Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Preventing Repo by Credit Union / Cross-Collateralization Question

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  • Preventing Repo by Credit Union / Cross-Collateralization Question

    I'm interested in tips on how to prevent repo by a Credit Union.

    The CU claims they can repo my car, even if I continue to pay my car loan, because the car
    cross-collateralizes my delinquent Visa and LOC loans from the same CU. My $7k car loan is up to date, but I am delinquent on $45k worth of Visa/LOC debts with the same CU.

    I want to try and negotiate with them, explaining I plan to file CH7, and offer to reaffirm the car loan (and only the car loan) if they agree to not repo.

    Any tips on how to negotiate with them? I have 20 years of perfectly clean payment history with them, until about 60 days ago when the shit hit the fan for me and I stopped paying ALL debts, except the car loan.

    Advice on how to negotiate with them?

    Car is a 2002 BWM 325i with 100k miles and a few fender dings. It is worth less than the loan, but not THAT much less that it makes sense to give it up. Since I know the car runs well and has been well-cared for, I'd prefer to keep it.

    As a tip to anyone considering a car loan, do NOT get a car loan from a credit union if you have other debts with them. Go with a bank, even though the rates are higher. CU's are different than a normal bank, my lawyer says. i would not have this dilemma if I got my car loan from a separate entity not connected with my other debts.

  • #2
    It is difficult to predict the future. CU's are not for profit and are member owned. They do not negotiate well as they have the total membership to consider. Only attempt to try for it and let us know, but I doubt they will bend the rules for you. If you do not try there is only one answer. If you do try there are two possibilities, yes or no. '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 feel your pain. I also have an issue with the cross collateralization with the cu. I have two vehicles financed through them and a small unsecured loan. I received my discharge 4 months ago. I was told by the cu, through my lawyer, if I wanted to retain and pay on the vehicles I would have to keep paying on the other loan as well. As for now that's what I'm doing, because I need two vehicles and obviously have bad credit post discharge. All situations are different, but I would probably cut my losses and move on.


      • MBeach222
        MBeach222 commented
        Editing a comment
        In my case, I was able to negotiate paying the car loan only, and letting the unsecured loan get written off. I explained that I was losing my home, my business and everything else. In the letter I wrote about my car's age and repairs needed, minor body damage, etc. I positioned it as me paying something was better than nothing, since the CU's expense to repo and resell the car (if they could find it) would leave them with near zero income. The credit union agreed. FYI, my lawyer said this would be impossible to negotiate and told me to forget it -- but I did it anyway. Lesson Learned: No one cares more about your case than YOU do. Lawyers look for shortcuts. FYI, repo'ing a car is very hard to do if the person merely parks it at a friends home or anywhere hard to find. I realize your case is different, but I share this in case it may be helpful to others. CU cross-colat was a BIG surprise for me and if I knew in advance, I would have avoided hassles and prepared better. It has been 5 years since my BK and life is fine. I have good credit and manageable expenses. BK makes life seem dark, but trust me -- it will pass...

    • #4
      Thanks for the information MBeach, I am in negotiations with my credit unions paralegal right now. Good point about everyone else trying to go the easy route, not always the best route for you.


      • #5
        I'd love to know this too. I tried asking my credit union that question without getting into too much information and they really wouldn't answer without fishing. I'm worried about losing my car also. I have no other means of getting to work. We don't have public transport here and none of the routes run during my hours anyway.


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