Surprise: Credit union can take car, boat, RV if you walk out on unsecured loans (St. Petersburg Times)
**By Mark Puente, Times Staff Writer**
Friday, December 9, 2011
Using a little known tactic, credit unions are repossessing customers’ cars
after they default on credit card payments or other unsecured loans.
With their customers battling declining wages and unemployment, credit unions
increasingly employ the perfectly legal maneuver to stem financial losses.
“It’s happening more than we know,” lawyer Shawn Yesner said. “I don’t see
banks doing this, but credit unions do it a lot.”
The tactic is called cross-collateralization. Clauses in loan agreements
transform secured loans, like cars, boats or recreational vehicles, into
collateral for unsecured loans like credit cards.
Credit unions can even block customers from selling a paid-off vehicle if the
client has other outstanding debts with the institution.
The cross-collateralization clauses are disclosed in loan contracts, but the
language is buried in the documents.
“Nobody ever reads that fine print,” said Sami Thalji, a …
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