Need help with repossession laws for leased vehicle in Alberta

October 25th, 2010 by Questions

My vehicle`s lease has ended and Chrysler wants more than $5,500 for mileage charges or more than $11,000 for the buyout. They won`t work with me, even though I offered to pay $3,000 today, another $3,000 in 30 days, another $3,000 in 60 days, and the balance in 90 days. Do I have any options? Someone said they can either repossess the vehicle or sue me but not both – does this apply to lease-ended vehicles?

Posted from: Alberta


One Response to “Need help with repossession laws for leased vehicle in Alberta”

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

Likely the lease company has the option to both seize and sue. In Alberta the only finance contracts that limit the collection rights to seize or sue are conditional sales contracts, and they typically are not used for leasesa. So at this point you have to negotiate directly with Chrysler as you are indeed responsible for the additional charges.

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