REPOSSESSION GUIDELINES -- Policy #1
I. Purpose
These guidelines have been developed in order to balance the right of the Credit Union to protect its interests in a motor vehicle used as security for a loan when a member has defaulted and the need for the member to be treated fairly upon default.
II. Policy
The Credit Union remains subject to provisions of state and local law.
Before Repossession
Repossession is sometimes necessary to protect the interest of the credit union on delinquent loans. As a legal action, it is extremely important that certain steps be followed in order to avoid other legal ramifications.
I. Operating Procedure