HomeIs it legal for the bank to make you requalify for the loan after repossession?
Wiki User
2015-07-16 18:11:02
2015-07-16 18:11:02
I didnt answer because I have never dealt with this b4. I hoped someone with experience would help you. From the banks viewpoint, I can see why they would want you to. But, your defense would be, does the contract you signed say anything about having to do so after a repo?? The contract is the basis for most actions between you and the bank. If the contract doesnt make it clear, call a local attorney for a free consultation. Good Luck
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You might be able to get a personal loan after a car repossession. However, you would get the loan at a very high interest rate one the repossession is on your credit report.
Yes, its known as an acceleration clause. It was in your contract. That enables the lender to begin the process of repossession.
i = installment loan. 8 = repossession. i8 = repossession of an installment loan (like an auto loan).
http://www.ncleg.net/gascripts/Statutes/StatutesTOC.pl
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