Credit Unions are weird... I don't understand.
I'm a member at two different credit unions and I have a car loan with each. I told the local credit union I intend to surrender my vehicle. I told the other credit union 1,000+ miles away I wanted to re-affirm. Problem is, I had a credit card and a line of credit with them and they want me to reaffirm 2X the vehicles value.
As a side note... I continue to have online access to my checking and savings accounts at both credit unions. I filed in mid-August and the accounts are still active. The only thing shut down is my credit card and line of credit.The accounts are virtually empty with less than $50 in each, but they haven't done anything with them. Why? Also, I haven't been making payments on either vehicle since before I filed but niether one has filed a motion to come and collect the collateral.
Back to my original point... The far away credit union worries me the most. I have the vehicle here with a bad transmission and it's worth $5,000 (or less) and that's when it isn't broken. At first I was hoping they'd abandon it instead of trying to come and get it from over 1,000 miles away.
How does Collaterial Protection Insurance work? I know they can't collect on the automobile debt because of the bankruptcy, but the original contract gives them permission to obtain CPI at my expense if I fail to provide proof of inusrance.
I'm starting to worry about the vehicle being abandoned. I'm thinking I may be obligated to keep it insured forever! It seems to me that they can charge me for CPI if I fail to keep it insured. Since the CPI would be charged to me beyond the date I filed, I think I'd be on the hook for the charges.
The LAST thing I want to do is haul a broken vehicle 1,000+ miles away to drop it off. On the other hand, I don't want to play the CPI game while the collateral sits here broken. Now I'm actually worried about the prospect of the vehicle being abandoned here!
I'm a member at two different credit unions and I have a car loan with each. I told the local credit union I intend to surrender my vehicle. I told the other credit union 1,000+ miles away I wanted to re-affirm. Problem is, I had a credit card and a line of credit with them and they want me to reaffirm 2X the vehicles value.
As a side note... I continue to have online access to my checking and savings accounts at both credit unions. I filed in mid-August and the accounts are still active. The only thing shut down is my credit card and line of credit.The accounts are virtually empty with less than $50 in each, but they haven't done anything with them. Why? Also, I haven't been making payments on either vehicle since before I filed but niether one has filed a motion to come and collect the collateral.
Back to my original point... The far away credit union worries me the most. I have the vehicle here with a bad transmission and it's worth $5,000 (or less) and that's when it isn't broken. At first I was hoping they'd abandon it instead of trying to come and get it from over 1,000 miles away.
How does Collaterial Protection Insurance work? I know they can't collect on the automobile debt because of the bankruptcy, but the original contract gives them permission to obtain CPI at my expense if I fail to provide proof of inusrance.
I'm starting to worry about the vehicle being abandoned. I'm thinking I may be obligated to keep it insured forever! It seems to me that they can charge me for CPI if I fail to keep it insured. Since the CPI would be charged to me beyond the date I filed, I think I'd be on the hook for the charges.
The LAST thing I want to do is haul a broken vehicle 1,000+ miles away to drop it off. On the other hand, I don't want to play the CPI game while the collateral sits here broken. Now I'm actually worried about the prospect of the vehicle being abandoned here!