loan payoff

What is the name of your state? ...Arizona

I will try to make this as simple as possible.

A few years ago we took out two equity loans against our cars from the credit union to finance a move. (landlord sold our residence)

Somewhere in the middle of 2000, i was laid up with no recourse and forced to change careers. Needless to say we were on hardtimes for quite awhile...still are.

I knew that it was inevitable that we would eventually come to default on these two loans if other arrangements were not made.
With some equity, i tried to work out arrangements to refinance for lower payments...to no avail. This was started about two months before any actual default took place and was a nightmare in itself.

What ended up happening was that we were forced to default...i had to decide which vehicle to pay and which to give up. I chose to pay the larger payment on the more dependable vehicle and send partial payments on the other. The other was repossesed.

Fast forward to now.

According to the credit union, i now only owe a partial payment as the last payoff on the vehicle we kept. The coupons they sent do not reflect this. This is the last coupon in the stack, but it is for the regular payment amount. (about $45 more than actually owed, according to account services).

To be clear...each vehicle had its own contract and loan number.
Each loan contract was specific to the vehicle title for that amount.

Since it is the weekend, i have not been able to reach a real person, and after my last experience, it may not be easy.

I am considering, at this point, sending just the amount stated on the account services line, and hopefully they will send me the clear title in return.

About a year ago the credit union changed its name. The state where the credit union is domiciled is different than my home state and both these are different form the state where the branch drew up the agreement...if any of this is important.

I realize this could be a clerical error...but has anyone ever heard of a creditor "holding hostage" a paid vehicle in order to get payment for a separate on?

I guess i am just doing some checking before calling on Monday so i can be prepared.

Thank you,

MPA

bump.

[Ladynred]

What happened with the repo'd vehicle ?

Was it sold at auction ?

Were you notified of any deficiency owed ?

Ladynred,

Yes, it was given away at auction and a deficiency was sent.

That was around three and a half years ago.

MPA