weezypenguin

Does anyone have any ideas of what i can do with my exsisting Car Loan?
Just been offered a job in OZ.
Thanks in advance

Aviator

Pay it off?

PeterF

Can be done in 2 steps.


STEP 1:

Sell Car


STEP 2:

Pay off loan

snowshoveller

The car will be handy on the long drive up the yellow brick road, plus you can give a lift to Tin Man and Lion. I'd keep it.....

blue monday

Option 3: Is immoral, but if you're not planning on coming back hand the car back and default on any negative equity they say you owe.

Adrian12

Im leaving Oz for Canada.

I leave in 29 days. If you need to buy a car in Sydney - Im selling one!

Good luck in Oz - hope your salary has increased significantly by moving here - you will need it!

dbd33

And when they hunt him down in Australia and charge him extra interest and penalties, how is he going to pay?

JAJ

Option 4 : Declare bankruptcy and your debt, with certain exceptions, disappears after a period of time. However this is a serious life decision that can have long term consequences. Not recommended other than as a last resort.

Aviator

You actually have to be bankrupt to do this and prove it to a bankruptcy court. Just declaring it is not sufficient.

A bit of an extreme way to send a car back however you look at it.

blue monday

If it's anything like the UK the debt isn't enforceable in another country so no problems with that, the only problem is the morality of such actions. There has been much discussion on this forum in regard leaving debt behind.

Boy d

Not to mention the fact if one decides to return....

mandymoochops

I thought foreign debts were enforcable? Granted it apparently costs the company chasing you a lot of time and money to recover it - so if it were a small amount then doing a runner, whilst immoral, would leave you safe - but I wouldn't think that a company would want to write off a lot of high value debt because the borrower moved abroad???

dbd33

Sure it is. There may be procedural hoops to jump through but dealing with those is what debt collectors do. If it's a sensible amount of money they'll come after it.

weezypenguin

I just wondered what kind of value they would give me for the car if i hand it back. any ideas how i can work this out?
Not that i am going to skip out...but...

scrubbedexpat091

They typically auction the car off, so they likely can't give you an amount in advance.

Now depending on province what happens after that varies depending on provincial law.

In BC if they repo the car and its a purchase and not a lease, the lender can't come after you.

http://bc-lawline.blogspot.com/2006/...or-sue_26.html

"In BC, there is a "seize or sue" law that applies to "consumer goods". If you never used the car for business, it would probably qualify as a "consumer good". That means if you default on your the loan that is against your car, the lender has two choices - they can seize your car, in which case that means that the entire debt against the car is gone. If that was your only debt, you wouldn't need to do a bankruptcy. The other choice the lender has if you default on your payments (and if you're not in bankruptcy) is that they can sue you for the full amount of your loan, but give up their rights to the car (although they might be able to still take the car under a court judgment if the car is worth more than $5,000)."

http://www.mnpdebt.ca/en/personal/bl...-sue-law-in-bc


When I could not make payments on my car loan back in 2008 and had it repoed once the car was gone, I never heard a thing from the lender again, and 3 years later still nothing, and the lawyer I asked in BC about this, stated the same thing as the 2 links above.

It will hurt your credit, but if your not coming back to Canada anytime soon, that may not be a concern for you.