Legal Question in Bankruptcy in California

I have 2 separate vehicle loans with Wells Fargo Bank, and since my job layoff I have only made payments on 1 vehicle consistently. Wells Fargo will not negotiate either loan, even though I've not missed a payment on one vehicle loan. Wells Fargo Bank is threatening to reposess both vehicles, stating "financial instability", even though both vehicles have a separate loan acct. Can Wells Fargo Bank reposess a vehicle that has current payments?


Asked on 11/09/10, 10:09 am

1 Answer from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

You posted this under bankruptcy law. If you are in bankruptcy, there are separate rules for retaining vehicles. If you're not under bankruptcy, you should read the loan agreement (both sides). More than likely, if you are current on paying on a car loan and you are honoring your obligations on that agreement, a bank may not repossess it and might be in breach if it does. To give you a more definitive answer, though, all of the paperwork must be reviewed.

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Answered on 11/14/10, 12:30 pm


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