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More info to “Let bank repo or no?”

Additional info for previous post: Credit will be re-built through credit card, vehicle was financed, not leased. Re-financing isn’t an option, the payments can no longer be paid. The vehicle engine seized, no warranty to cover it, no extra money to replace, so vehicle is just sitting collecting dust.

Extended family will help to buy a lower cost, 2nd hand vehicle for the time being.

What is a struggling family supposed to do???

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  1. Andrew Gregg Andrew Gregg says:

    In Alberta, because it’s a financed vehicle, the “seize or sue” law applies. Simply quit making the payments. Let them take the vehicle. DO NOT SIGN ANYTHING!!! Once they have the vehicle, your financial obligation is null and void. It is illegal for them to attempt to collect any monies. The repossession will stay on your credit file for 7 years.

    Many years ago I worked in collections. PM me if you need further advice.

  2. DONT DO VOLUNTERY REPO! IM IN A LAWSUITE RIGHT NOW FOR THIS. ALBERTA LAW STATES SUE OR SEIZE THEY CAN SUE YOU OR PICK UP THE CAR. LET THEM PICK IT UP DONT CALL DONT TELL THEM IT HAS ISSUES NOTHING. IGNORE THEM LET THEM COME GET THERE JUNK!

  3. Let it go. It sounds like this is a tough time for you and your family. It will be a costly decision regardless of what you do. Best bet, though, is to speak to a credit counselling professional than to take advice from people online.

  4. In Alberta, a seize or sue law is in place which means that a creditor must choose whether they want to proceed with seizing your car, or sueing you for the money owed. They can not do both.

    Never give your keys back to a dealership, wait for the repo truck.

  5. Kara Fehr Kara Fehr says:

    Make sure you have a permanent stop payment on your bank account. They will still try to take the money even after voluntarily repo.

  6. Let it go. Voluntary repo. Call the bank and tell them to come get it but DO NOT SIGN ANYTHING.
    If they say they don’t do voluntarily repo, tell them you’re no longer making payments on it. Either they come get it now, or come get it later.

  7. Please just call money mentors. It will cost you nothing, and will be less of a hit to your credit.
    I paid my debts off in 3 years through them and they helped me rebuild credit afterwards. Doing money mentors my credit was bad only while on the program. I had no issues after.

  8. It’s not as easy as you think to rebuild credit. My friend Claimed bankruptcy. They said after a year all done and start over. Well… He cannot even open a bank account . Went to every branch. He’s had this problem going on since 1999

  9. If it is just collecting dust, payments can’t be made, and repairs need to be done, I would say let it go. If you have the option of getting help with another vehicle, and rebuilding credit, then it’s not worth the hassle of having such an expensive lawn ornament.

  10. Let it go, but because its not in working condition, you will probably be billed for repairs. They won’t forgive the remainder of the loan, without having a way to recoup their losses.

  11. Let it go, rebuild credit.

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