Best Answer

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.

User Avatar

Wiki User

โˆ™ 2004-09-10 14:13:27
This answer is:
User Avatar

Add your answer:

Earn +5 pts
Q: 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?
Write your answer...

Related Questions

Will you pay more interest on an unsecured personal loan than a secured one?

The amount of interest you pay depends on the institution that you borrow from. You will usually pay more on an unsecured personal loan than a secured one.

How can a personal loan be unsecured?

There are many kinds of personal loans that can be unsecured. When a loan is unsecured it just means that it isn't as protected as a regular loan and how more red tape to cross.

Which financial companies offer unsecured personal loans?

There are many financial companies that offer unsecured personal loans. Capital one offers unsecured personal loans. Also, Bank of America offers unsecured loans.

Can an unsecured loan be used to buy a personal computer?

Many banks offer unsecured personal loans for people with great credit. If you need a fast personal loan check with bank of america or chase.

What banks offer unsecured personal loans?

Many banks offer unsecured personal loans, such as M&T, Bank of America, Chase, and others. However, the circumstances and criteria of the applicant must be right. For many considering the times, most applicants would not be eligible for an unsecured personal loan.

Can you retrieve personal belongings from a repo car?

Yes you can retrieve personal belongings from your car if it gets repossessed. By law you are allowed 7 days after your car gets repossessed to retrieve your personal belongings.

Can rims be removed from a repossessed car as personal belongings?


Can your utility trailer be repossessed with your equipment inside if you are current on your payments but you owe them a personal loan?

The only way that they can legally repo your trailor is if you default on that loan or if you listed the trailor as calateral for the personal loan! if you didnt put the trailor as calateral then no they cant touch it!

What are the risks of unsecured personal loans?

Unsecured personal loans can result in being robbed. You may never see your money again because a contract was not signed by both parties. Unsecured personal loans can result in being robbed. You may never see your money again because a contract was not signed by both parties.

How does one obtain an unsecured personal loan?

Banks like CIBC provide unsecured personal loans for people that have a bad credit history. The main advantage of an unsecured loan is you can avoid paperwork and you get fast approvals, the only problem is you're not backed up by any security.

Where can one get unsecured personal loans with bad credit?

If someone has got a bad credit record then they will find it harder to get an unsecured personal loan. They will need to go to a broker to find what deals might be available.

How can one prevent bad credit from an unsecured personal loan?

The number one way to prevent bad credit from an unsecured loan is to pay off the loan as quickly as possible. Make sure payments are always on time and in the full amount. Once the loan is paid off in full your credit rating should increase.

What is unsecured personal indebtedness?

Unsecured personal indebtedness is debt that is not secured against an asset. For example, a mortgage is a debt secured against an asset, being a house. If you fail to pay your mortgage, your house will be taken of you. An unsecured debt is that of a loan or credit card bill which is not backed up by an asset.

What are some good sources for unsecured personal loans?

Banks and credit unions are sources of unsecured loans. If you must take out an unsecured personal loan, shop around for the best interest rates, loan terms Here are some things to consider before getting a payday loan.

Are you allowed to obtain your personal property from your car that was repossessed?

Yes You Are !!!!!!!!!!!!

Can they take your personal property if a used car is repossessed?


Is an auto loan a personal loan?

An auto loan and a personal loan are both loans. Personal loans can be secured or unsecured. Secured meaning that there is some form of collateral to back up the loan in the event that the borrower defaults. Unsecured loans have no collateral which usually translates into higher interest rates due to the added risk on the lender. An auto loan may carry a lower interest rate due to it being secured; if you don't make the payments you lose the car.

Who is ULServicesOnline?

ULServicesOnline-Unsecured Personal, Start-Up Business and Business Loans and Credit Lines. Borrow up to $100,000 in ULServicesOnline Unsecured Loans* and recevie the best and most current unsecured loan interest rates, terms and conditions of your unsecure loan approval.Find out how you can qualify for a ULServicesOnline Unsecured Personal Loans* program now. You'll be happy you did with your money in hand within 72 hours quickly and easily from our network our expert unsecured loan officers, specialist consultants.ULServicesOnline | Unsecured Loans | Personal LoanULServicesOnline | Installment Loans | Personal LoanULServicesOnline | StartUp Business Loan | Business Loans OnlineContact us at:

What to consider taking out an unsecured personal loan?

What the interest rate is and loan agreement

Is there a way to obtain an unsecured personal loan in Singapore?

Singapore does not provide short-term unsecured loans. Long-term personal loans must have a defined reason accepted during the underwriting process or the loan will not be granted.

Where can one find an unsecured personal loan online in the UK?

One can find a unsecured personal loan on a price comparison sight, such as uswitch.One can also go direct with a company that offers these kind of loans, such as Halifax or HSBC.

How do you minimize debt on an unsecured personal loan?

Shop around for be lowest interest rate

Where is it possible to find reviews on the best unsecured personal loan companies?

There are many places to find reviews for unsecured personal loan companies such as visiting websites online. One can also visit the local bank for further information and brochures.

Where online could a person compare the interest rates on unsecured personal loans?

There are many different online sites where a person can compare the interest rates on unsecured personal loans; some of these online sites include LendingClub, Bankrate, and Prosper.

Where can I take out an unsecured personal loan to buy a yacht?

At this income level, you are not likely to be able to take out an unsecured loan, and a yacht is most likely out of your reach. Still, you can contact any bank or credit union to learn the requirements for unsecured loans.