We need to give our car back to the credit union the loan is with. Its paid for this month but we will default on next months payment. I'm a little unsure of which thing to do first, second etc. We have a savings account with the credit union with only $100 in it which is the minimum required to keep the account opened. The account was required to initiate an auto loan. We also have a checking account with them with around $900 in it. The car loan is set up on auto debit from the checking account.
I'd like to transfer over the $100 from savings to checking and then cash out the checking account. I guess I'm concerned at the 2 red flags I'm thinking will pop up by a) transferring the minimum amount required in the savings account ($100) over to the checking and then b) cashing out the checking. Can they stop me from proceding? Should I close the accounts or leave them open but with no $ in them? Because of the auto pay on the checking won't closing it be a red flag? Can they stop me some how? Someone told me the overdraft is somehow against the law and I should close the accounts rather than leave them open. Thoughts?
Then, how do you give the car back? Literally just leave it in the banks parking lot and give the keys to a teller or should I let them know ahead of time? Schedule something? And with who?
As far as insurance and reg...when would you kill the insurance and let the DMV know you are no longer the owner of the car? Same day...next day...I don't want to leave us exposed but I have no idea of the legal aspects of when we have transferred ownership to the bank.
Sorry for the erratic note.....
Dave
I'd like to transfer over the $100 from savings to checking and then cash out the checking account. I guess I'm concerned at the 2 red flags I'm thinking will pop up by a) transferring the minimum amount required in the savings account ($100) over to the checking and then b) cashing out the checking. Can they stop me from proceding? Should I close the accounts or leave them open but with no $ in them? Because of the auto pay on the checking won't closing it be a red flag? Can they stop me some how? Someone told me the overdraft is somehow against the law and I should close the accounts rather than leave them open. Thoughts?
Then, how do you give the car back? Literally just leave it in the banks parking lot and give the keys to a teller or should I let them know ahead of time? Schedule something? And with who?
As far as insurance and reg...when would you kill the insurance and let the DMV know you are no longer the owner of the car? Same day...next day...I don't want to leave us exposed but I have no idea of the legal aspects of when we have transferred ownership to the bank.
Sorry for the erratic note.....
Dave
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