As stated above though, repossession isn’t the end of this tale in certain provinces. Then the borrower still has to repay the remaining amount on top of surrendering the car if the car valuation is not sufficient to cover all outstanding loan proceeds.
Imagine if the vehicle has two names in the name?
The way that the names are displayed on the title will be the final consideration in this case. Then the loan can be obtained by either member of the title if the individual names are written with вЂњor. If they’re written with вЂњandвЂќ, then twin signatures of permission will have to be obtained.More often than not, bigger banking institutions don’t provide a vehicle name loan. […]