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Re secured financed vehicle

In 1997 I purchased a motorhome and had it financed by a bank. I made payments until 2002,when I could no longer make them because of incone. I informed the bank about taking the vehicle back. They would not take back.I did not hear anymore from them until Feb/2006 when they decided to sue me for the total owing including interest. I understand that once they sue for the amount owing,then they cannot repo this vehicle. If I go bankrupt, can they still claim the vehicle? Also do they have to take off the lein at the register of leins office.The vehicle does not have much value +or-$1000.deteriated condition. I live in B.C.

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One Response to “Re secured financed vehicle”

A licensed trustee said...

Normally the bank would seize the vehicle, sell it, and then pursue you for the shortfall. In your case they presumably decided that the vehicle had no value, so they are simply pursuing you directly.

If you go bankrupt, and if they bank files an unsecured claim, it may be possible to have the lien removed.

I suggest you contact a bankruptcy trustee in British Columbia to review your situation in more detail.