Results 1 to 5 of 5
  1. #1
    Join Date
    May 2007
    Posts
    3

    Default Two Vehicles, Same Lender, Only One Vehicle Defaulted

    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.

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Two vehicles, Same Lender, Only One Vehicle Defaulted

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

  3. #3
    Join Date
    May 2007
    Posts
    3

    Default Re: Two vehicles, Same Lender, Only One Vehicle Defaulted

    Good question. I will check.

  4. #4
    Join Date
    May 2007
    Posts
    3

    Default Re: Two vehicles, Same Lender, Only One Vehicle Defaulted

    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?

  5. #5
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Two vehicles, Same Lender, Only One Vehicle Defaulted

    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.

    1. Sponsored Links
       

Similar Threads

  1. Repossession: Vehicle Sold During the Process of Reinstating a Defaulted Loan
    By Bigwave in forum Cars and Dealerships
    Replies: 1
    Last Post: 08-25-2011, 09:29 PM
  2. Abandoned Vehicle Laws. How Can I Save These Vehicles on My Property
    By Mavericke in forum Vehicle Registration and Title
    Replies: 1
    Last Post: 11-13-2010, 05:59 PM
  3. Statute of Limitations on a Defaulted Vehicle Loan
    By Blackstrat in forum Cars and Dealerships
    Replies: 3
    Last Post: 02-14-2010, 04:14 PM
  4. Repossession: Repossession of One of Two Vehicles With the Same Lender
    By mtndewdewd in forum Cars and Dealerships
    Replies: 1
    Last Post: 11-29-2009, 11:13 AM
  5. Repossession: Defaulted On Vehicle Loan In 2002, Still Have Vehicle, What Happens Now?
    By squareone in forum Cars and Dealerships
    Replies: 1
    Last Post: 01-03-2008, 04:14 PM
 
 
Sponsored Links

Legal Help, Information and Resources