X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Western Federal Credit Union has filed a lawsuit against Chrysler Deputy Chief Executive Jim Press for defaulting on a loan.Western Federal inherited Press’s $816,000 unsecured personal line of credit when it merged with Toyota Federal Credit Union in September 2007. After the merger, Western Federal stopped lending unsecured lines of credit and asked Press to pay off the loan, according to an article in The Detroit News.Press asked the credit union for more time, according to the article. By August 2008, Press had repaid $410,000 of the loan, but in November he defaulted on the loan claming he could not make the first of two $203,000 payments because Chrysler eliminated his year-end bonus, the newspaper said.Western Federal moved forward with the lawsuit against Press on June 30 for more than $467,000.When asked by Credit Union Times to comment on the lawsuit Western Federal CEO John A. Bommarito said, “No comment. We’re simply exercising our contractual right to collect on a loan as we do in the regular course of business when circumstances warrant.”On Sept. 1, the IRS filed a $947,410 lien against Press and his wife for unpaid income taxes the IRS claims they owe from 2007. The property the tax lien is on is a 6,800 square-foot, six-bedroom mansion that Press took out a $2.2 million mortgage on in May 2008, according to Oakland County property records.Press currently has the property for sale for $3.15 million.–[email protected]

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Peter Westerman

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.