May 25th, 2010 by Questions
I am considering doing a voluntary repo to Ford Canada in BC and I am worried that when I return the vehicle to a dealership how are the payments that are automatically withdrawn from my account stopped? What paperwork will I get when I drop off my car at Ford? How can I prove that I have done that? Is it really as easy as going there and handing them the keys? I am aware of the bad credit implications but I have been laid off for 8 months now and I have run out of options. Please advise on the voluntary return. Thank you
Posted from: British Columbia
One Response to “Voluntary Repo”
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May 26, 2010 at 8:45 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
You are correct, in most instances in BC, a seller who repossesses a vehicle because the buyer doesn’t make the payments cannot also sue the buyer for any balance owing under the purchase agreement. The seller can either repossess the vehicle or let the purchaser keep the vehicle and sue him or her for payment. In other words, the seller must “seize or sue.”
For more specific information on this you would have to discuss things with a lawyer.