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  1. #1
    Join Date
    Nov 2007
    Posts
    1

    Default Repossession by a Credit Union in California

    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

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Repossession by a Credit Union in California

    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.

  3. #3
    Join Date
    Dec 2008
    Location
    No. California
    Posts
    6

    Default Re: Repossession by a Credit Union in California

    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.

  4. #4
    Join Date
    Jul 2010
    Posts
    11

    Default Re: Repossession by a Credit Union in California

    Caligirl84 - what happened in your situation? I'm having a very similar problem myself right now.

  5. #5
    Join Date
    Jul 2010
    Posts
    5

    Default Re: Repossession by a Credit Union in California

    Quote Quoting Binde
    View Post
    Caligirl84 - what happened in your situation? I'm having a very similar problem myself right now.
    You should talk to a lawyer cuz by law its all the same

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