Repossessions FAQs
Who is eligible to purchase a repossessed vehicle from Founders Federal Credit Union?
Founders Federal Credit Union does not allow the sale of any repossessed collateral to an employee, officer, director or their close relatives. The Credit Union defines close relatives as Spouse, Parents, Child (adopted, foster or legal ward), Siblings, Grandparents, Grandchildren, Aunts, Uncles, Nieces, Nephews, or Domestic Partner, including all such relationships that exist through marriage or domestic partnership (i.e. step-, half-, and in-laws).
How do I test drive a repossessed vehicle?
Test drives are available Monday - Friday from 8:30am - 4:30pm. Appointments are not necessary, however, interested parties must bring a current driver's license and valid insurance card including their correct name. If your spouse or child is test driving the vehicle, those names must also be on the policy. Test drives are for 30 minutes and any requests for an extended test drive to complete a third party pre-purchase inspection must be scheduled in advance with the Reposessions Department.
Will you hold a vehicle if I'm interested in purchasing?
No, we are unable to place holds on any repossessed vehicles or collateral. All collateral is sold on a first come, first serve basis.
What steps do I take if I am interested in a repossessed vehicle?
You may submit a form online to request more information about the vehicle, or call 800-845-1614 to speak with a representative. If you are not already preapproved for a loan, a Founders Loan Officer will be glad to assist you with your application. In order to mark a vehicle as "sold" all loan documents must be signed, or outside funds must be deposited into the your account.
Does Founders offer any special financing for repossessed vehicles?
We do have special financial opportunities for repossessed vehicles. For details on these options, please call 800-845-1614.
Do I have to be a Founders member to purchase repossessed collateral?
No, however, to receive any special financing for your purchase, Founders membership is required.
Who do I call for financing questions regarding rates, terms and loan options?
Call 800-845-1614 and a Loan Officer will be glad to answer these questions for you. Please note, loan approval does not guarantee collateral availability.
Important Notice
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