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Tom B.
Tom B., Barrister & Solicitor
Category: Canada Law
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Experience:  25 years in practice
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How can I voluntarily surrender my vehicle back to the bank

Resolved Question:

How can I voluntarily surrender my vehicle back to the bank since i can no longer afford it. What is the best way to do this.
Submitted: 5 years ago.
Category: Canada Law
Expert:  Tom B. replied 5 years ago.

Tom Bulmer :

Your question relates to the wording of your contract with the bank. That is something I cannot read.

Tom Bulmer :

By experience however, banks do not like the keys dropped on their desks. They lend money and only take the car when their is no other method of payment. How you deal with this issue will effect your credit for a long time so care must be taken.

Tom Bulmer :

What do you owe versus how much do you think the car is worth?

Tom Bulmer :

What province are you in?

Customer:

I'm in Alberta. I owe more than the car is worth. I'm upside down by like 8000.

Tom Bulmer :

The bank will get less for it so giving it up is not your best option. They will sell it for as much as they can get quickly.

Tom Bulmer :

You need to sell it privately and have a conversation with your bank.

Customer:

ok thanks

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