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my car was repossessed why will i still owe the balance?
7th December 2009
i was told that i would still be liable for the balance of whatever difference the finance company sold the car for against the amount of the outstanding loan. when applying for this loan they used the car as collateral. with them repossessing the car that should end my contract with them. please advise i live in canada and not the usa
Posted in: Auction FAQ | | Comments (5)
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Yes, whatever they get from the sale of the car comes off of your debt. And it will be be little because of depreciation and all of that.
Play nice though. If they really wanted to go to it they can add in
-fees to process the repo
-fees to actually repo the car and get it to actually repo the car or if you self turned it in whatever it cost to get it to where it needs to go
-what it actually costs them to process the sale
-any legal fees
-and possibly change up your interest rate if that is in your contract in regard to default
Comment by jackson — December 7, 2009 @ 6:37 am
if you ask nicely they will give you a copy of fine print of the contract
Comment by FAH-Q — December 7, 2009 @ 6:37 am
You signed a contract to pay for the amount you borrowed. You owe the money. You had the option of selling the car to repay the balance – you choose to do nothing. You owe the money.
Comment by Mad Mama — December 7, 2009 @ 6:37 am
Sadly for you the laws are pretty much the same as the USA. You owe them
10 grand
they repossess the car for nonpayment
they sell it for 8 grand
under the original contract you have a deficiency of 2k and they can sue/garnish your wages for their money.
Comment by Mosha #2 — December 7, 2009 @ 6:37 am
Did you READ the contract? It will outline when the contract is terminated, and it usually is after the bank gets their money. If they repossess the car, they sell it at wholesale price, not retail. That knocks off a couple/few thousands of dollars, and this isn’t even considering depreciation.
Comment by Mutt — December 7, 2009 @ 6:37 am