When you amuse at the end on your vehivle payments, the lender may choose to repossess the vehicle. The lender can hire someone to come and entertain the machine, or you can turn it in to the lender. Willing repossession has benefits to the borrower.
Under the Georgia Commercial Code, the lender has the correctly to obtain someone to come and impress the motorcar. The borrower can further choose to send the motorcar herself. Willing repossession costs the lender still less than forced repossession.
Deficiency
Repossession
In Georgia, under the Uniform Commercial Code, provided a borrower misses payments, a lender can repossess the automobile that serves as collateral for a loan.Voluntary Repossession
After repossessing the automobile, the lender adds the repossession costs to the balance of the loan. Then the lender sells the automobile and applies the proceeds to the borrower's current debt. Title 11, Section 11-9-607 of the Georgia Commercial Code gives the lender the right to sue the borrower for any deficiency. Because a voluntary repossession is cheaper, the deficiency will be smaller.
