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Credit union ripping me off

Date: 3/16/2019 2:46 PM (PST)

Is it leave for a lean holder to repossess your car after just paying the payment and wasn't late also can they take most of my payment to pay interest alone and put barley anything to the principle of said vehicle. ok example I've Payed almost 7000 in payments according to there statement in a year and a half and only 1400 has went to the principal of the loan which is at 13 Apr on 9918.00 can they change the contract. Or interest rate every time I go in To pay the payment cause it don't seem right to me.and they never gave a reasonable answer to why they took my car. They said I was 90 days behind however that is not so and according to there records which I have the last print out of my last payment and privios payments and it doesn't show me being late .so if you would please explain to me is this a fair way to do business .

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Date: 3/18/2019 9:42 AM (PST)

Good Morning Lucinda. Of course, this is not a fair way to run a business, nor is it legal. However, if you miss your monthly payments or default on your contract in any way, they may have the right to repossess your car. Repossession laws vary somewhat state to state, so it is important to check with an attorney that is knowledgeable and familiar with repossession laws in your state.

Credit Unions are regulated so it's suspect that they would be committing such devious actions. Federally chartered credit unions are regulated by the National Credit Union Administration. State- Chartered credit unions are regulated at the state level.

If you would like, you can file a complaint with Business Consumer Alliance (BCA). We'll contact your credit union for you. We'll ask that they address the allegations in your complaint and your proposed resolution. As soon as we receive their response, you will be contacted. Our complaint process can take upwards of 30 days. Further action on your part may be necessary, but filing a complaint is a good first step.

Filing a complaint with BCA is quick, simple, and free: https://www.checkbca.org/file-complaint

I hope this information has been helpful. Please do not hesitate to contact me directly at vantillon@checkbca.org if I can be of further assistance.

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