When you sign a loan for a car at a credit union they are supposed to tell you the key points in the loan when signing with the loan officer right??? Well had I known this things would be a lot different. When you get a car loan and pay in full you should get the title right? I did that and CACU will not give me my title.
Upon signing loan I was never made aware that if I ever filed bankruptcy or any other default that they would not release the title of my car until all loans were paid. Many people are in debt, not just me. I sold my car to get rid of one more bill to survive. Now that person can not title the car. I owe on a separate loan that is a credit card and is being included in my bankruptcy.
Upon calling them and letting them know of my situation they never stated that I would be involved in cross collateral on any other loans, or any stated any reaffirmation agreement. SO I sold the car for what the pay off was which was $911.84 exactly what the car is worth due to damage and high miles, my loan for the car was 4500.00.
BEWARE - if you have money problems they do not tell you about this dragnet clause and it is not stated anywhere on the terms on their website for getting a loan with them. You can apply on line and no where are you informed of this matter before applying and you read the terms and assume that this is what they are. If it is on their it is not in plain English for anyone except a lawyer or banker to understand.
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