At 86 years old, a grandmother and mother faced one of the most difficult challenges of her life after becoming the victim of elder fraud. After a long career in the banking industry, she was extremely upset with herself for unknowingly sharing her personal information with a scammer posing as a financial institution employee. The consequences were severe. Loans were taken out in her name through Citibank, and fraudulent charges accumulated on her M&T credit card. Over time, missed payments, often due to forgetfulness, further damaged her credit. Living on a fixed income from Social Security, she struggled to keep up with her bills.
Her son, who had recently consolidated his own debt through a home equity loan with our credit union, was determined to help his mother recover. Her wish was simple. She wanted to maintain the ability to drive so she could buy groceries, attend doctor appointments, and spend time with friends. Unfortunately, her vehicle lease was nearing its end, and she could not afford to renew it. While she planned to move in with her son to help manage rising living costs, maintaining her independence remained very important to her.
With her credit in disarray and a credit score in the low 500s, she was unable to secure a loan elsewhere. Despite the challenges, we took a closer look at the full picture. Although her credit was far from perfect, and even with her son co-signing their combined credit score fell into a lower tier, several factors made the situation workable. The vehicle was in good condition with low mileage, the loan-to-value ratio was a manageable 56%, and her son had demonstrated a strong commitment to financial responsibility and repayment.
After reviewing all the details, we were able to finalize her lease buyout loan. By looking beyond credit scores and focusing on the full story, we provided a solution that allowed her to keep her vehicle and regain her independence.
Since receiving the loan, her situation has improved significantly. While her credit score is still a work in progress, she has made consistent payments. This story reflects our commitment to supporting members and their families, even when circumstances are far from perfect. By considering the whole person and their unique situation, we were able to provide financial relief and peace of mind when it was needed most.
