[sacralan]

I purchased a new car for cash and then eventually financed it with my local credit union. The car has now been repossessed by them even though at the time of repossession, I was only 5 days late on the most current payment.

Two days later the credit union transferred from my savings account I also have with them, a loan payment which would make the loan current. The next day they reversed the payment.

They are now only giving me the option to pay off the loan in full or the car will be sold to satisfy the loan balance. There is no offer to re-instate.

It appears credit unions do not have to follow the California Finance Code as it relates to repossession, but they most be subject to something like CA Financial Code Section 22329.

Does anyone know what laws apply to a credit unions relating to a repossession?

Thanks

[aaron]

For the benefit of us not in California, are you alluding to a law which excuses credit unions from the standard repo requirements? If so, please identify the law. If not, please clarify the basis upon which you believe credit unions are excepted from that statute. Thanks.

[caligirl814]

I'm just curious, what credit union was this? I'm having an issue with a credit union of my own in California and a similar problem.