Legal Question in Credit and Debt Law in North Carolina
repossession
if my automobile is repossessed and the institute i have the loan with is the same as where my checking, savings, and IRA are located, can this institution do anything to these assets?
Asked on 2/22/06, 7:18 am
1 Answer from Attorneys
Lynn Coleman
Attorney-Mediator
Re: repossession
You need to check your loan agreement and your account agreements. Often, they are allowed to obtain the funds from your checking and savings accounts to apply to the balance of a delinquent loan.
Answered on 2/22/06, 7:47 am
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