June 9th, 2011 by Questions
what happens if the car loan is with more then the car is
Posted from: Ontario
June 09, 2011 at 6:46 pm, A licensed trustee said:
This is a very common situation. If you intend/want to keep the car then you need to keep making your payments. If you don’t want to keep the car you may return it to the lender, they will sell it at auction and then contact you for whatever amount you still owe on the loan.
This type of debt may be dealt with by either a consumer proposal or a bankruptcy – whether or not either of those will make sense for you depends on how much other debt you have and your ability to repay it.
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