Latest news with #carpayments
CTV News
28-05-2025
- Automotive
- CTV News
Ontario woman's vehicle repossessed after 2 missed car payments
A report from Equifax found more Canadians are having trouble making their car payments and if you miss two or more payments your vehicle could be repossessed.
CTV News
28-05-2025
- Business
- CTV News
Ontario woman's vehicle repossessed after 2 missed car payments
A report from Equifax found more Canadians are having trouble making their car payments and if you miss two or more payments your vehicle could be repossessed. A new report from Equifax Canada says more Canadians are having trouble making their car payments. Missing two or more payments could lead to your vehicle being repossessed. If that happens, you'll more than likely face additional charges to get your car back which could negatively impact your credit rating. 'It's been horrible with the whole situation,' said Rooselyn St. Jean of Brampton, who had her 2014 Mitsubishi Outlander repossessed in March of this year. St. Jean said when she finished college, her mother gifted her the SUV, but at the time her mom was still paying off a loan she had taken out for new tires and rims. 'The vehicle was under my name, but the loan was under my mom's name and she was making payments for it,' said St. Jean. St. Jean says her mother borrowed about $3,000 three years ago and still had a year left to make payments. She was paying $115 a month, but when she missed two payments in December and January, the SUV was repossessed from their driveway two months later. 'So, it was just two payments that were missed because my father wasn't working, and my mother was the only one working full time.' St. Jean was told with added towing, storage, and other fees she would have to pay about $2,000 to get the vehicle back, but it was money she didn't have. 'I know I don't have $2,000 sitting in my account, so I know for a fact there is a good chance I won't see my car again.' St. Jean's mother's loan was with FIX4 Capital. In a statement to CTV News, a spokesperson for FIX4 Capital said, 'Due to customer privacy regulations and in accordance with our internal policies we are unable to discuss or disclose any details related to this account.' 'However, we can confirm that the vehicle in question is currently in our possession, and the customer has not taken the necessary steps to redeem it. Please note that all internal and external procedures were followed in accordance with our company policy throughout the process—from the time of default to the repossession of the vehicle.' Canadian Debt Relief, a Canadian publisher that writes educational content on debt and personal finance topics, told CTV News it is aware there has been an increase in consumers having difficulties paying off car loans. 'We have definitely seen an increase in car repossessions,' said Martin Kosic. Kosic advises that if you receive a notice of repossession, you should contact your lender right away. 'If you contact the lender on the first missed payment, you may be able to discuss referral or restructuring options. Reach out to lenders, attempt a private sale on your own, look for refinancing options with credit unions or alternative lenders who may be able to offer more flexible payment options,' said Kosic. St. Jean said she believes her SUV has now been sold at auction and she has no idea how she'll get around, or back and forth to work. 'It's very sad and to think I'm not going to have my car is hard,' said St. Jean.
