cross collateralization

[TBLTZ]

I have a cc and auto loan with chase bank and told the cc i would be filing for bk. Now I want to make sure they can't take my car.car is up to date on payments. Where can you find the cross collateralization documents. Is it on the auto loan or credit card?

I had the auto loan before the credit cards.

Thanks

[AngelinaCat]

Look at both places. Sometimes the teeny-tiny mice type on the back of the cc will have that information.

[chad9162]

You shouldn't have told them that. If your car is worth anything they could cross collateral if in the contract. Once you file then you are safe as long as you stay current on auto loan.

[TBLTZ]

Ugh now im worried. Don't see anything for Cross collateralization in the auto loan or cc. Should I just pay the bill to be safe....

[whipster1]

If it was a Credit Union, then I would worry...the banks almost never have the clauses.

[tkharvey]

Be afraid...be very afraid. We were in the same boat...current on auto loan but delinquent on visa with credit union. Quit paying credit cards due to our future bk. Car was repo'd in the middle of the night. Again, I was current on auto loan. The worst of it was, it was my teenage daughter's car that she pays me monthly for, but it's in my name because she's a minor. What a nightmare!

On the cover our our auto loan document it had a cross collateralization phrase on it. (We got the auto loan prior to opening credit card). I was afraid there would be trouble receiving the title of car once it was paid off due to cc being included in bankruptcy, but never in my wildest dreams did I think they would repo the car when payments have been on time.

Just be careful...

[chad9162]

Why don't you call your bank and ask them if your auto loan has a cross collateral clause??