Just a vent....

[Edwina's Secretary]

Catty- sorry for these financial troubles.

As a note to anyone reading this- never give up the "right" (the car, the house, the whatever) without giving up the "responsibility" (the promise to pay). You lose the power, and find yourself in deep financial doo-doo.

I'll add to that Jo...I would never, ever co-sign for someone. NO ONE. I'll loan money. I'll give money. But NEVER co-sign. Your credit is the most valuable thing you own!

[Catty1]

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.

[Cataholic]

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.

[pomtzu]

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.

Also, in most cases, the car will not be released until the loan balance is paid in full, or a specific amount determined by the finance company or bank has been determined. Most places won't take the chance of getting burned by non payment a second time. It's just not worth the trouble to them.

Once it is repo'ed, it is towed to an impound lot which is secure and locked up tight, and there's no way someone is able to get in and just take the car. In addition to the loan balance, you also get socked with towing and storage charges on the vehicle for as long as it's impounded.

I would imagine Canadian law is pretty much the same as U.S. law.

[carole]

Hang on in there girl, so sorry you have been badly burnt by this person,you do not deserve this, i am thinking of you,You are a strong woman ,who has been through a lot of adversity in life and come through it, you will again, sending positive vibes your way and hoping life improves quickly for you ,take care and hugs.

[Catty1]

Thanks to the Creator working in many ways, I have basically to just fly to Winnipeg and pick up the vehicle! The paperwork has been all smoothed out.

Thank you all.