Legal Question in Consumer Law in California

When you have two vehicles financed at the same bank, one acct is current and one acct is past due, can the bank threaten to repo both vehicles, I have been laid off work and might be starting a new job within 1-2 weeks, but the bank won't work with me(Wells Fargo)


Asked on 8/27/10, 3:30 pm

1 Answer from Attorneys
Steven Simons Law Office of Steven A. Simons

The bank can only reposess both vehicles if there is a Cross-Collatoralization agreement between you and the bank. If they "threaten" to take the other car, and the account is current, that woudl be a violation of severla California Statutes, not to mention the fair debt collections practices act.

If there has been such a threat I would encourage you to call to discuss the issues in greater detail.

Read more
Answered on 9/06/10, 6:00 pm


Related Questions & Answers

More Consumer Law questions and answers in California