INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-If the proceeds from the sale of your repossessed collateral are insufficient to pay the balance due on your loan,the lender usually [can | cannot] collect the deficiency from you.
A)for the first item
B)for the second item
C)if neither item will correctly complete the statement.

Question

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. 
-If the proceeds from the sale of your repossessed collateral are insufficient to pay the balance due on your loan,the lender usually [can | cannot] collect the deficiency from you.
A)for the first item
B)for the second item
C)if neither item will correctly complete the statement.

Quizplus · Accepted Answer

The lender usually can collect the deficiency from you if the proceeds from the sale of repossessed collateral are insufficient to cover the balance due on your loan. This is known as a deficiency judgment.

INSTRUCTIONS: Choose the Word or Phrase in [ ] Which