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car repossession

I am having some financial problems and can`t afford to make all my payments this month. I have a car loan through a bank. If I don`t make my monthly payment, will they just show up and repossess my car? Or will they send me a letter first? I assume that there is no set amount of months or missed payments, but roughly what is the process for a repossession?

Posted from: New Brunswick

One Response to “car repossession”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

The exact process will vary between province and between institution. But typically once payments are missed the first thing the lender will do is to contact you to try and make arrangements for the payment to be caught up. If arrangements are not made, then typically a threatening letter will be sent that demands payments to catch up the loan within 10 days or the vehicle will be seized.