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Help with credit union and Vehicle

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  • Help with credit union and Vehicle

    In 2005 we had our house refied with a Credit Union. A few months after that we bought a truck through the credit union and also had a credit card through them. Our house was taken in foreclosure due to brain tumor for me and job loss for my husband. We continued to pay on the truck and now have about 5 payments left on it. We are behind on it right now as we moved out of state for work and my husband was laid off for about a 6 week period w/o unemployment. We had planned on paying it off next month with our income tax return however on Monday we received a judgment order request for the foreclosed home remaining loan amount. We are now considering BK for just my husband as this is all in his name. If we do this can they still take our truck when we pay it off? We also will be declaring BK on the credit card through them. I am just wondering if we should keep the money as they may take the truck even after it is paid?

  • #2
    Some of the more expert people will answer you soon, I am sure. I just wanted to tell you to get any money you may have in any accounts with that credit union OUT right now, and make sure you have no direct deposits going into any accounts associated with them! Now, right now!

    You should be able to keep the truck if you get the payment current and keep paying on it even if you file BK, as long as the truck loan is not tied into your home loan.
    Filed Ch 7 Pro Se 11-18-2010 341 Meeting 12-16-2010 Discharged 2-15-2011
    New Job 7-2011

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    • #3
      I had two car loans and a credit card through my credit union. I was current on both car loans, however, I started to fall behind on CC payments. Something I learned about credit unions, it's called cross-collateralization. I started receiveing phone calls and letters saying that they where going to repo both of my vehicles due to deliquent CC payments. Apparently,somewhere buried in the loan docs, it states the vehicles are now collateral for my credit card. Lesson learned!

      Needless to say, I filed BK the following week.

      As far as your questions goes- I don't believe they can repo the truck once it is paid off.

      Hopefully, someone else can confirm!

      Good luck

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      • #4
        If it is cross-collateralized, they can as it secures other accounts, like the mortgage and the credit card(s). That's the problem with credit unions.

        The key is, you may be able to request that they bifurcate that vehicle from the cross-collateralization of the mortgage and the credit card(s). This would mean that the cross-collateralization would be removed for the vehicle. This can only be done on the pure kindness of the credit union -- you can't force them to do this. However, if they are nice, they'll remove the cross-collaterialization on request. If they are mean, they'll want the car.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

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        • #5
          Just broke

          So even AFTER the truck is paid off, they could still come take it? Or am I misreading your post?

          Thanks!

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          • #6
            Hmmm... well throw my question into the mix re: CU and cross collateralzation...

            So JB - if you strip a 2nd mortgage (approved) and you have a vehicle that is outside the plan that you're paying on that is through the same CU.... my question is the same as PHX above - can they still take the car once its paid for? CU submitted a claim but it was denied since we continued to pay outside the plan.

            ??

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            • #7
              It depends on whether it was cross-collateralized (CC). I made a generalization that most credit unions (CUs) do this CC. Thy only way to tell is to check the installment agreement. Some CUs remove the CC on demand, others fight about it.
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog


              I am not an attorney. Any advice provided is not legal advice.

              Comment


              • #8
                Well at this point I am just going to make the last couple of payments, My truck is older a 2000 and if they come get it so be it. I am tired of worrying about it at this point.

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                • #9
                  Originally posted by justbroke View Post
                  It depends on whether it was cross-collateralized (CC). I made a generalization that most credit unions (CUs) do this CC. Thy only way to tell is to check the installment agreement. Some CUs remove the CC on demand, others fight about it.
                  Thanks for the answer JB Looks like I'll be pulling the safe out *groans* to read org. contract. Ugh.

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