need voluntary muscles?

to live because without them you would die because your heart is a voluntary muscle

Can a professional be called as an unemployed?

yes because they could be a professional of singing or tying laces and they could be unemployed

What is volantary?

The correct spelling is voluntary instead of voluntary. Voluntary is an adjective that means giving something freely. Doing something because you want to is doing something voluntary.

Why do car dealerships offer voluntary repos if you still have to pay?

The "voluntary repossession" allows the purchaser who has defaulted the loan to avoid having to pay a repossession fee of a few to several hundred dollars. That is the ONLY advantage to the purchaser.The dealership has the vehicle back in it's possession and can unload it at an auction without having to pay a repossession fee to a repossession agent (because the purchaser "voluntarily" surrendered the vehicle).Once a car is repossessed, voluntary or not, it is (at least in most states) sent to an auction to be sold and the proceeds applied to the outstanding debt of the borrower.Usually, there are specialized auction houses dealing solely, or nearly solely with repossessed vehicles and the vehicles NEVER (that I'm aware of) bring anywhere close to the amount of the loan.This is true because first, it is (1) a dealer only wholesale auction, (2) the vehicle is a "repo" and (3) the "retail" price previously paid by the purchaser/borrower is an amount greatly inflated over and above the actual "wholesale value" of the vehicle.

Is climbing voluntary or involuntary?

Climbing is a voluntary action because you are controlling your body when you are climbing.

Is the tongue an voluntary muscle or an involuntary?

voluntary because u can move it whenever you want

Is vastus medialis a voluntary or involuntary muscle?

Its voluntary because you choose whether you can move it

Is the thigh muscle voluntary or in voluntary?

It is voluntary because you can move it up, down, and side to side. Pay better attention in class, kid.

Are biceps and triceps voluntary or involuntary muscles?

Because you can control them and they don't move on their own, it's voluntary.

What is voluntarily unemployed?

It's basically a fancy term for "lazy". "Voluntarily unemployed" means you don't have a job because you don't want to work.

Is lung muscles voluntary?

No, lungs are involuntary because voluntary means you control & involuntary means that you don't control

Which nervous system response is voluntary?

The somatic nervous system is voluntary because one can consciously control the responses.

Why are voluntary cells called voluntary?

Voluntary muscle also called skeletal muscle because it is partly under conscious control.It is supplied with nerves from the central nervous system.

Is the muscle that is associated with the thigh voluntary or involuntary?

The thigh muscle is voluntary because you can move it up and down, and side to side.

Can you cosign if you are unemployed?

That is not likely because you wouldn't be a good credit risk.

Why there are 205 million people are unemployed?

because the government in mostly democratics

Can you get a mortgages while unemployed?

No, because you don't have money to pay the mortgage.

What if you are out of work what is the law of repossesion of your vehicle?

While the people who work for the lender who gave you the loan on your vehicle may empathize with your unemplyment situation, the lender does not. They want the money you contracted to pay them for the vehicle. Failing to pay them, they want the car so they can have it sold and pay off part of the loan you owe. When we borrow money, we are gambling that we will be able to pay it back. Sometimes we win, sometimes we lose. It is what it is. There is no law prohibiting repossession because you are unemployed. Unemployment is the primary reason for repossession.