Question:
I am looking for a source for what laws/procedures a company has to follow before repossessing a vehicle in Ontario Canada. I think there is a 10 day notice they have to give you..however my lender is based in Texas and by the time I get the notice it is expired.
Trade in a car and paying sales taxes?
My loan is now one payment from being over and they are claiming I have to pay $900 in fees for the two times they put my car out for repo (but did not pick up because I paid even before getting the notice in one case and same day as getting it in another). My bone of contention is that since I did not get the notice till it was expired and the car was out for repo.....that should be illegal. When they are based in Texas should the 10 days not start from when I recieve the notice?
Is there a web site for Auto dealers in Ca. that I can ask questions?
advice please.
Answers:
Read your contract! You have not been paying your car payments in a timely manor, and are subject to additional interest costs and late fees. Most likely they are not charging you fees for being out for repo, but they are charging you for the interest and late fees.
Interest is rent on the money you borrow. When you sign a contract, the payments are based on the time that you are expected to keep the money. If you have the money longer, you should expect to pay more interest (rent). If you had paid off the loan early, you would have paid less interest.
If you rent a home, and the lease is for 1 year, you pay a certain amount each month. If you move out at the end of the term, having paid the years rent, you owe nothing else. If your lease expires on January 31st, and you do not move until March 15th, you would owe more rent!
The same thing happens with a loan. You kept the money longer than was originally agreed (paying the payments late) and now you have to pay the interest and penalties.
Check with OMVIC
my landlord delivered my 1995 freightliner which was in storage to a mexican national that?
Now you are interested in the rules. Okay, generally when they give you a 10 day notice it will start 2 days after the postmark on the envelope to give it time to arrive. Not the day you receive it. I doubt it would take 12 days for mail to travel from TX to anywhere in Canada.Would you rather purchase a ....?
But, obviously you have been behind on payments at least twice if it went all the way to a repossession order twice. Even if you eventually caught up the past due payments, generally over 90 days worth by the time it goes to repossession, the lender still had expenses of taking it to that point based on your default, and deserves to regain that money. Read your contract, then make the final payment plus the $900 in fees and get your lien release and be done with it. If you can't make it all in one lump sum, call and ask and perhaps they would give you some time to do it. I wouldn't count on it though based on the way you followed your promises to them in the past.
Advice about cars required please?
Whom was the lender, was it Wells Fargo ?, I ask that question as they are the # 1 lenders in Ontario when it comes to blemished credit.More Questions & Answers ...
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