Voluntary surrender: If you voluntarily surrender your car to the bank, they may be able to repossess your other car as well, even if it is not mentioned in the loan agreement. This is because when you surrender your car, you are essentially giving the bank permission to repossess any of your other vehicles.
Multiple loans: If you have multiple loans with the same bank, and one of those loans is in default, the bank may be able to repossess your other car to satisfy the debt. This is known as a "cross-collateralization" clause, and it is important to be aware of it if you have multiple loans with the same bank.
Co-signed loans: If you co-signed a loan for another person, and that person defaults on the loan, the bank may be able to repossess your car to satisfy the debt. This is because when you co-sign a loan, you are agreeing to be responsible for the debt if the primary borrower defaults.
If you are concerned about the bank repossessing your other car, it is important to talk to an attorney. An attorney can help you understand your rights and options, and can represent you if the bank does try to repossess your car.
