Tuesday, May 1, 2012

Why Not to Use a Credit Union

You typically only see good things about credit unions and while much of that may be true, there are a few cons to be aware of. For instance, if you have two vehicle loans through the credit union they can keep one as collateral even if the other is paid for. Let's say you have one truck that is totally paid for but you're behind on the other. If you look at your paperwork you may have not noticed something called cross selling. This means if they repo one vehicle, they take both. Now how is that fair? But guess what, you signed it. They also do not wait as long as banks and can take your vehicle as soon as 30 days past due but typically by 60 days.

These are just a couple of things to keep in mind if you plan to finance anything through a credit union. I've heard it more than once and having vehicles financed through one, I know firsthand. Fortunately, we are not behind on our payments but like many people, we have been in the past and look at what could have happened.

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