Car Loan with Navy Federal Credit Union

[galmazan]

As the title states, I have a car loan thru NFCU out here in San Diego, CA.
I haven't made payments to this vehicle since last July.

- In November 2008, we saw a lawyer and began the process of filing Chapter 7
- In January 2009 our lawyer filed our Chapter 7 paper work with the courts.
- In March 2009 - we had our 341 meeting.
- This month, we received an email from our attorney that states that within 3-6 months we will be receiving discharge papers from the BK courts.

My question is:

- Has anyone had any dealings with NFCU? and how are they?
- When will they come and repo the Vehicle, we didn't reaffirm vehicle.

Thanks

[chad9162]

No payments for almost 6 months and they didn't repo it?? WOW. I'm curious too since I'm with Navy Fed also. What else did you BK on that included Navy FED. I'm curious since I will be BK alot with them. I've already changed bank accounts, which saddens me a bit.

[galmazan]

I have/had
- car loan (owe about 12000.00)
- Mastercard (5000.00)
- Visa (5000.00).

I had called them in July to regarding my loans to see if they could lower the payments, and they agreed to lowering all my debt. Unfortunately, even with the lower payment, it looked like I still couldnt afford to make even the minimums.

I was just curious, as to when, they make take the vehicle (2001 Chevy Tahoe)..


Thanks

[galmazan]

i closed my accounts (checking/savings) with them. and I also had my direct deposit go to another account that I had opened back in July. At that time, I wasn't too sure if me and the wife were going to file bankruptcy, and I didn't want the bank to get at my money....

[chad9162]

I'm just surprised that they haven't repo'd your car sooner....6 months of no payments is a long time. I heard they're pretty good about working with you but also heard he can be a nightmare. From what I;ve read here, they seem to be BK friendly if you didn;t include them in a BK!

[galmazan]

Yeah, I included them in the BK.

I guess I was just wondering since I haven't paid them since July 08, when will they take the vehicle.

I have nothing in there that I want, I took everything out.

[danaf]

wow - half of America must be filing bk for your bk process to be taking so long.

I'm also a member of NFCU although never discharged any debt from them. And in fact, they were awesome in giving me a 5k credit limit credit card pretty quickly out of bk.

You've been totally lucky that they haven't repo'd your car this long. I suspect at this point they are afraid of violating the automatic stay. And it also may be because they don't have many branches across the US although San Diego is pretty big Navy wise and for sure they have a branch there. Or maybe it's because they are overloaded with similar situations. In any case - I stopped paying on my car last month and I can only hope it will take my cu to take that long to repo.

I'm sure you are ready for them to take your car. If you want to be done with it, why not give them a call and ask? If not, just continue riding it out until they contact you.....which may not be until after your bk.

In any case, no one on here can predict when it will happen. But you are definitely one lucky dog!

[Alex757]

I've been waiting for NFCU to Repo my car for about two years now, I have not filed for BK... now is this car still registered under my name, can I still drive this car?

the thing is, I've had this car in front of my house for 2 years waiting for it to be repo'd but it never happened, I called them several times and still nothing... now I moved to another house and I can't do nothing for that car? I've been told to report the car abandoned to the police and let them take it... to get a local towing company to take it to NFCU at there expense...

if anyone has any advise feel free to send me a message,

THANK YOU

[tkharvey]

I have my car loan with a local credit union (not navy federal) and was current, however three months past due on my visa which I will be including in my bk. My car was repo'd last week in the middle of the night and I WASN'T EVEN LATE ON MY CAR PAYMENT! However, because most credit unions cross-collateralize (a word I just discovered the meaning of), they had every legal right to take the car since my credit card is late. Be thankful, but be careful as getting your car repo'd is a horrible experience in my opinion.

[galmazan]

After about not paying on "THEIR" car since July 08, the repo man came and took the vehicle. (They came in the middle of the afternoon). It was all good, no drama, no nothing. Just cleared out a few of my belongings and gave them the key.

To be honest, I feel relieved that they took "THEIR" car back. I was always wondering when I wake up in the morning, if the car would still be there. LOL

[happy76]

Also w/ NFCU and will file Bankruptcy

I opened an account for a sister since she had a great business. She spent $25K on that card, but stopped paying when her business closed.

I also have my new truck note w/ NFCU and are ahead 3 months in payments. They advised me that since no payments to the credit card have been made, that they may repo my truck.

I will eventually file bankruptcy since I am in $60K debt for helping family out. Too bad I can't honor the debt since I was laid off.

Anyone out there been through what I've been thru? Or going thru same situation? Any advise is welcome. I don't want to lose my truck, since it has new rims and tires.

[chad9162]

Happy.....Navy can repossess your car under cross collateralization, a lot of credit unions do it. They can only do this before bankruptcy.

If you want to stall, you should call them and try to work something out. They actually have a specific department for this and are very nice. I heard they cut payments in half and or give you a few months of no payments. Just tell them you got laid off and looking for work. I wouldn't mention BK because that makes them mad.

I BK'd them and they were actually "civil" about it. I think the current economic state has made them realize that a lot of people are in trouble.

[TooMuchCredit]

Make sure you answer collection calls from NFCU. They will call relatives looking for you eventhough you talked to them a few days before.

[happy76]

Is it possible to keep the truck (keep making payments) as I file Banko w/ NFCU? Or do they have to repo the truck? I'd rather keep paying for it.

[chad9162]

Happy, Yes you can continue to pay but only if Navy doesn't repo the vehicle before you file BK. After you file BK you are protected from an automatic stay (meaning they can't repo) unless the file a motion for relief of stay.

If you're a few months behind on CC or loans and file soon then you might be okay. If you are going to wait six months they'll probably repo. I was only 30 days behind when I filed BK. I'm also far from Navy to I wasn't to worried about repo.