Voluntary Vehicle Surrender
September 3rd, 2009 by Questions
Hi, my husband recently lost his job and I am on maternity leave as we have just had a baby. With the added expense of our new child and my husbands lost income we decided to do a voluntary surrender of our vehicle. When I spoke with the bank that we had our loan with they assured me that under Alberta law they can `seize or sue` but not both. So they took back our car and told me I dont owe anything. About a week after the car was picked up I received a letter that confused me because to me it seems like the asset department is telling me that once the vehicle sells we may be responsible for any outstanding balance.
Is this true, I was under the impression we would not owe a single penny once the car was out of our possesion.
Please help, I am so confused.
Posted from: Alberta