My Bank Says if I Don’t Get My Personal Loan Current They Will Repo My Car. – Angelo

“Dear Steve,

I have both a personal loan and a car loan through my bank both loans are past due. if i payed the auto loan up to date can my car still get repoed for being past due on the personal loan (bank told me over the phone that both had to be up to date to stop the repo) is this true

Angelo”

Dear Angelo,

If your bank is a credit union I would believe that. Credit unions are marketed as the kinder bank but they have this nasty cross-collateralization arrangement where are your loans and credit cards are dependent on the other.

If it is a credit union and your personal loan was delinquent, since the car would be security for all the loans I would not be surprised if they did that.

Please post your responses and follow-up messages to me on this in the comments section below.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Damon Day - Pro Debt Coach

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