Approximately 40 plus years ago credit unions would sell repossessed vehicles to other members for a small loan transfer fee and assumption of the remaining loan. I believe this is a practice that should be implemented and would economically benefit BECU membership.
I'm old so I remembers this, and used it to assume payments on another credit union member motorcycle, and also a truck. the Union-Tribune Credit Union would put out a news letter.... that any of their customers for what ever reason wanted to get out from under a Credit Union loan could list it in the news letter.
It still needed to be approved by the Credit Union but in my case it was a great deal, I assumed a payment with no down, and in one case even got some equity. This might even work for home buyers instead of going to a "short sale" even if the property is upside down it could still work out for someone else that liked the property and was willing to pay and wait for the market to change.
@Vickisj We love our credit union philosophy of people helping people and we did used to offer this program many years ago. It was evaluated and discontinued based on not only compliance and legal factors, but also because the average vehicle typically had 90k+ miles on it and we didn't feel comfortable retailing those older used vehicles to our members. We want to do everything we can to protect our membership and ensure great experiences which is why we’ll continue to use the wholesale channel for repossessed collateral.
@richard98052 Here's some information on our existing BECU Real Estate Owned (REO) Eligible Properties and program
For a listing of BECU Homes for Sale send an email to Homesforsale1@becu.org. This will trigger an automatic response with the REO listing as an attachment.
EQUAL HOUSING OPPORTUNITY LENDER