74 replies to this topic

[Dirty]

I have an $18,000 dollar car loan from nfcu. I also have a debt consolidation loan with them and also all of my credit cards are maxed out with them. I can no longer pay the loan or the credit cards I have with them. I was wondering if I continued to just pay the car loan and nothing else from them, can nfcu repo my van? thanks in advance

Edited by Dirty, 03 June 2012 - 08:10 PM.

[Crashem]

Ouch. Did you debt consol and then run up the credit cards again?

[Dirty]

Ouch. Did you debt consol and then run up the credit cards again?

yes..........

[Jeremy09]

While I've never been in this situation; my common sense says no. Think about it, they're different accounts with different types of security behind them, or lack thereof.

The vehicle loan is secured by the vehicle. The credit cards and debt consolidation loan are not. I almost think it would be borderline, if not fully, illegal for them to repossess a vehicle due to other debts being defaulted on.

Then again, I could see some law stating that a financial institution may do whatever it deems necessary to recover any and all current and/or future losses.

Ouch. Did you debt consol and then run up the credit cards again?

Why's it matter?

Edited by Jeremy09, 03 June 2012 - 08:48 PM.

[sexonthebeach]

While I've never been in this situation; my common sense says no. Think about it, they're different accounts with different types of security behind them, or lack thereof.

The vehicle loan is secured by the vehicle. The credit cards and debt consolidation loan are not. I almost think it would be borderline, if not fully, illegal for them to repossess a vehicle due to other debts being defaulted on.

Then again, I could see some law stating that a financial institution may do whatever it deems necessary to recover any and all current and/or future losses.

Ouch. Did you debt consol and then run up the credit cards again?

Why's it matter?

its called cross collaterization

[sjca]

I have an $18,000 dollar car loan from nfcu. I also have a debt consolidation loan with them and also all of my credit cards are maxed out with them. I can no longer pay the loan or the credit cards I have with them. I was wondering if I continued to just pay the car loan and nothing else from them, can nfcu repo my van? thanks in advance

They can - all credit union agreements contain a clause called cross collteralization. Will they is another question. My guess is that they will. If they don't they never release the title even after you pay it off. Read your loan documents. They say if you default on any debt to navy they can take any colleral you have plaged on any loan with them. They can and will also wipe out any deposit account balances.

[Dirty]

I have an $18,000 dollar car loan from nfcu. I also have a debt consolidation loan with them and also all of my credit cards are maxed out with them. I can no longer pay the loan or the credit cards I have with them. I was wondering if I continued to just pay the car loan and nothing else from them, can nfcu repo my van? thanks in advance

They can - all credit union agreements contain a clause called cross collteralization. Will they is another question. My guess is that they will. If they don't they never release the title even after you pay it off. Read your loan documents. They say if you default on any debt to navy they can take any colleral you have plaged on any loan with them. They can and will also wipe out any deposit account balances.

Thanks man.....Im glad I didn't go and get new rims and tires. I wonder how much longer I have before NFCU comes and gets the van. Im almost 2 months behind on the loan and credit cards. This sucks....

[sjca]

I have an $18,000 dollar car loan from nfcu. I also have a debt consolidation loan with them and also all of my credit cards are maxed out with them. I can no longer pay the loan or the credit cards I have with them. I was wondering if I continued to just pay the car loan and nothing else from them, can nfcu repo my van? thanks in advance

They can - all credit union agreements contain a clause called cross collteralization. Will they is another question. My guess is that they will. If they don't they never release the title even after you pay it off. Read your loan documents. They say if you default on any debt to navy they can take any colleral you have plaged on any loan with them. They can and will also wipe out any deposit account balances.

Thanks man.....Im glad I didn't go and get new rims and tires. I wonder how much longer I have before NFCU comes and gets the van. Im almost 2 months behind on the loan and credit cards. This sucks....

If you can afford to pay them the van payment you might want to call them and try to work out a repayment plan. They maybe willing to reduce your interest to 0 on all of the debts and then just apply the payments you make to principal. Or maybe they would work out something else. If you don't plan to file bankrutcy Navy will relentlessly come after you. They will file suit at somepoint and they will garnish your wages if they get a judgement. So if you can work it out that would be best. If not I understand, but if there is anyway to not burn Navy I would at least try if I were you.

Edited by sjca, 03 June 2012 - 10:31 PM.

[Paulbrapp]

Refi the van with another creditor if you can

[Crashem]

Navy can be brutal from what I hear.

[Ronp8]

I have an $18,000 dollar car loan from nfcu. I also have a debt consolidation loan with them and also all of my credit cards are maxed out with them. I can no longer pay the loan or the credit cards I have with them. I was wondering if I continued to just pay the car loan and nothing else from them, can nfcu repo my van? thanks in advance

Wow - sorry to hear about your situation. I agree with the others. You should call Navy and try to work something out. They might be willing to work with you. I hate to see your credit go into the pits due to most are here to fix their credit if possible. Good luck on whatever you decide. I have heard horror stories about Navy but if you can't afford it you just can't.

[KYBOSH]

Dirty, sorry to hear about your troubles fella.

Not to pry but If you are up to it, please lend some insight on how you fell off the credit wagon.

It could help a lot of people who may find themselves going down the same road.

[LKH]

I have an $18,000 dollar car loan from nfcu. I also have a debt consolidation loan with them and also all of my credit cards are maxed out with them. I can no longer pay the loan or the credit cards I have with them. I was wondering if I continued to just pay the car loan and nothing else from them, can nfcu repo my van? thanks in advance

They can - all credit union agreements contain a clause called cross collteralization. Will they is another question. My guess is that they will. If they don't they never release the title even after you pay it off. Read your loan documents. They say if you default on any debt to navy they can take any colleral you have plaged on any loan with them. They can and will also wipe out any deposit account balances.

Thanks man.....

Im glad I didn't go and get new rims and tires.

I wonder how much longer I have before NFCU comes and gets the van. Im almost 2 months behind on the loan and credit cards. This sucks....

If you can buy new rims and tires, which I'm sure aren't cheap, why not use that money to try and get caught up? Or make a payment and then contact them about any options they may have.

[Dirty]

I have an $18,000 dollar car loan from nfcu. I also have a debt consolidation loan with them and also all of my credit cards are maxed out with them. I can no longer pay the loan or the credit cards I have with them. I was wondering if I continued to just pay the car loan and nothing else from them, can nfcu repo my van? thanks in advance

They can - all credit union agreements contain a clause called cross collteralization. Will they is another question. My guess is that they will. If they don't they never release the title even after you pay it off. Read your loan documents. They say if you default on any debt to navy they can take any colleral you have plaged on any loan with them. They can and will also wipe out any deposit account balances.

Thanks man.....

Im glad I didn't go and get new rims and tires.

I wonder how much longer I have before NFCU comes and gets the van. Im almost 2 months behind on the loan and credit cards. This sucks....

If you can buy new rims and tires, which I'm sure aren't cheap, why not use that money to try and get caught up? Or make a payment and then contact them about any options they may have.

its called a firestone credit card.............anyway its called self gradification. I learned how to bump off inquiries and had every single credit card available. When I was bored i would go purchase something. Then the next day came I would purchase something again...

[SomeGuyInCA]

its called a firestone credit card.............anyway its called self gradification. I learned how to bump off inquiries and had every single credit card available. When I was bored i would go purchase something. Then the next day came I would purchase something again...

I'm not sure if you realize it or not, but you've turned your entire life into a classroom to teach yourself financial literacy... through the school of hard knocks. Spend some time trying to learn the lessons - best advice anyone here could possibly give you.

[edens04]

I love how the mods will never post what I say but Dirty can come on here and knowingly defraud the system and they post it.  I hope you get sued since you are obviously being !@#$#@@##

[edens04]

its called a firestone credit card.............anyway its called self gradification. I learned how to bump off inquiries and had every single credit card available. When I was bored i would go purchase something. Then the next day came I would purchase something again...

I'm not sure if you realize it or not, but you've turned your entire life into a classroom to teach yourself financial literacy... through the school of hard knocks. Spend some time trying to learn the lessons - best advice anyone here could possibly give you.

He obviously doesn't care ******* like him are why we pay higher interest rates since dead beats dont pay their bills

[cashnocredit]

its called a firestone credit card.............anyway its called self gradification. I learned how to bump off inquiries and had every single credit card available. When I was bored i would go purchase something. Then the next day came I would purchase something again...

At least you are not in denial.

I don't normally say this but just maybe you should try Dave Ramsey. It's entirely possible you should stay completely away from credit cards. I understand the urges but you really have some tough decisions to make.

[LKH]

I love how the mods will never post what I say but Dirty can come on here and knowingly defraud the system and they post it.  I hope you get sued since you are obviously being !@#$#@@##

This is exactly why you are being moderated. Because you can't control yourself and post pure crap like you did in this thread. You're very unlikely to ever be taken off of moderation.

[LKH]

its called a firestone credit card.............anyway its called self gradification. I learned how to bump off inquiries and had every single credit card available. When I was bored i would go purchase something. Then the next day came I would purchase something again...

I'm not sure if you realize it or not, but you've turned your entire life into a classroom to teach yourself financial literacy... through the school of hard knocks. Spend some time trying to learn the lessons - best advice anyone here could possibly give you.

He obviously doesn't care ******* like him are why we pay higher interest rates since dead beats dont pay their bills

Keep your personal attacks to yourself. Do NOT continue to post your BS here.

[LKH]

I love how the mods will never post what I say but Dirty can come on here and knowingly defraud the system and they post it.  I hope you get sued since you are obviously being !@#$#@@##

One more thing: since you've earned the privilege of being moderated, due to your behavior, you'll just have to be patient and wait for a moderator to get to it. Every single one of them has a life outside of CB and they don't just sit around waiting for you to post so they can jump on approving it, if appropriate.

[mixedup]

I have an $18,000 dollar car loan from nfcu. I also have a debt consolidation loan with them and also all of my credit cards are maxed out with them. I can no longer pay the loan or the credit cards I have with them. I was wondering if I continued to just pay the car loan and nothing else from them, can nfcu repo my van? thanks in advance

They can - all credit union agreements contain a clause called cross collteralization. Will they is another question. My guess is that they will. If they don't they never release the title even after you pay it off. Read your loan documents. They say if you default on any debt to navy they can take any colleral you have plaged on any loan with them. They can and will also wipe out any deposit account balances.

Thanks man.....Im glad I didn't go and get new rims and tires. I wonder how much longer I have before NFCU comes and gets the van. Im almost 2 months behind on the loan and credit cards. This sucks....

Personal experience : NFCU sent an "inspector" to my home. He verified that I the car, the VIN, tag number etc. I tried to work out a repayment plan, but they didn't have any interest in that.

[Dirty]

its called a firestone credit card.............anyway its called self gradification. I learned how to bump off inquiries and had every single credit card available. When I was bored i would go purchase something. Then the next day came I would purchase something again...

I'm not sure if you realize it or not, but you've turned your entire life into a classroom to teach yourself financial literacy... through the school of hard knocks. Spend some time trying to learn the lessons - best advice anyone here could possibly give you.

He obviously doesn't care ******* like him are why we pay higher interest rates since dead beats dont pay their bills

@ edens04!!!!! You sent me a pm and called me a looser. When a person does ignorant stuff like that they lose credability. You must understand every situation is different and you have no clue.......Next time come across with a soft aproach to get your point across. ( you will learn this in time when you grow up) Anyway, these boards are awesome especially when you don't take advantage of the system. I acknowledge what I have done and I will pay the price. I am sure my credit will be so bad I won't be able to rent a movie. BTW I am in construction and if 1 person goes bad and doesn't pay you, it does have a ripple effect. No excuses here but I held on as long as I could. PS My 6 year old son loves me and he doesn't think Im a looser. My 4 step kids that cal me dad for the last twenty years don't either...Hee Hee

[scrubs]

navy can be very nasty about unpaid debt. i hope you got in with navy cu in a correct way and not lied to get in. once you default navy will send your application thur their security dept.

[OwNt]

OP, it looks like you're learning to be more responsible with credit the hard way. Hopefully you are able to get things resolved so that you still have a vehicle.

This is not aimed at anyone in particular, but threads like this show why a lot of issuers aren't as generous as NFCU.