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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 100505
Experience:  Lawyer
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I have a jeep that i am voluntarily giving back to the bank

Customer Question

i have a jeep that i am voluntarily giving back to the bank has i cant afford it i talked to the bank and they said i have to sign a paper and they say i wont get sued cause i am in Alberta just want to make sure this is true so i don't get sued as i would not have the money to do so
Submitted: 10 months ago.
Category: Canada Law
Expert:  Debra replied 10 months ago.

Hello! My name is***** you for your question. I'm reviewing it now, and will post back again shortly.

Expert:  Debra replied 10 months ago.

Is this a Conditional Sales Contract?

Customer: replied 10 months ago.
i dont know i bought it from a dealership
Expert:  Debra replied 10 months ago.

Can you get out all your documentation including what you signed for financing?

Customer: replied 10 months ago.
it is a 7 year deal with the jeep at 500 a month
Expert:  Debra replied 10 months ago.

You have to see what kind of contract you signed.

It is not necessarily the case that the seize or sue law applies.

It is only where you have a Conditional Sales contract that this rule applies.

If you do not they can both seize the jeep and then sue.

So you have to review the contract to see if they are correct or not.

Does that help as a starting point?

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

Customer: replied 10 months ago.
well thats what they told me the bank cause i am in Alberta
Expert:  Debra replied 10 months ago.

But I am telling you that in Alberta that is simply not the case for all types of contracts. It depends on the type. If you could just find your documentation we would know the answer at once.

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