| Author: |
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Barbara |
| Date: |
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June 14, 2000 |
| Question: |
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We have 2 vehicles: a 1995 Ford Ranger, worth about
$7-8000, which is free and clear and I am making payments on the other one - a Crysler - which is worth about $17,000 the same amount as what I owe on it (a loan, not a lease, due to the miles I put on it every year). We each need a vehicle to drive to work, because we live out of town.
I read that in Alberta, we can keep a vehicle worth $5000. Now, I understand that it's between me and the loan company what happens to the Crysler, but will our truck get sold because it's worth more than the allotment, forcing us to but another cheaper one so my husband can get to work?
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From: |
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Shane Brenneis, Collins Barrow Limited |
| Date: |
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July 6, 2000 |
| Answer: |
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We would normally not make you sell the vehicle if you wanted to keep it. We
would have you appraise the vehicle and then any amount over the $5,000
could be paid to us over time.
If you have any further questions or want to come in for a free assessment
to our office, please call or email me using the information below.
Shane Brenneis
phone: (403) 298-1575
sbrenneis@collinsbarrow.com
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