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Can credit union hold title on car if car used as collateral and loan is default?
Wiki User
∙ 12y ago
Yes. That's why the credit union has possession of the title. If you used the car as collateral for a loan and default on the loan the lender will take possession of the car and sell it to offset what you owe on the loan.
Wiki User
∙ 12y ago
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Is it legal for a Credit Union to demand payment on a loan you got to purchase a car when they do not have the title for it?
IF you signed a loan with the CU and used the car as collateral, YES IT IS LEGAL. And it is WISE for you to pay.
How can you sell your car if the credit union has your title but you do not owe any more on the loan?
Contact the Credit Union for a lean release.
Is it possible to get financing for my heavy duty truck at a credit union instead of a traditional bank?
Yes, it is possible. However, if your credit is not up to par, the Credit Union will most likely require you to put down a collateral to secure the loan.
What happens when credit union puts wrong lien holder on car title?
You should immediately contact the credit union and have this mistake corrected.
How is collateral connected to a loan from a bank or credit union?
Collateral - in the form of a repayment promise or property... is a 'guarantee' that the person will repay the debt. If the borrower defaults on the repayments, the creditor can recover their money from the guarantor.
Using the above example Person A has signed papers which state the all of their deposits serve as collateral on all of their loans with the credit union can the credit union apply those funds to loan?
Yes, if your membership agreement says so
Can a credit union keep my car title due to my filing bankruptcy on a credit card I had with them also?
You financed the car through the credit union, huh? I can't think of any other reason why they would have the title. They will probably repossess the car. They want to sell the car to get back some of the money you owe.
How can you get a loan with bad credit without a cosigner?
It depends. If it's for a car you can go to any bad credit car place and they will give you credit. If it's for a house you can call a bad credit mortgage broker and they will give you a mortgage if you have a downpayment. If it's a small personal loan you need, go to a payday loan or cash advance store. You need a job and a checking account. Or you can try to get a loan from a bank or credit union if you have collateral like a car or house or something of value. Or you can go get an Auto title loan. You need a clean and clear car title and you get money the same day. These are the only ways I know of.
I refinanced my car through a Credit Union with a California title I now live in Kentucky how does the credit Union transfer this?
The credit union will process all the necessary paperwork for you, they will be collecting all needed fees from you like the transfer fee, title fee and such, which is probably a lot cheaper than in California. You should receive your new registration in the mail within a month or sooner, depending on how quick the licensing is in your new state.
When was The Union Credit Union created?
The Union Credit Union was created in 1968.
I bought my used car in 1995. It was financed through Tacoma Credit Union and the title still has Weyerhaeuser's name and my name on it I am trying to sell it to Carmax but they won't accept wtwo name?
Contact Tacoma Credit Union, and get a lien release. With that you can get a clean title in your name. That is assuming you have paid the loan off.
How much will a loan effect credit score?
It will a lot if you do not pay it off. If you do it wont that much. i couldn't find a place to edit so i had to answer. Please help Here are the Details.... At a credit union. A loan. $400 (you get with $400 collateral) How many points will it affect your credit score, in the end..? Please HELP!
