Personal Finance
Money Management

Can your car be repossessed if it is also being used as collateral on another loan?


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Wiki User
2015-07-15 21:40:06
2015-07-15 21:40:06

YES, co. "A" will probably redeem the car and fuss at you for letting it get repo'ed. You might better get it covered quickly. Good Luck


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I can can be legally repossessed no matter where it goes in the USA. As long as the repossessor can find the car and identify it as the one to be repossessed. It may not be cost effective if it is a long distance unless the vehicle is of greater value than the cost of returning it and paying someone to do that. They can also wait until you return.

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Repossessed cars are usually auctioned off in the county they were repoed in, you can also try this link to help find repossessed cars,

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You can find information on repossessed car auctions on websites such as Absa (under repossessed cars), AutoBidMaster and RepoDirect. Depending on where you live there can also be local sources of information.

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