Two Vehicles, Same Lender, Only One Vehicle Defaulted

[shiznak]

California

Let's say I have two leased vehicles from Chrysler Financial, and one loan is in default while the other is current. If the defaulted loan results in repossession, is the other vehicle at risk since it is with the same lender?

If they repossess the one vehicle and sell it at a loss, will they try to tack on the balance to the current loan of my other vehicle? Or must they treat them separately?

Thanks for the help.

[aaron]

What does your contract with the lender say about their ability to repossess the second vehicle?

[shiznak]

Good question. I will check.

[shiznak]

There is nothing that seems to fit that scenario except that they will "Take any reasonable action to correct the Default or to prevent our loss". Is there any way to find out for sure?

[Mr. Knowitall]

The fastest way I know of to get any sort of certain answer is to ask the lender what its policies are. I would understand being nervous about doing that, but I doubt that it would worsen your situation.