Illegal repossion by Credit Union?

[norf217]

i am an oregon resident and we had a jeep and a motorhome financed through a credit union. my husband had been in and out of the hospital for 6 months and we had fallen behind 2 months on both payments. the credit union repossessed the motorhome but had aggreed to let us keep the jeep if we maintained our monthly payments on time. we paid the two months we were behind and faithfully made our payments personally to credit union on time. two days ago when we went to the credit union to make our payment (1 day early) they refused to accept it. last might we were served with papers stating that we had failed to make our timely payments on the jeep and that we also had refused to turn over the jeep to the credit union. we have our receipts and the new payment book the bank sent us in march 2001 for our jeep. we have offered to let them take the truck and as of now, since they would not accept payment we are 18 hours late on our timely monthly payment. the bank won't even let us pay off the vehicle as we have offered to.

 

[racer72]

Because of the repossession of the motorhome, your credit rating fell below the credit union standard and per your loan agreement, all loans are called. This was most likely because you were in a negative loan situation with the motorhome (you owed more than it was worth) and the CU will now be coming after you for that money. You will also be responsible for any balance left over from the Jeep too. Now all loans are cancelled and you can expect a sizable bill from the CU.