Legal Question in Credit and Debt Law in Michigan

Here's the situation, my son has a truck loan through a Bank which is dad is a co-signer, he also has a credit card through same Bank w/ a balance of around $1500, he got behind on payments on credit card, hes been trying to work w/ them, they now are trying to repo his truck which is currently up to date on payments, what we want to know is can they repo his truck because hes behind on the credit card, & w/ his dads name being on the truck.

Asked on 7/15/11, 9:35 am

1 Answer from Attorneys

Eric Nelson Chapterhouse P.L.L.C.

The main question to be answered is whether or not they took a security interest in the car note in order to open the credit line. This wouldn't normally be the case, but it is possible if he had credit default issues in his past. You should review the terms of the credit card agreement. If you have further questions, I would be happy to consult on this matter.

[email protected]

Read more
Answered on 7/15/11, 5:52 pm

Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Michigan