As per their official webpage, “BECU is more than 825,000 members strong with assets in excess of $11.4 billion. We are the largest credit union in Washington and the fourth largest credit union in the U.S. As BECU continues to add products, services, and locations, we recognize and appreciate our real strength is our members”. Boeing Employees Credit Unioncovers a very large geographic area throughout not only the state of Washington, but also a few neighboring states. Since 1936 they have provided countless loans to members and small businesses alike. Their expertise is in mortgage lending and auto loan products for a variety of vehicles like cars, trucks, motorcycles and even RV’s. They have very competitive rates and an underwriting team that can process loan applications expeditiously.
Like other banks and credit unions throughout the US, BECU is also experiencing the effects of a soured economy. Often time their loans do not perform and they are forced to foreclose on real estate or repossess vehicles. Realizing this Boeing Employees Credit Union has been on the vanguard in taking their credit union repossessions and reselling them to the public. They have created a designated section of their website in which buyers can view current repo inventory at BECU. They have included well researched information to provide as many details to the buyer as possible.
For Washington car and home buyers interested in low priced credit union repo’s they are listed for sale on the-Boeing Employees Credit Union repo list.
Surprisingly, buying a credit union repossession is actually quite a simple process. It’s not like a dealer auction where you need to be an expert negotiator. The credit union wants nothing more that to ensure you are happy with your purchase. They are not in the business of car and home sales and are more interested in keeping you as a banking customer instead. This doesn’t mean that credit unions aren’t experts in home and auto sales. They deal with these transactions daily and will know exactly what types of forms and compliance documents will be needed. Currently their inventory mainly consists of foreclosed homes, but interested buyers within Washington can find repo cars, boats, and motorcycles on a regular basis too.
If you decide that buying a credit union repo is right for you make sure you contact a representative at BECU as soon as possible. Credit union repossessions are priced to sell and will typically move fast. As a rule of thumb, most repossessions are sold in “as-is” condition, so make sure you do plenty of research before buying. Don’t forget that the credit union can pre-qualify you for financing if needed right on the spot. Sometimes they even offer special rates to those who buy the repo’s. If you need help don’t be afraid to contact a trusted real estate professional or a local mechanic to get a second opinion.