Credit Union and cars/visa cross-collateralization

[Wantmypeace]

I'm curious if anyone has any idea about this:
We have two visas and two cars with our credit union. If we keep up on our car payments but do not pay our visa payments, can the credit union repossess the cars because we haven't paid the visas? One vehicle is underwater still, and the other is worth about as much as we owe, so it would be a wash. Right now, I'm sure they wouldn't want the cars, but if in a year or two the value of the vehicles is more than what we owe, even if we are current on the payments on the vehicles, if we are way behind on the visas, would they come and take the cars?

If our ch7 or ch13 doesn't work out, we may just default on the cc's and let them come after us, but if they're going to come and pick up the cars eventually, I'd rather sell them and break even when I can and then buy cars with cash or through a lender NOT connected to a visa we're defaulting on. Does that make sense?

[auttienkassiemo]

I'm curious if anyone has any idea about this:
We have two visas and two cars with our credit union. If we keep up on our car payments but do not pay our visa payments, can the credit union repossess the cars because we haven't paid the visas? One vehicle is underwater still, and the other is worth about as much as we owe, so it would be a wash. Right now, I'm sure they wouldn't want the cars, but if in a year or two the value of the vehicles is more than what we owe, even if we are current on the payments on the vehicles, if we are way behind on the visas, would they come and take the cars?

If our ch7 or ch13 doesn't work out, we may just default on the cc's and let them come after us, but if they're going to come and pick up the cars eventually, I'd rather sell them and break even when I can and then buy cars with cash or through a lender NOT connected to a visa we're defaulting on. Does that make sense?

The answer to your first question is yes. If you are behind on your visa but current on another payment they can still come after you. We have two cars with our credit union and a visa card. There was no way we would find car payments at the rates we had when we filed bankruptcy so we kept the cars, but in turn we also had to keep and pay on our visa card.

[Wantmypeace]

what to do...

So, if we do simply default, then we should probably sell the cars and get different (much cheaper, paid with cash) ones...does that sound right?