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| Author: |
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JD |
| Date: |
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December 29, 2003 |
| Question: |
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I need to sell my car but it needs work and I can't afford to
repair it. The loan has been sent to collections and they have agreed
to settle for substantially less than the loan but I can't get a loan to
even take them up on this offer. I am not getting a single call from
anyone to buy the car. What happens if I let them repossess the car?
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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January 5, 2004 |
| Answer: |
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If a car is repossessed, the creditor usually has the right to pursue
you for any amount owing after they have sold the vehicle and applied
the proceeds to the loan. Some contracts, however, limit creditors to
either seizing or suing. I'd suggest you check your contract to see what
rights the creditor has after a repossession.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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