Can the bank take your other assets after they repossess your vehicle?

Repossession of assets

NOOO!! the bank cannot take any assets from you without a judgement.They have the right to the vehicle thats it.Even after a judgement they cannot get your house etc.

More input from FAQ Farmers:

There's one asset they probably CAN get. If you have any deposits in the same bank - checking, savings, or CD's - you probably signed a paper that said they could "offset" the loan with these assets. It's legal in all states that I know about and quite easy for the bank to collect. Of course, if you can't make the monthly payments, you probably don't have the payoff amount in your checking account either.

First answer by Kim Seagle. Last edit by RoyR. Contributor trust: 3094 [recommend contributor]. Question popularity: 215 [recommend question]

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