U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics > Personal Finance
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-27-2018, 03:29 PM
 
70,848 posts, read 71,210,489 times
Reputation: 48440

Advertisements

Quote:
Originally Posted by UntilTheNDofTimE View Post
How exactly does this process work. When you payoff your car and they release the title to you is there some notation of a lien holder? If not do they have any reservations on the vehicle if you sell it while in default? How about just selling it in general? Then the cross collateralization won't matter? I'm just curious here. I don't have any secured loans by my CU. just a credit card.
They can come and repo the vehicle . You agreed to it when you took the credit card or loan . Not sure how the titling works when it is colatoralized for a loan
Reply With Quote Quick reply to this message

 
Old 10-27-2018, 03:39 PM
 
472 posts, read 288,668 times
Reputation: 927
Quote:
Originally Posted by Lowexpectations View Post
I was curious as to what the issues were in the event I wasnít aware of negative changes to a program Iím pretty active in.
If you already had the highest checking account you were automatically moved into sapphire therefore no option to get the bonus. As you also state the options for moving 75k aren't great.

UR removed Korean airlines as a transfer partner. Even TPG states this is the downgrade in worth of UR points. Seems amex is on the same level ur points now. I've pretty much stopped gathering UR and moved to MR
Reply With Quote Quick reply to this message
 
Old 10-27-2018, 03:52 PM
 
18,722 posts, read 13,497,174 times
Reputation: 14107
Quote:
Originally Posted by Gene Starwind View Post
If you already had the highest checking account you were automatically moved into sapphire therefore no option to get the bonus. As you also state the options for moving 75k aren't great.

Gotcha I didnít have the highest checking level and the options for meeting the 75k are pretty wide I just canít meet it with cash alone and combined with the fact that my employer requires me to hold all securities with them it eliminates my ability to get the bonus

Quote:
UR removed Korean airlines as a transfer partner. Even TPG states this is the downgrade in worth of UR points. Seems amex is on the same level ur points now. I've pretty much stopped gathering UR and moved to MR
Iíve never used Korean air but itís be heard from others it is a loss. I have the Amex plat but not for the MR program but rather the benefits. I still find the UR usability much better than MR
Reply With Quote Quick reply to this message
 
Old 10-28-2018, 03:53 AM
 
Location: Atlanta
3,190 posts, read 3,181,137 times
Reputation: 2015
Another happy Chase customer here...
Reply With Quote Quick reply to this message
 
Old 10-28-2018, 04:11 AM
 
70,848 posts, read 71,210,489 times
Reputation: 48440
almost 1/2 of america's households bank with chase . that is an amazing amount of accounts and users .
Reply With Quote Quick reply to this message
 
Old 10-28-2018, 04:14 AM
 
Location: Cebu, Philippines
4,218 posts, read 1,599,647 times
Reputation: 7720
Quote:
Originally Posted by Quietude View Post
I don't know why anyone banks with a megabank any more. There used to be a reason to go with the big guys, but these days, a bank or CU has to be really tiny not to have all the resources of a mega.
Because the megabank bought their warm personal bank and they never quite got livid enough to tell them where to shove it.
Reply With Quote Quick reply to this message
 
Old 10-28-2018, 04:45 AM
 
Location: ☀️ SWFL ⛱ 🌴
2,402 posts, read 1,643,183 times
Reputation: 8547
We’ve had accounts and loans with mega banks, small local savings and loans and two different credit unions. We like credit unions more, they are non-profit organizations, unlike banks.

While a CU may do cross collateralization, it’s done to protect their members who also happen to be their investors. They aren’t making a profit off of someone falling onto hard times, but protecting their other member’s investment. That’s the difference between a for- profit bank and a non-profit credit union.

While credit unions have also been a better choice for us, but they may not be for others.

Last edited by jean_ji; 10-28-2018 at 05:24 AM..
Reply With Quote Quick reply to this message
 
Old 10-28-2018, 05:01 AM
 
70,848 posts, read 71,210,489 times
Reputation: 48440
credit unions can pay higher rates to depositors because they pay no income taxes like banks since technically they are non profit. but those ceo's make a pretty penny .
Reply With Quote Quick reply to this message
 
Old 10-28-2018, 05:53 AM
 
318 posts, read 181,379 times
Reputation: 1166
I've been with BofA for over 20 yrs. Have never had a problem with them.
Reply With Quote Quick reply to this message
 
Old 10-28-2018, 06:38 AM
 
1,882 posts, read 633,632 times
Reputation: 4899
Quote:
Originally Posted by mathjak107 View Post
Credit unions are notorious for using cross collateralization. .

You buy a car by taking out a loan from your credit union. The loan agreement for your car loan usually contains a cross-collateralization clause. you later open a credit card account with that credit union and uses it to pay for some vacations or pay off other credit cards . After three years, you pay off your car loan, but you still have a balance due on your credit card.

You lose your job and stop making your credit card payments.

The credit union can repossess your car and sell it to pay the credit card debt.
Wow. I didn't know that. Presumably the credit card would carry lower interest rates since they have the car as collateral?

I've never dealt with a credit union- got a checking account with USAA a few years ago (at the time they'd opened them up to people with no military connection) and I'm VERY happy with them. It's all on-line for me- no branches nearby but they refund ATM fees. Not sure what I'd do if I wanted a car loan- maybe find a HELOC through LendingTree.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics > Personal Finance
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top