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.
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???
advice please.
2007-01-31 02:38:03 · 6 answers · asked by basssman7 1 in Cars & Transportation ➔ Buying & Selling
ok...to the person who said I was behind and should have to pay for that...I agree there is extra interest, that is what interest is all about. that is not the issue here. bad answer.
to oklatom, yes it does take that long to get registered mail here. the 2 days after postmark is true if it was mailed to me from within Ontario...not the far end of another country.
I have had one of the two charges taken off so far because they put it out for repo illegally. I had paid more than 2/3 of my debt so the Ontario Consumer Protection Act comes into play. They should not have put it out...so they took that charge off.
I am awaiting word from the Gov't of Ontario on who regulates the 10 day warning.
Please do not try to answer this thread unless you have knowlege of the ONTARIO law I am asking about. American answers referring to American law does not apply here. The contract was initiated in ONTARIO
thanks.
2007-01-31 04:26:42 · update #1
Thanks Goood Deeds, but I checked with them and they say they do not apply here because my issue is not with the car dealer, but with the car financer.
2007-01-31 04:28:21 · update #2
Oh, and also oklatom. I have never broken a payment arrangement with them. (not including the original contract of course)
They are fortunate I paid the entire amount since it was included in my bankruptcy.
2007-01-31 04:30:44 · update #3
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.
2007-01-31 02:58:59 · answer #1 · answered by fire4511 7 · 1⤊ 0⤋
Repossession Canada
2016-12-12 19:44:13 · answer #2 · answered by ? 4 · 0⤊ 0⤋
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.
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.
2007-01-31 03:12:25 · answer #3 · answered by oklatom 7 · 0⤊ 0⤋
For the best answers, search on this site https://shorturl.im/ax5OT
Sorry, we have "Dry towns and counties here in the US. Although the laws you mention are Fcuking Stupid. The Biggest Hypocrisy of Liquor LAws is the Fact of . . . At the age of 18, a person can join the Military, go to war and Kill or be Killed, But this same Person Can Not legally drink . . . . A ice cold Beer! What BUSHIT!
2016-04-04 07:03:05 · answer #4 · answered by Anonymous · 0⤊ 0⤋
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.
2007-02-01 07:41:05 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Check with OMVIC
2007-01-31 02:44:34 · answer #6 · answered by ? 7 · 0⤊ 1⤋