2 summers ago we had a personal loan and an auto loan with our credit union. Neither had ever had a 30 day late before. We had and have had other loans with the credit union, none has ever had a 30 day late. none of them. So, 2 summers ago, the personal loan was 20 days late. I stopped into the credit union and asked the teller what my payment would be, knowing that there would be a late charge.. but also knowing that it would not go on my credit report because it was 20, not 30 days late. So she told me an amount and I paid it. Two weeks later, a couple of men came to my house and drove off in my suv... my suv with perfect payment history.. my suv that I had been paying on for 4.5 years and was 4 months from paying in full.. So I called the credit union and they said that the personal loan was 30 days late so they repod my car. The teller had told me an amount that was $6 short of what I actually owed... That made it so I didnt make a "full payment" So, even though I had never had a 30 day late in all of my history with this credit union ( I have had 9 loans without one 30 day late.. through out the last 10 years),, AND this so called 30 day late was on a personal loan,, unsecured personal loan.. they came and took my car.. I had to literally BEG to let them let me pay the $1600 ( what was remaining on the car loan) to buy it back..... Is this legal? It sure doesnt sound ethical to me.. They took a man that has had perfect payment history with them... and over a $6 mistake on a unsecured personal loan,, repoed a nearly paid off , perfectly paid suv!!?? Is this legal?? and they never marked it on my credit report under the car loan... it still looks perfect, as it should... There is a 30 day late on the personal loan though.. one 30 day late in 10 years of history with the credit union.
Something just doesn't add up here at all. Not even close. If this is all true, I'd get a lawyer so fast that it would make their head swim and then hold out your hand for the cash to flow in. Seriously, this is VERY wrong.
Something just doesn't add up here at all. Not even close. If this is all true, I'd get a lawyer so fast that it would make their head swim and then hold out your hand for the cash to flow in. Seriously, this is VERY wrong.
ditto. Sounds like a lawsuit waiting to happen. Just be sure you have the documentation of your payment history to back you up.
****************************************************** NEW MEMBERS READ THIS. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ******************************************************* >Repos are nothing but legally sanctioned grand theft auto.
So I called the credit union and they said that the personal loan was 30 days late so they repod my car parithed86 ======== You can only repo a car on an auto loan. ****************************************************** NEW MEMBERS READ THIS. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ******************************************************* >
Re: Re: is it legal How do you secure a personal loan with an auto loan? I thought a secured loan had to be collateralized by an asset. An auto loan is not an asset.
