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Auto Loan driving us into debt

is an auto loan from say wells fargo a secured loan?

Posted from: Manitoba

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One Response to “Auto Loan driving us into debt”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Typically you see an auto loan is a secured loan. IT can be done under a few different types of contract, but the root of these contracts is the same, if you don’t make payments on the vehicle, the lender has registered it’s interest on title and they have the right to seize the vehicle if there is any default under the original contract. A right that is preserved even should a person file a bankruptcy or a consumer proposal.