[wjwall]

If I co-signed on a signature loan for my son with no collateral. The loan was for 1,500.00 and he had an unpaid balance of $300.00. Is it legal for the credit union to repossess my tahoe? Because that's exactly what they did. The loan was 6 yrs old and they made me pay them $1,200.00 to get me tahoe back. I live in Texas, is this legal?

[smoothy]

The tahoe was financed with the credit union right?


Read the papers a bit closer... they can go after any assets they have access to, its standard with Credit unions, my wife works in one. They can freeze (or Block) funds in any accounts as well and seize them if you don't pay up.


And they can do it without a court issued writ as long as its all within their institution.. Credit unions operate under a different set of rules and regulations than banks.

When you co-signed for your sons loan... YOU assumed all legal responsibilities to pay for it if he didn't.

[Fr_Chuck]

I agree, if the Tahoe has a loan at the same Credit Union, I would guess, that the loan agreements gave them that right.

If not they would have gotten a judgement against your son, and it would go against co signer, and then get a lien on your vechile.

But why did you not pay them back before, that is what a co signer has to do, pay if the other person does not