DCU and unpaid auto for a year

cartwrna · ‎07-27-2018

I was just curious if anyone has ever included DCU in their bankruptcy? If so, and a vehicle was involved did they ever repossess it? I am including them in my bankruptcy which will be electronically filed on the 29th for a CC charge off of $4,999. As well as an auto loan of $10,500 on a 2013 Dodge Avenger which has a value of maybe 7k. The issue is that I literally have not paid on the credit card or the auto loan for coming up on a year now and have barely heard a peep out of them. The only thing I received was a letter stating they were adding insurance to it at a cost of around $1300 and racking it on the loan.

I’m curious if they have not repossessed due to the fact their a credit union located so far away from me? As I am located in Iowa. Thinking maybe they will just let me cruise it on out for quite some time LOL.

Anyone else have experience with DCU?

Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?

despritfreya · ‎07-28-2018

@cartwrna wrote: The only thing I received was a letter stating they were adding insurance to it at a cost of around $1300 and racking it on the loan.

Can't answer your question but you do realize that the forced placed insurance does not protect you or anyone or thing you hit in a collision - right? It simply protects the lender should the vehicle be damaged. The policy itself typically cost 3 to 5 times more than full insurance coverage that the owner can acquire.

Your vehicle is currently "uninsured" since you are not carrying liability coverage. I sure hope you are not driving the uninsured vehicle as, if you are driving it, you are 1) breaking Iowa law and 2) potentially endangering the financial stability of anyone involved in a collision you cause. Not too smart.

Des.

cartwrna · ‎07-28-2018

The vehicle does have insurance in my name, just never sent it to the lender. It is only liability, but that’s what I can afford right now and until they come get the car it’s legally still mine fortunately. I wouldn’t drive around without insurance coverage under any circumstances.

Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?

despritfreya · ‎07-28-2018

@cartwrna wrote:
The vehicle does have insurance in my name. . . It is only liability. . . I wouldn’t drive around without insurance coverage under any circumstances.

Then kudos to you for understanding this issue and being a responsible vehicle owner/driver.

Des.