According to information published on their website, “Cyprus Credit Union is a not-for-profit cooperative started in 1928 by 22 Kennecott Copper Company employees. Cyprus Credit Union is the oldest active credit union in Utah and started with assets totaling less than $100.00. Our founders set out to promote thrift among members by affording a convenient means of saving and to loan funds to members for productive purposes. As Cyprus Credit Union grew from our modest beginning in Magna, we continued to hold true to our core value of honesty and integrity in everything we do. Today we have a diverse membership and offer our services to any Utah resident. We are member owned and overseen by a volunteer board of directors. Today our branch network stretches along the Wasatch Front from Davis County to Utah County with 16 locations to serve the needs of our members. Our extensive network of ATMs provide free, convenient access to more than 28,000 locations nationwide and our participation in the shared branching network allows access to your Cyprus account almost anywhere. Cyprus has a long history of stability, affordability and credibility”.
Since their inception Cyprus Credit Union has been a leader throughout Utah in auto and home lending. Like any lender with this scope of lending services it occasionally receives defaulted loans. Unlike many banks who will ship of repossessed bank assets to dealer-only auctions to be sold for pennies on the dollar, Cyprus Credit Union will often sell not only cars but also ATV’s, RV’s, boats, and other real property assets that they have recovered to the public. Cyprus Credit Union has found that by selling these repossessions back to the public themselves results in both higher recovery rates on defaulted loans as well as a chance to attach a performing loan to that asset again. This is also a convenient situation for buyers who are able to get a lower priced vehicle and sometimes preferred lending terms. Cyprus Credit Union has designed two separate web pages to sell their repo’s to the public. One site is dedicated to REO (real estate owned) properties, and the other site is dedicated to vehicles including cars trucks boats and more. Both web pages allow consumers to view photo’s of the credit union repo’s for sale. They also have live customer service representatives standing buy to help potential buyers.
For Utah car buyers who want to search their credit union repo’s they are listed for sale on the-Cyprus Credit Union repo’s list.
Most individuals who buy assets from credit unions are surprised to find the experience very transparent and easy. After all, credit unions are already experts in auto and home financing and will have no problem guiding you through the process of a private party sale from a credit union. Buyers can search for repo cars, boats, and real estate right from their home computer. Cyprus Credit Union has created an all-in-one location for deal seeking buyers.
If you get serious about making an offer on a credit union repossession simply call a representative from Cyprus Credit Union to guide you through the steps. Repo’s are generally sold “as-is” so make sure you know what you are buying. You’re always encouraged to consult with local auto and real estate experts who can also provide insight into what you are buying.