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Imminent Auto Seizure

I purchased a vehicle about 3 years ago. I just pulled out my bill of sale and contract. I have a conditional sales contract. I am behind in my payments, can they seize my vehicle. If they do am i on the hook for the balance owing after they sell the vehicle at auction. I heard something about a conditional sale contract if they seize it, i dont have to repay them. Is this true… Or will they chase after me for the money left owing????

Posted from: Alberta

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One Response to “Imminent Auto Seizure”

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

You are correct about a number of things. First in Alberta we do have seize or sue legislation with respect to Conditional Sales Contracts. This techincally means that the lender can either sue you for the balance of the loan or seize the vehicle, but normally cannot do both. The problem is that sometimes it can be difficult to get an institution or out of province collector to recognize this and you may need to employ the assitance of a lawyer to determine if the seize or sue legislation applies and to explain it to the collector in terms they will understand / accept.