Repossessed Auto and Other Collateral – For Sale!
Utah Heritage Credit Union loans on autos, recreational vehicles and other assets. From time to time, members may have financial difficulties and may not be able to make a payment. The credit union’s philosophy is to help these members keep their vehicles when possible. To help out members, we can sometimes lower their interest rates and change the terms in order to lower their payments.
However, there are times when the best option is to repossess the vehicle and sell the collateral. Many members facing these difficulties voluntarily turn in their vehicles and we sell the asset for them.
Repossession Guidelines
It is our responsibility to sell a “repossession” for as much as possible in order to lower the amount a distressed member has owing on their account. In order do this, the credit union has a bidding process to get the highest possible price.
Bidding Guidelines
By submitting a bid using the online form you must understand and certify the following:
1. I have inspected the named item and accept the “AS- IS” condition of the item.
2. The named item may be taken to an outside party for an inspection at my own expense before this bid is placed.
3. By signing this bid contract, I am legally bound to purchase said item if my bid is accepted.
4. I am 18 years of age or older.
5. The Credit Union reserves the right to re-open the bid at the end of the posted time period if the bids are not high enough to secure the Credit Union’s interest. If those who had previously bid wish to re-bid, they may do so at that time.
6. Only the highest bidder will be notified by telephone if bid is accepted. Bidders may phone the Credit Union to see if their bid was accepted. (Limited information will be given.)
7. If I do not qualify for a loan at Utah Heritage Credit Union and if my bid is accepted, I have 48 hours from the time of acceptance of the bid to pay for the item by CASH or CASHIER’S CHECK. If I fail to do so, the Credit Union reserves the right to award the item to the next highest bidder.
8. Utah Heritage Credit Union reserves the right to reject any and all bids.
9. Utah Heritage Credit Union does not guarantee or certify automobile odometer readings.
10. Utah Heritage Credit Union may elect not to provide financing for the named item.