Car reposession
I have 2 cars financed with GMAC. If I let 1 go back can they repo the 2nd car. Two different account #s - but both in the same name
Asked on 11/06/06, 6:59 am
1 Answer from Attorneys
Barry Kaufman
The Law Office of Barry W. Kaufman
Re: Car reposession
It's possible GMAC can repossess the 2nd car if the loan agreement gives them that right. It's also possible that the loan documents allow them to declare you in default of all loans if you are in default on one loan, and demand the balance in full. If you couldn't pay the balance on demand, that would give them the right to repossess the 2nd car. Otherwise, no - they would probably treat each loan separate and distinct from the other. It all depends on the terms of the loan agreement(s).
Answered on 11/06/06, 8:51 am
