According to the Public Service Credit Union website; “PSCU has been safe, secure, and insured since 1938, and today has over $1 billion in assets and more than 139,000 members. A full-service financial institution, PSCU offers an array of financial products and services including savings and checking accounts, loans, mortgages, Internet home banking, instant loan approval, online bill payment, and more. PSCU members can access their accounts and conduct transactions at its 27 branches, as well as at over 190 CU Service Center locations in Colorado. Also, through its partnership with the CO-OP ATM network, members have surcharge-free access to 30,000 ATMs throughout the country”.
Public Service Credit Union has been a leader in the Colorado auto and home lending market.
Because of their well-heeled financial position and prudent lending they are able to provide financing for most all secured assets such as cars, trucks, motorcycles, boats, and of course real estate. Like any lender with this scope of lending services they take in repossessed assets from non-performing loan products. Unlike a large portion of national banks who ship of bank repo’s to dealer-only auctions, Public Service Credit Union offers these repossessions back to the public through a portal on their website. PSCU has found that when they sell these repos to the public themselves, it not only helps mitigate losses, but also provides an opportunity for PSCU to once again originate financing on the same asset. This is certainly a win-win for both the credit union and local car and home buyers. Because PSCU is the seller and the lender, they have much more flexibility on price negotiations in addition to being able to offer ‘special financing’ for those who purchase their repossessed property. Public Service Credit Union has teamed up with Northern Auto Brokers to provide a professional experience for the consumer looking to buy a credit union repo car. On their website they have provided a link to the designated site where consumers can browse a variety of repossessed assets including everything from cars to boats. The webpage provides buyers with a wealth of information to help them make an informed decision on their purchase. They also have live customer service representatives standing buy to help potential buyers.
For Colorado car buyers who want to search their credit union repo’s they are listed for sale on the-Public Service Credit Union repo list.
Most buyers are surprised to find out how simple the process is when buying directly from the credit union. The experience always very transparent and you also get the benefit of knowing that the credit unions are already experts in auto and home financing. This knowledge will help them guide you through the buying process.
If you get serious enough where you want to submit an offer make sure you contact a representative as soon as you can. Repossessed vehicles are priced to sell fast. Keep in mind that repo’s are generally sold “as-is” so do a little research so that you know what you’re buying. It’s also wise to consult with local auto and real estate experts who may provide insight on the item you’d like to buy.