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


One Response to “RBC Car Loan”

, 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).

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