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Learn how car loan defaults and repossessions work in Ontario. This video explains what happens when borrowers fall behind on payments, outlining how financing agreements allow lenders to repossess and sell vehicles to recover debts. It covers the difference between voluntary and involuntary repossession, the costs borrowers may still owe after a sale, and how these situations can affect credit scores. Viewers will gain a clear overview of what steps can be taken to minimize losses, communicate with lenders, and understand their rights and obligations during the repossession process in Ontario.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
