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  1. #1
    Join Date
    Nov 2013
    Posts
    1

    Smile Can a Lender Repossess on Two Different Loans

    My question involves an auto loan or repossession in the State of: Kansas
    I am a co-signer on a auto loan with my ex-wife. I also have car loan with my current wife through the same bank. My ex-wife has failed to make the payments on the vehicle I am co-signed on. The bank has threatened to repo both that vehicle and the one my wife and I have through them if a payment is not made. Can they do that?
    Thanks in advance for any advice.

  2. #2
    Join Date
    Jul 2007
    Location
    Florida
    Posts
    2,344

    Default Re: Can a Lender Repossess on Two Different Loans

    What they can do is contained in the agreement you signed with them. Lenders often include cross-collection provisions, or collateral security interests on multiple assets. We don't have copies of your agreements.

  3. #3

    Default Re: Can a Lender Repossess on Two Different Loans

    Most likely they can if they can tie both loans to you. You are the co signer on your ex wife's loan. If you are on your current wife's loan the lender will consider both loans yours. If the loan is in her name only they can try to say that since you are married that the car is half yours so it is your loan. Don't know all the details but you are vulnerable because your ex wife's loan is in default and I assume your ex does not care if anything she does hurts you and your new wife. You need to read both contracts and consult an attorney.

  4. #4
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Can a Lender Repossess on Two Different Loans

    Quote Quoting ksguy82
    View Post
    Can they do that?
    Read both your loan contracts.

    They will tell you whether or not the bank can do that.

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