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can a bank attach a defaulted checking account balance, to a car loan that is in a account that I'm the co-signer on.
Seattle, WA
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Posted 5 months ago in Debt / Lending Agreements
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In other words, The account name on the car loan is in my name as a co-signer with my exgirlfriend & she closed her seperate checking account with a balance owing of less than <$1,500.00>. The bank attached the $1,500.00 to the car loan that is in my name.
Can they do that ??? Answers (1)
Glenn Auman Metcalf
This attorney is licensed in Iowa.
Posted 2 months ago.
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My short answer is Yes the longer answer is read your written contract with the bank. There should be two parts one the Note the second the security agreement. If you don't have them ask the bank to provide them to you (they will) What you are looking for is language like "conditions of default" or "We retain the right to deem ourselves insecure." I think you will find incredible powers in the creditor under those conditions
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