Will RBC take my truck away?
October 22nd, 2014 by Questions
I have owe RBC about 20K on a credit card along with some other credit cards. I am filing for CP this month. I have a truck loan with RBC and am behind on one payment, but have made arrangements with them. My question is will RBC take my truck away if I file for CP on the credit card.
Posted from: Alberta
One Response to “Will RBC take my truck away?”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
October 22, 2014 at 7:01 am, Desmond West-Chow, CIRP said:
Something to keep in mind is that secured creditors will always have the right to repossess a vehicle secured through a loan if there has been default. This is the same whether a consumer proposal is filed or not. Typically however, the bank is going to be in a much better position if they can have you fulfill the original terms of their contract. So although there is a risk that the truck could be repossessed, it’s likely that the bank would prefer to have you keep the truck and make your ongoing payments in order to do so.