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Call CU or wait for REPO?

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  • Call CU or wait for REPO?

    I have car loan ($5k) with CU and they said I have Cross-Collateral ($5k) with LOC that is filed in BK.
    So they want me to pay both the car and LOC (well, she said she will take $3k) to get the car title. (They had threatened Relief of Stay, but never did).
    To me the car is not worth $8k...

    I just got discharged 9/28/10, still awaiting closing.

    I've stopped paying 2 months ago and was hoping to deal with them w/o the LOC.
    I'm willing to surrender the car or pay just the car balance.

    Should I call my CU about my car or wait for them to contact me?
    What would you do?

    I think If I don't contact them maybe i still to drive the car a little longer, before they take action...but of course have no idea, maybe i wake up and the car is gone...

    Another interesting fact, is the CU is in MN, I live in CA.


  • #2
    See if they will release the Title with the offered 3K. Make sure though that you sign nothing to reestablish responsibility of the cross collateralizeation as that would be discharged. Best check into the original paper work as now you can walk away from both if you release the car. Otherwise, any agreement could lock you into having to pay the other debt via cross collaterilizeation. 'Hub
    If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.


    • #3
      I receive this letter from the CU over the weekend:

      "As you are aware, you are in default under your Security Agreement and Loan Agreement with the Credit Union. Notwithstanding the fact that you previously filed bankruptcy, the Credit Union continues to hold a valid security interest in the above-described collateral. As of today, we have not received payment or satisfactory arrangements to bring your account current and to satisfy the security interest. You are currently delinquent in the sum of $5646.61.

      This letter is to formally notify you of the default, Although your obligation has been discharged, if you wish to retain the collateral, you must cure the default by remitting the deliquent balance of $5646.61 by 4:00pm on October 17, 2010.


      If this default is not cured, the Credit Union may, at its option, exercise any and all rights pursuant to the Security Agreement and Minnesota law which could include repossession of the collateral.


      So does this mean the cross-collateralization on the LOC is now gone? All I owe is the $5646 on the car loan and would get the title?
      Do I need something else in writing from them say, that I will get title and all clear if I send in the amount? Or is this letter sufficient?


      • #4
        I would call the CU and tell them you received their letter and would like further clarification in writing. What I'd like to know is if the $5646.61 is payoff on the vehicle or if its merely what is behind in payments? Tell them you need in writing that payoff is good for 30 days @ $XXX and upon receiving this amount, you will receive the title within XXX days once payment clears (should you decide to go this route).

        ETA: And I agree with 'Hub - if they previously stated 3K for the title...try to work it down


        • #5
          Yes I will call them again, yesterday, I had the forgot the letter and talked with her without the letter in hand and she said, that it was for to be paid in full.
          The amount is definitely the payoff amount for the Car Loan. I just dont want to pay the loan and then surprise, there's still LOC.

          The deal before the discharge was $5k for car + $3k for LOC. = $8k.

          She mentioned her lawyer didn't file on time thus there's no LOC because of the discharge.
          She said, if the LOC was still on it then it would have been $10k delinquent.

          Should I still press for a letter that states full payoff and title?
          What if she doesn't give me one?
          Last edited by brokeInSoCal; 10-12-2010, 08:31 AM.


          • #6
            I'd still see if you can negotiate a lower amount for the vehicle, especially if you have it on-hand - then get it in writing FIRST - then send the money - all Certified Ret. Rcpt Sig. Confirmation of course

            (edited because I misunderstood )


            • #7
              Originally posted by Pandora View Post
              I'd still see if you can negotiate a lower amount for the vehicle, especially if you have it on-hand - then get it in writing FIRST - then send the money - all Certified Ret. Rcpt Sig. Confirmation of course

              (edited because I misunderstood )
              I agree, and better yet, if you have or can get let's say 5K, and the LOC is forgiven by bk, go down to the bank (make a call to the responsible party first) and offer in cash in hand what you would wish to pay. If they accept on the spot, ask for your Title then and there with a release of lien stamp across it, or at least a receipt marked paid in full. I believe you are getting what you were after in your first post. Grats. 'Hub
              If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.


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