Ask A Trustee: Voluntary Surrender vs. Seize or Sue

voluntary surrender

Ask A Trustee:

Voluntary Surrender vs. Seize or Sue

 

 

Hello,

I have a question about the vehicle repossession laws in British Columbia.  If I offer my vehicle back to the financial institution voluntarily, can they come after me for the shortfall or any other fees?

Thank you.

 

Colleen Says:

Hi,

A voluntary surrender is different than a seizure.  A voluntary surrender does not appear (from what I understand of case law) to allow you to access the “seize or sue” laws of BC as the vehicle was not technically seized.

 

My suggestion is to phone the creditor up and tell them that you are no longer able to make payments (and cease making payments) and let them know where the vehicle is located if they would like to come and pick it up.  When/if they come, do NOT sign a voluntary surrender form, but keep the information provided to you by the bailiff for your records.  Also, be sure to remove your plates so you can cancel your insurance.  ICBC will not allow you to cancel the insurance unless you have the plates – otherwise you may end up paying the insurance for a vehicle you no longer own.

 

If you have questions about your financial situation, contact C. E Craig & Associates for a free consultation today!


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