Personal Finance
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What recourse do you have if your car is repossessed for late payments on a separate unsecured personal loan made years later by the same institution?


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Wiki User
2004-09-10 14:13:27
2004-09-10 14:13:27

READ both loan contracts. IF they have a term "CROSS_COLLATERALIZATION" in them, debtor has no recourse. This can only happen if the contract has that clause in it and does happen when you have multiple loans at with one lender.


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