Legal Question in Credit and Debt Law in Georgia
attempted repo and another vehicle involved
i had 2 car loans with the same credit union. one got behind and they started threatening me by phone with legal action. I hid the car (wrong, I know). Th repo agent showed up at a rental property I own with a biz partner after 11pm and scared my renters and their kids by pounding on the door. The only way my name is tied to the rental proiperty is through a power bill i the name of an LLC in which I am a partner. Now, as to the second vehicle, I have paid it off but they will not give me the title. They are saying they are using it as collateral towards the other vehicle loan, even though this second vehicle has been paid in full. What are my rights? I want to pay off the second vehicle (about $3k) but I'm not going to do anything until I know what the legalities are...this credit union has always been terrible and if they have brolen the law or violated my rights, I want to throw the book at them.
Thanks for any advice.
2 Answers from Attorneys
Re: attempted repo and another vehicle involved
Getting past the "threats" of legal action (which they can do for a past due debt), and them knocking on the door, the bottom line is whether they may claim a security interest in one car for a debt on the other car. That answer may be found in the contracts you signed, but did not mention in your post.
Re: attempted repo and another vehicle involved
Credit Unions usually cross-collateralize loans. If they did, a deafult in either loan means they can repo BOTH cars. Unless you want to lose both vehicles, you need to do what you contracted to do and stop worrying about the credit union, which has done exactly what you agreed they could do when you took at the loan. (If you don't have such a clause, and that's unlikely, then you should see a lawyer).
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