Legal Question in Credit and Debt Law in New York
purchased a car
i purchased a car and received a loan from a credit union who has a lien on the title of the car I purchased. do any of my other creditors have the legal right to repossess this car?
Asked on 2/26/09, 7:35 pm
1 Answer from Attorneys
Michael Markowitz
Michael A. Markowitz, PC
Re: purchased a car
Yes. However, the credit union would be in first position. In other words, if the car is repossessed, the credit union is paid first with the remaining creditors being paid thereafter.
Mike.
Answered on 2/27/09, 9:20 am
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