SSFCU lists it’s history as follows, “From its humble beginning in 1934, when a handful of local educators founded Hillsborough County Teachers Credit Union, Suncoast Schools Federal Credit Union has grown into the largest financial institution headquartered on the west coast of Florida.
Originally formed to meet the financial service needs of teachers in Hillsborough County, the field of membership was gradually increased. A charter amendment in 1953 expanded the field of membership to include Pasco, Hernando, Citrus, DeSoto, and Hardee County teachers; by the end of 1957, Manatee, Levy, and Sumter Counties were included; and Charlotte County was added in 1959. By that time, services had been extended to all school employees – not just teachers.
In 1975, the Credit Union’s name was changed to Suncoast Schools Credit Union to better represent its field of membership; it became Suncoast Schools Federal Credit Union with conversion to a federal charter in 1978. Suncoast continued to grow with the addition of Glades and Hendry Counties in 1982, Collier County in 1983, and Lee County in 1993. Changes in federal field of membership regulations in the 1990s allowed the inclusion of Select Employee Groups (SEGs) in the Credit Union’s field of membership, allowing the Suncoast to provide services to small employee groups that would not otherwise have access to the advantages of a credit union.
Suncoast now serves public and private school employees in 15 counties and more than 1,000 SEGs. The Credit Union offers a full range of deposit, lending, and investment products with access through its branches, ATM network, Members Contact Center, and the Internet”.
SSFCU has been consistently been a leader in both the auto and home lending markets throughout Florida. They are one of the largest credit unions in the Nation, but still focus on having a personal touch throughout all of their lending services. They have a broad scope of services including financing for cars, trucks, RV’s, ATV’s, motorcycles, and of course real estate.
On occasion, when these loans don’t perform, Suncoast Schools Federal Credit Union will have no choice but to repossess the secured asset. Unlike many large financial institutions who outsource the remarketing of these repo’s, SSFCU sells their own repossessions in-house. SSFCU has found that when they sell these repos to the public themselves, it not only helps recover losses, as well as it provides an opportunity for the credit union to secure financing on the same asset with a different borrower. Because the assets are sold at discounts, this is a win-win for both the credit union and local car and home buyers. On their website they have provided an entire page dedicated to featuring the credit union repo’s for sale. Most of the time there is just real estate listed but occasionally buyers may find repo vehicles like cars and motorcycles too.
For Florida car buyers who want to search for these credit union repo’s they are listed for sale on the-Suncoast Schools Federal Credit Union Repo List.
A lot of buyers find that buying a credit union repo is actually quite simple. The credit union is an expert in handling purchase transactions and can provide a wealth of information to make the process go smoothly.
If you decide that you want to submit an offer on a repo make sure you to contact a representative expeditiously. Repossessed vehicles typically sell fast. Repo’s are usually sold “as-is”, so don’t hesitate to do some research before you finalize your decision to buy.