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I am the cosigner on my ex husband’s loan (UGH!) and he is in default. My car loan is financed through the same bank. The vehicles were purchased at separate times and through separate dealerships. Can the credit union repossess my car too if his gets repo’d due to nonpayment? We are in Oregon if that helps.
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Maybe. There is probably a cross collateral agreement which ties all loans and accounts together. But it is unlikely they would repo your vehicle if you are paying on time.
They may come after you for the balance of the ex’s defaulted loan.
Comment by bdancer222 — July 2, 2010 @ 9:02 am
No, you would have to be in default before they would repossess your car.
Bad news is your credit is going to take a huge negative hit once the repossession shows up and you will also be responsible for the deficiency balance on the repossession.
If that balance is not paid then they could take you to court and sue.
Comment by Dixie Darlin' — July 2, 2010 @ 9:02 am