You may still owe money after repossession if there is a
A)deficiency balance.
B)contingency clause in your contract.
C)foreclosure agreement.
D)Chapter 7 bankruptcy.

Question

Quizplus · Accepted Answer

A deficiency balance is the difference between what you owed on the loan and what the lender was able to sell the repossessed item for. If the sale price is lower than what you owed, you may still owe money on the remaining balance.

You May Still Owe Money After Repossession If There Is