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

After a judgment, a creditor can take other property of yours (even your house) in some states. Each state has different exemptions so the answer depends on the state you are in.

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.

Additional Answer

No they can not. most of the post are made by ding dong repo men. If your car is repoed then its over. they may send you a letter saying you owe a balance on the car because you owed more on the car then it sold for. It all civel. And if you home is home steaded they cant touch that.

Clarification

After your car is repossessed the bank can seek a court judgment against you for any balance still owed on the loan after the bank sells the car. If you trashed a new vehicle you may still owe a large balance after the car is sold. If successful in court, the lender can record the judgment lien in the land records and you cannot sell or refinance your property until the lien is paid. In states that have homestead protection the creditor cannot force the sale of your home to satisfy the debt. However, it can keep the lien on the property and get paid if you sell or refinance. You can read about vehicle repossession at the related link below.