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Voluntary Reposession

Due to a very negative circumstance, we are considering allowing our lender to repossess our vehicle. Once they take the vehicle, are they able to sue for any deficiency between what is owing on the loan and what they receive for the vehicle at auction?

Posted from: Alberta

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One Response to “Voluntary Reposession”

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

In most instances a lender can both seize the vehicle and sue for the deficiency. The only exception is if the vehicle was financed through a Conditional Sales Contract. If the vehicle was financed through this Conditional Sales Contract in most instances the lender is limited to being able to either seizing the vehicle or suing for the outstanding balance, they can’t do both. Now in Alberta I find that most lenders don’t use this Conditional Sales Contract as they have limited collection rights, but it is a type of contract that is sometimes used.