Quote Originally Posted by Catty1 View Post
Actually, yesterday morning my former boss said he was ready to pay cash to buy the vehicle (pay out loan).

I emailed the ex immediately. He replied that GMAC had repo'd the car the day before.

I was relieved...but getting him to sign the registration back(ownership in Alberta) will be something else.

At least I know where the vehicle is and can get it.
I don't know CA laws. In Ohio, a repo is an instant credit blemish, and the ownership of the car reverts to the loan holder. So, in Ohio, knowing where the car is after a repo is meaningless. In fact, taking the car- once the bank has exercised the right to reposess would probably land the person taking the car in criminal court.

Again, giving up the rights of ownership but still having the obligation is a financial nightmare.