• Report: #775202

Complaint Review: Kern Schools Federal Credit Union

  • Submitted: Sat, September 10, 2011
  • Updated: Sat, September 10, 2011

  • Reported By: Kim — Bakersfield California United States of America
Kern Schools Federal Credit Union
4530 Ming Avenue Bakersfield, California United States of America

Kern Schools Federal Credit Union Kern Schools FCU Ripped off on a car repossession Bakersfield, California

*Consumer Comment: Sorry Kim, ...

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I am a victim of the economy, like everyone else. I lost my job, therefore my car got repossessed. I have been paying things off my credit report slowly, but surely. This weekend, I took my happy little self down to a car dealership, test drove a car, and started the paperwork to buy the pretty little thing. The dealer comes back with my credit report in hand, telling me that I could be financed, except for the fact that the loan for my car that was repossessed with Kern Schools Federal Credit Union is showing OPEN. Now, why would a car that was repossessed a YEAR ago, still have an open status? I wanted to find out. I called Kern Schools. They said it was because they sold the car for less than what was owed on the loan.

Let me show you all a little something. There was a little over $7000.00 owed on the car loan when it was repossessed. It was a 2006 Toyota Corolla S with all pretty extras. Rear spoiler, 6 CD changer, blah blah. The kicker? It barely even had 13,000 miles on it. If you look up a 2006 Toyota Corolla S right now, it is STILL selling for $15,000 with FAR MORE miles on them. Do you think I got ripped off? I really feel like they do. They are telling me I still owe them almost $1000.00. How am I supposed to believe that they only sold my car for $6000? It doesn't add up. They had to have MADE money on that deal, unless they decided to sell it to an employee. And i'm sorry folks, but I AM NOT paying for their deal.

This report was posted on Ripoff Report on 09/10/2011 11:51 AM and is a permanent record located here: http://www.ripoffreport.com/r/Kern-Schools-Federal-Credit-Union/Bakersfield-California-93313/Kern-Schools-Federal-Credit-Union-Kern-Schools-FCU-Ripped-off-on-a-car-repossession-Bakers-775202. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

Sorry Kim, ...

AUTHOR: Brian - (United States of America)

but the credit union probably did only get $6000 for it. The $15000 value you're quoting is the retail value.   Most banks and credit unions don't have the facilities to sell repossessed vehicles at retail.  It's easier for them to send them to auction.  Unfortunately, by doing this they usually get far less than the amount owed on the loan, let alone retail value for it.  Also, if you read your loan papers, I'm sure there is a clause in there specifying that you are responsible for the residual amount.  You could contact an attorney to fight it, but it would most likely cost you more that the $1000 you still owe.  I realize it's a crappy deal, but I would suggest paying it off and moving on.  Once that loan is closed, you might still be able to get that car you have your eye on.
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