RBC Car Loan

May 3rd, 2009 by Questions

Will submitting a consumer proposal affect an existing car loan? I`ve heard that RBC is the only bank that forecloses on car loans if you file for bankruptcy…which of course is who I have my car loan with. I need my car for work, so I`m considering a consumer proposal… Any info would be greatly appreciated. Thanks.

Posted from: Nova Scotia

Questions

One Response to “RBC Car Loan”



May 04, 2009 at 6:31 am, A licensed trustee said:

No, the filing of a consumer proposal will not affect a car loan or any other contract provided that you are current with your payments. The Bankruptcy and Insolvency Act prohibits lenders from calling in loans or canceling contracts simply because a person has filed a proposal. (The same sort of protection does not currently exist for people that file for bankruptcy – the government has changed the laws, but failed to bring them into force).

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)