December 8th, 2009 by Questions

I owe 44000 on my truck and due to economical circumstances can`t afford the payments. I have been trying to sell it for 30000 since the finance company will let me out of it for 32000 but can`t find a buyer. My question is If I tell them to take it back will they sell it at a auction and I will have to pay the difference? or will I be rid of it and take a R9 on my credit?

Posted from: Alberta


One Response to “Mark”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

If you sent the truck back you will find two things will happen. Firstly a reposession typically results in an R8 listed on your credit bureau. Second, the vehicle will be sold at auction, the sale proceeds will be used to first cover the costs of sale and repossession, then to pay off as much of the loan as possible. However, if the sale proceeds are not sufficient enough to pay the loan in full, you will be responsible for the remaining balance.

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