Just bought a car. can the bank cross-collateralize with my CC

[albacore44]

Just bought a car per my attorneys advice. was approved by several banks, but chase had the best rate so the dealer will send them the contract. I have CC's with Chase and Wamu. will they cross-collateralize my CC's with the car ?? how do i find out ??

Thanks

[AngelinaCat]

Short answer: YES!!!!!!!

Next advice: kill that loan and go to another bank. If you can't, MOVE any and ALL checking/savings accounts to another bank with which you have ABSOLUTLEY NO AFFILIATIONS.

I hate to be negative, but you will be sorry if you don't.

There was a poster earlier today that spoke of not being able to work out a reaffirmation agreement because while his vehicle was worth only 5K, the lender tacked another 6K of CC debt onto it and would not accept budge on the reaffirmation.

You have time to stop this from happening to you.

[albacore44]

Short answer: YES!!!!!!!

Next advice: kill that loan and go to another bank. If you can't, MOVE any and ALL checking/savings accounts to another bank with which you have ABSOLUTLEY NO AFFILIATIONS.

I hate to be negative, but you will be sorry if you don't.

There was a poster earlier today that spoke of not being able to work out a reaffirmation agreement because while his vehicle was worth only 5K, the lender tacked another 6K of CC debt onto it and would not accept budge on the reaffirmation.

You have time to stop this from happening to you.

I just searched the site here and it appears only credit unions do this with secured/unsecured loans. this is Chase, a regular bank. Did it happen to you ??

[Cali]

Normally it's only CU's that cross-collateralize.

[albacore44]

Normally it's only CU's that cross-collateralize.

Heard/read that same thing , but I must be sure.

[Cali]

Did you not ask your attorney? I am sure he/she would know better about your location.

Heard/read that same thing , but I must be sure.

[Smalls]

Please let me know what happens.

I too, have a CC and a Car with Chase.

[magyar123]

Short answer: YES!!!!!!!

Next advice: kill that loan and go to another bank. If you can't, MOVE any and ALL checking/savings accounts to another bank with which you have ABSOLUTLEY NO AFFILIATIONS.

I hate to be negative, but you will be sorry if you don't.

There was a poster earlier today that spoke of not being able to work out a reaffirmation agreement because while his vehicle was worth only 5K, the lender tacked another 6K of CC debt onto it and would not accept budge on the reaffirmation.

You have time to stop this from happening to you.

Won't have to "kill" that loan. but should definitely go to another bank for a checking/savings account.
While some other posters say that it is only credit unions that collaterize I wouldn't put it past those crooked bums at Chase to rob you blind.