Question
Can a bank draft a late loan payment from you checking account in texas?
To make things more clear, my boyfriend took out a loan in his name for a friend of his (had he told me what he was up to in the beginning, I would have told him he was an idiot). and this so called friend is two weeks late with the payment. This loan was for a car that his friend is now driving. Now that I know about this, I want my boyfriend to ask the bank to take the car back, and just accept the losses and the bad credit report. He cannot afford a $360.00 monthly payment and I feel that the friend is not dependable enough to make the payments.
1 month ago - 3 answers
Best Answer
Chosen by Asker
If it is the same bank they can. If it isn't and is written in the contract they can as well. Look for a statement that says something about cross collateral.
by timothy p
1 month ago
Asker's Rating: 
Other Answers
Yes. The fine print in the loan document gives them the right to do so.
by SmartA$$- 1 month ago
Technically they are not supposed to for credit card debt (unless they get a judgment). But they can take money from an account at the same bank without asking if you are delinquent with other types of loans. So if you have a delinquent loan, it is foolish to keep cash at the same bank. Many people got caught up in that during bank mergers. It is called "right of offset" www ...
by efflandt- 1 month ago