purchase of a vec bc

December 17th, 2009 by Questions

purchased a truck/explained to company that we could not longer pay amount,arranged payment through post dated cheq/he accepted cheques,payment was 852.00 monthly/changed to 500.00 month/put che through early/nsf/baniff took vec that night,explained that the che was dated dec 9/ not dec 1, when che went through,took vec,what am I responible for ? thnak you

Posted from: British Columbia


One Response to “purchase of a vec bc”

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

Typically when a vehicle is seized it is sold the proceeds are used to offset the sales costs, the costs of repossession and then applied to the total balance of your loan.

In most instances what is left is insufficient to cover the full loan and it is this remaining balance (shortfall) that you are responsible for.

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.)