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"Can my bank come after my other car that I have financed with them if I default on another car loan with them? "
"I bought two cars using the same lender. One of them I have been able to keep up with the payments as that car is my daily driver and the one that I really need to keep. The other car was purchased as a luxury when times were good but things have changed and I’m probably going to have to turn the car over to the lender. I want to make sure the lender is not going to come for my other car too before I do anything."
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“It really depends on who you financed the cars through. If you went through a dealer, you will probably be ok. However, if you financed through a bank, you will most likely be on the hook for any deficiencies, which means that they could pursue legal action against you. In that case, nearly any asset you have could be at risk.
Credit unions are a whole different story though, as all of your “funds” at said credit union are considered “shares.” This means that if you have a deficiency under one of your accounts, the other can be held by the credit union as well.
Regardless, this answer is just a generalization of common cases, but every lender can be different. The best way to know for sure is to review your contract and then talk with your lender.”
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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