- Report: #1239734
Complaint Review: NEFCU - Westbury New York
Reported By:
Motivatedgal -
Winter Haven, Florida, USA
Submitted:
Updated:
-
Author Confirmed
Why?
NEFCU
100 Corporate dr Westbury, 11590 New York, USA
Phone:
5165610030
Web:
NEFCU.org
Categories:
Business Rating:
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NEFCU Nassau Educators Federal Credit Union NEFCU took my car back and I was not late on the payments! Westbury New York
After paying my monthly car payments for 3.5 years, NEFCU repossessed my car because I was late on an unsecured revolving credit card payment that I have with them. I was in the process of negotiating a payment for the credit card with theor rep Natasha Frederick when they suddenly took my car! I was not late on the car loan. The mgr Matt Johnson and Natasha were rude, disrespectful and seemed to enjoy taking my car. They claimed that Nefcu can do this because they can cross accounts. Meanwhile, my contracts do Not specify that this is allowed. I did get my car back after paying a large sum of money, but the repo fees were added to my car loan. I was without my car for a week and my car was towed an hour away by a company that had nasty employees who were disrespectful and I have $200 worth of medical equipment missing. ( I am a Nurse).
3 Updates & Rebuttals
I was in negotiation to catch up on my credit card
#2Author of original report
Sun, July 05, 2015
I read my car loan paperwork very carefully and it is Not clear that it can be crossed with a Visa Credit card. I am more than halfway through a six year car loan which I pay every month. I had the credit card for 3 years and paid that every month until recently. I am not a new customer and they handled this very poorly. Also, I was in the process of negotiating a payback for the credit card and they took my car unexpectantly. I don't see how it makes good business sense since there's no equity in the car. I owe about the same as the book value. If the car was sold at auction, they would lose a few thousand. Then the money I owe on the credit card would also be a loss. Fortunately, I was able to borrow money from a relative to get my car back. This was all unnecessary since I was trying to work out a payment plan.
Robert
Irvine,California,
USA
You did agree to it..
#3Consumer Comment
Sun, July 05, 2015
What you are refering to is often known as the "Right of(to) Offset". It is where any financial institution puts in the right that they can "offset" a deficency balance from one account by taking it from a positive account. This is fairly standard in financial contracts with any financial insitution and if you re-read your agreement you will find it in there.
Now, banks and CU's don't do this at the drop of a hat, so this is not a case where your due date was the 1st and they reposeessed the car on the 2nd. Most likely you were at least 30 days and probably closer to 90 days delinquent on your credit card when they did this, and I wouldn't be surprised if you were more delinquent.
The reason banks do this is just basic business, they don't want someone to have the ability to pay saved up and then fail to make a simple credit card payment. I am going to tell you something you don't want to hear. YOU could have paid the bill before it got to that point but you choose not to. How do I know? Because you were able to come up with the money to make a significant payment. Sure you probably didn't like to do that, but the fact is you were able to come up with the money. Had you done that BEFORE they reposessed the car you would have not had to deal with any of this. In effect you "gambled" by not paying your bill as long as you could...but in the end just like real gambling the house always win.
Now, your issues with the stolen items is a totally separate issue that you need to file a police report on.
FloridaNative
Palm Beach Gardens,Florida,
USA
It is common for CU's to cross collateralize accounts
#4Consumer Comment
Sat, July 04, 2015
Check the terms and conditions of your credit card and checking/savings/share account terms and conditions. This is where you will see that all of the accounts you have at the CU are cross collateralized. This is very, very common with CU accounts. I am really surprised you didn't see it specified in your vehicle loan paperwork. It is a standard clause for credit unions.
It is not as common with banks except for business loans.
