Due to a sudden change in my income, I've been slightly behind on my car payments. The car was repossessed without notice; my oversight was that I assumed they would give a warning before resorting to repossession.

My question is, what are my current options and obligations? (the repo agency hasn't returned my phone calls yet, and I would like to understand my rights before I negotiate with them) I'm assuming my basic options are to either get the car back under some settlement, or just let them have the car:

• Under Alberta/Canadian Law, can I just let them have the car, and be off the hook for any more payments... or will I be obligated to pay the original minus resale price?
  
  
• Are they obligated to allow me a fair settlement (give me back the car in exchange for standard repo fees + missed payments), or can they just say, "Nope, you missed a payment, so you have to pay back all $20,000 right now, or we're confiscating the car".

Thank you in advance for any answers; I of course understand that you can only comment on obligations under law, and not on the terms of my specific financing contract.

The creditor's rights will depend on the wording of the original contract you signed. You may or may not be liable for the remainder of the debt after repossession and sale. Regarding your rights to retreive the vehicle after repossession, I'd suggest you seek advice from a lawyer.

Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca