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If your vehicle has already been repossessed can they repossess a different vehicle that you own outright to cover the outstanding amount?
Wiki User
∙ 15y ago
Only if that car was put up as collateral to secure the loan. Otherwise, it is theft; grand theft auto to be exact.
The creditor (company you owe money) has the recourse of the courts. They can place a lien against any real estate you own. They can get a judgment from small claims court. They can get your wages garnished, etc., but they cannot simply come and steal your other stuff. They cannot repossess the vehicle that was not collateral on the loan. They can however, file suit for the deficency balance of the original auto loan and possibly obtain a judgement. The additional vehicle or other assets (personal property) could be seized to satisfy the judgement.
Wiki User
∙ 15y ago
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