Auto Loans - Repo - Canada

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RE: Repo

Postby footloose » Thu Nov 01, 2012 09:00:39 AM

Hello Larry

What the used car dealership told you is absolutely correct.

In B.C., when a personal use vehicle is sold under a conditional sales contract to an individual, it is registered in the Personal Property Security Registry. The Personal Property Security Act provides that if a debtor defaults on a conditional sales contract, that the creditor can either sue the debtor for the unpaid balance owing or seize the collateral ( i.e. the vehicle ), but NOT both. This is known as the "seize or sue" rule.

In the event that the creditor decides to seize the vehicle and sell it by any means and there is a shortfall between the proceeds received and the balance owing on the vehicle, the creditor cannot sue the debtor for any deficiency. Conversely, if the vehicle is sold and the creditor realizes a surplus, there is no provision in the Act to return this surplus to the debtor.

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Educating one Consumer at a time
footloose
Member
Posts: 654
Joined: Mon May 31, 2010 07:12:21 PM
Province: ON


RE: Repo

Postby footloose » Thu Nov 01, 2012 08:59:55 AM

Hello Larry

What the used car dealership told you is absolutely correct.

In B.C., when a personal use vehicle is sold under a conditional sales contract to an individual, it is registered in the Personal Property Security Registry. The Personal Property Security Act provides that if a debtor defaults on a conditional sales contract, that the creditor can either sue the debtor for the unpaid balance owing or seize the collateral ( i.e. the vehicle ), but NOT both. This is known as the "seize or sue" rule.

In the event that the creditor decides to seize the vehicle and sell it by any means and there is a shortfall between the proceeds received and the balance owing on the vehicle, the creditor cannot sue the debtor for any deficiency. Conversely, if the vehicle is sold and the creditor realizes a surplus, there is no provision in the Act to return this surplus to the debtor.

---------------------------------------------------------------------------------------------------------
Educating one Consumer at a time
footloose
Member
Posts: 654
Joined: Mon May 31, 2010 07:12:21 PM
Province: ON


RE: Repo

Postby footloose » Thu Nov 01, 2012 08:59:41 AM

Hello Larry

What the used car dealership told you is absolutely correct.

In B.C., when a personal use vehicle is sold under a conditional sales contract to an individual, it is registered in the Personal Property Security Registry. The Personal Property Security Act provides that if a debtor defaults on a conditional sales contract, that the creditor can either sue the debtor for the unpaid balance owing or seize the collateral ( i.e. the vehicle ), but NOT both. This is known as the "seize or sue" rule.

In the event that the creditor decides to seize the vehicle and sell it by any means and there is a shortfall between the proceeds received and the balance owing on the vehicle, the creditor cannot sue the debtor for any deficiency. Conversely, if the vehicle is sold and the creditor realizes a surplus, there is no provision in the Act to return this surplus to the debtor.

---------------------------------------------------------------------------------------------------------
Educating one Consumer at a time
footloose
Member
Posts: 654
Joined: Mon May 31, 2010 07:12:21 PM
Province: ON


RE: Repo

Postby Larry111 » Wed Oct 31, 2012 01:26:29 PM

fyi, i am in BC
Larry
Larry111
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Posts: 2
Joined: Wed Oct 31, 2012 01:14:19 PM
Province: BC


Repo

Postby Larry111 » Wed Oct 31, 2012 01:25:43 PM

my truck was repo'd and sold for more than what i owed. The used car dealership told me it doesnt matter if they made one dollar or ten grand.....i get nothing. is this true?
Larry
Larry111
Member
Posts: 2
Joined: Wed Oct 31, 2012 01:14:19 PM
Province: BC


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