Q: My credit union wired 69k to the seller of a car I was going to purchase from out of state. The car never arrived why?
I co-signed a secured car loan for my son while he was stationed at Cannon AFB, NM. The credit union (CU) was supposed to send the seller wire draft instructions until the collateral arrived as the purchase was out of state. Instead the CU wired live funds to the seller for the sum of $69739. After 3 business days my son had a suspicion the car was fraudulent and notified the CU to cancel the loan. He met with a CU loan processor who communicated with the CU VP of lending about this pending transaction. He was advised by the CU that no money was sent to the seller and would not be until the collateral arrived. My son recorded this conversation which confirms these details. 3 weeks later the CU stated we are responsible for the entire car loan and further denied that this was a pending draft. The CU stated they made an exception to wire the fund immediately at the request of the seller and my son. I was never contacted at any point about an exception to their policy! What can I do?
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