Will Credit Union Repo

[cfgdag]

I have/had 2 auto loans with my credit union (specifically Desert Schools Federal Credit Union). We reaffirmed one car, but not the other. We should be getting our discharge anyday now. We intend to keep current with payments on the vehicle we did not reaffirm. And in a few months after we have some money saved, then surrender to credit union and purchase another car, cash. So, here are my questions:

1. If we stay current how likely are they to want it back (the vehicle is worth 15K, we owe 18K)?

2. If they want it back, even though we stay current, will they call first to arrange pick up or will they just show up and repo?

I am so worried about driving it right now, fearing they will just come and repo. We have 2 car seats in it and would like time to be able to remove our items.

[tkharvey]

Be careful of credit unions. They are ruthless. We had a car repo'd and we weren't behind on payments (prior to filing bk) but we stopped paying (per our attorney) our Visa with them as we were including it in our bk. Due to the "cross collateralization" they came and repo'd my daughter's car in the middle of the night. It was awful. Not sure if you have anything to worry about as I am not familiar with reaffirmation. I just know my experience with credit unions has been awful.

[BobMango]

The cross collateralization with credit unions can be a big trap. I have accounts at two different credit unions. One where I do most of my banking, just checks and deposits with some savings. The other one has the loan on my vehicle. I have a small amount of money there and every time I was behind a little on the payment that account got frozen. They never took any money from it but they had it locked up.

Having said that, they were also very easy to work with on the reaffirmation. They did say that if I didn't reaffirm they would not repo the vehicle as long as I was current, but one day late and they could/would come get it. My guess is that your plan could work as long as you don't have any other loans or credit cards at that credit union.

[cfgdag]

Here is a bit more information on our situation.

We have a savings account there, with only 30 dollars in it, enough to keep it open due to our car loan we reaffirmed. We stopped using credit union a few months before we filed.

We have a Home Equity Line of Credit (27K) which we did not reaffirm and a personal line of credit (9K) which we included in our bk. Being that we included these two items in our bk, would the cross-collateralization still be an issue here? Should I just call and talk to the bk department and flat out ask them if they intend for us to surrender immediately? Or should I just wait it out and see if they contact me?

[cfgdag]

Anyone else have any opinions? Should I call credit union and question or just sit tight?

[sjcmCA]

Anyone else have any opinions? Should I call credit union and question or just sit tight?

Ask if they release your car title when you pay off the balance now or trade in your car for a new one (even though the credit card debt is still there).

If they don't release it until the visa debt is paid off, there should be a cross collateral caluse in the agreement.