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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?
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.
What else can I help you with?
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...
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.
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...
What is voluntary unemployment?
You become volluntarily unemployed if you resign from a job rather being dismissed from it, you leave the job of your own choice.
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
Why you need voluntary muscles?
to live because without them you would die because your heart is a voluntary muscle
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.
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
Is lifting a rock boluntary or involuntary?
Climbing is a voluntary action because you are controlling your body when you are climbing.
Are Biceps voluntary?
biceps is voluntary because it only cotracts when it receive signal from the brain. Otherwise it can act reflex when some events stimulate it
