Can a bank reposses a motorcycle that was purchased with a Honda Card?
2 Answers from Attorneys
Re: Honda Card
Well, I assume the bank you are referring to is the bank underwriting the Honda Card. The real question here is whether the credit agreement contained a security interest in the motorcycle. You will need to review the loan/credit agreement very carefully to see if it specifically mentions the motorcycle or contains blanket landguage that states that the creditor is taking a security interest in all items purchased with the card. If either of these clauses were used, then, yes, the creditor can repo the vehicle. If not, then no they can't without a court order/judgment.
We will be updating our website with more repo content this week, so you should check out www.LaBellaLaw.com this weekend.