I have a question. I was in a chapter 13, 5 year repayment plan. I made it all the way up to a little over 4 years, before I got laid off. Then, it was dismissed with about 4-6 payments remaining. Well, none of the creditors contacted me, but I started contacting everyone to find out my balances. My car finance company had a balance of $5000, which was interest that they were entitled to, since my BK wasn't completed. Well, I started paying because I wanted to repair my credit. Well, since then, I was laid off again, and now they're calling. The rude lady just asked me when I would pay, I told her I couldn't because I'm not working. She then asked me, "Where is the car?" My question is can they still take my car?
Since you have lost your job and you are unable to make payments under Chapter 13, you can convert your bankruptcy from Chapter 13 to Chapter 7. For conversion from Chapter 13 to Chapter 7, to need to go through a new Means Test form and should not have previously converted the same case from Chapter 7 to Chapter 13. You should consult a bankruptcy lawyer for more details.
ok, I'm a little frusturated because my ex-boyfriends car just recently got repossed. He swears that because it got charged off on his credit by the buy here pay here company he no longer owed them any thing. we live in Ohio and he he never paid the car off because he lost his job. I don't understand what happened? Can you help please?
the most i can do is tell you my current situation. i know the laws differ state to state. i have not been able to make payments for 6 months on my cars. i have a 2005 lexus ls 430 and a 2007 lexus is250. i finally have enough money to pay all past due payments to get current again. i called up lexus financial and they basically said, "hell no. you pay us it all now or forget it. you are way too delinquent." in some states, if the car gets repo'd then the owner has a right to pay all past due obligations to have their contract reinstated. it doesn't work that way in southc carolina so i'm screwed. i owe 25k on my is250 and 45k on my ls430. you think that would be reasonable and let me make right what has gone wrong. they have tried to repo my cars but can't find me. they are still in my possesion. they are allowing me to settle on the is250 for $20,400. i have to make 2 payments of$10,200. one today, one 30 days from now. yes, they are still trying to repo my cars though it is in "chargeoff" status. they can get their money back by repo'ing my cars and sending them to auction. then, i would have to pay the difference of what is left over...including fees for repo, attorneys, etc.
also... i asked for a written agreement regarding the lexus is250 and the settlement terms. SHE SAID NO!!!!! how unprofessional is that? i could send the money in and still get screwed! when i asked for a supervisor, she got nasty and said he was out to lunch. then i asked when he would be back.. she said she didn't know.
I understand what you are going though. Have a little patience and don't touch the money you have saved to pay off your dues. Set it aside and try and be more patient with your creditor. Pursue them again and try and explain to them why you were delinquent and that you are eager to pay off the loan but cannot pay it off in full at once. Let them know how much you can pay now.
You may also tell them that you need a written agreement in order to pay and would not make a payment if they did not provide a written agreement. Be firm yet polite.
I had a car that was charged off by the finance company. I got an attorney and worked payments out and paid it up to date. Three months later with the vehicle still paid to date, the finance company repoed the vehicle.
Repeated asked them to return the vehicle and they never did. Over three months went by and the car was sold on March 7, 2007.
I was never notified of the sale of the vehicle. I got a bill stating I owed 14,000 for the vehicle after they sold it.
I recently pulled my credit and found that a collection agency had purchased the account and now says I owe them 19,000.
Charge off a vehicle and have a customer to catchup payments and a few months down the road you repo. This has to be against the law! Can anyone give me advice in which direction to take! Thanks.
I have a charge off on my credit report over 7 years old. Secondly I went to court about the car and the Judge basically called it a wash. Saying I owed the finance company nothing and they owed me nothing being that i was sold a lemon. How can I get this removed from credit being that it all the way ack in 2002 and shouldn't have appeared as a charge off anyway
So my vehicle was repo'd. When I called to find out how I could get it back I was told it had been charged off & they were not willing to negotiate anything other than full payment. Someone advised me to file Chapter 13 (along with other financial debts). They said that I could have my car returned by doing this with an automatic stay of bankruptcy. BUT my question is since the finance company has it listed as a charge off, will the Chapter 13 still work?
Whoever has advised you regarding filing a chapter 13 bankruptcy, has told you the right thing. Chapter 13 bankruptcy states that the court gives you time between 3-5 years depending on your income to to pay off your debt through prepare a repayment plan . When you file a chapter 13 bankruptcy, mention all your debts along with the car debt. Remember to inform your car creditor about that. Now that you have the car included in your repayment plan, they have to give it back to you.
I would be calling as soon as possible to get the vehicle back, as mentioned above you have the repayment plan in place so the car should be in your possession.
Hi,
I filed bankruptcy in 2001 and my vehicle loan was shown as a charge off on my credit report all though I had only put 2 past due payments in the bankruptcy. The charge off no longer shows on my credit report and I was wondering if I would ever be able to get the title.
My car was just charged off in august and I was not notified. i only found out in september. i have continued to make payments on time and i ahve not treceived any phone calls or letters. according to the finance company they said they charged the debt off 3 days prior to reciept of a partial payment that was owed via quick collect and 18 day before the full payment to bring the account current was made. They did not send registered mail nor regular mail to infrom me. last i spoke to the lender i was told to continue to try to catch up and they could not promise me that there would not be an attempt to reposess. When i called to provide them with the mtn# of the final catch up payment, i was informed that the debt was charged off.
like i said they accepted the money and i have no problem continuing to pay. what can i do?
In my case, my job requires that i maintain my credit and right now if i can not recind this charge off order, i am endager of losing my job. please advise. Thanks
Do you still have the car? Did they come and reposses it? Seems odd that they would charge it off, accept your payments and still let you keep the vehicle.
I would say to file a dispute on the charge off, call them back and tell them that you plan to get the attorney generals office involved because they have accepted payment but have still went through with a charge off. Maybe then they will be more cooperative.
I consign for my ex a auto loan and they made me the primary because my income. She stop making payment and i think i repo and sold it. I never recieved anything but it a charge off on my credit for 10k now I trying to figure out my best option for this.
I believe that they will probably sell the debt to another collector so they can get some of their money back, the collector will then come after you for the debt.
Usually in a charge off situation that is what happens.
my truck was charged off last nov.2009 after i havent made any payments in about two years..i havent drove it since because i was worried about repo..should i feel comfortable driving know
I don't think it should be a problem to drive it. Anyways are you aware of the SOL in your state? It is the time period that the creditors have to sue a debtor. If the SOL passes then they cannot sue you anymore. If it does not then you can try to settle the debt with the collection agency and ask them to remove the negative listing by sending a pay for delete letter.
you probaly could drive it but if you want to keep the vehicle with outh the worries of having it taken from you I would try to get the debt settled. Ican not imagine why the original lender never tried to repo and get some of their money but this is probaly to your advantage since you can still run it. Do you know what you owed on it when you stopped making payments? Try pulling your credit record and see what the listing has on it for amount owed. You should be able to settle it for up to half of what is listed.
A finance company can continue to try to repo their vehicle for as long as you have not paid. They can try to repo it if it has been charged off.
The finance company does not have to notify you of the charge off. In some states they do not have to send you a notice of intent to repo before trying to repo the vehicle.
i bought a van a couple of months ago at a buy here pay here dealership. in two payments i paid the van, i was 2 weeks late but paid in full. since they released the pink slip we did not insist on a recipt, now 2 months latter they are trying to repo the van.. stating we have not paid for the van in full and letting go of the pink slip was a mistake. can they really repo it even if im the registered owner nowz/
You can inquire about this with the company. If you have the proof of your payments you may be bale to solve the problem.
Erica:
You can contact the Department of Motor Vehicles Professional Licensing Division. Talk to them about your problem and carry along the pink slip. Another thing is, if you have paid through checks and drafts other than cash, you can take copy of those as your proof too.
Charge-off means that the lender has written off the debt as a loss and handed over the account to a collection agency. The collection agency now will try to collect the debt from you. So, you need to pay off the due amount, else your car may get repossessed.
Thus, you can first check your credit report for the details of this charged-off account. From there you will get the name of the company to whom the account has been charged off.
we bought a kia and its been a bad car. the first month we had it, major issues that they could not duplicate. we tried hard to get them to buy it back and then finally gave up on it. the car has been sitting for 2 years, my husband lost his job ( truck driver ) right after we bought it and could not longer pay for it so this is another reason they used to not buy it back. anyway we have only made 3 payments on the car and have had it almost 2 years. they have tried to repo, but we refused to give it up ( my husband used to do repos ). now it is showing as a charge off????? they have not looked for it in over 8 months. whats next??? the car has not been registered in over a year..can we register it and drive it??? have they reported it stolen or can they??
Can debtors legally sell your debt and then keep themselves on your credit report as well as have the company they sold it to be on there as well? If not, is there a way I can sue them once they do this? Isn't it illegal to do so?
When your debt was with the original creditor, they must have reported it with the bureaus. These listings will be there on your report. However, your original creditor cannot go on reporting after the debt has been sold off to a colection agency. Now, the collection agency is supposed to report to the credit bureaus.
However, the previous negatives with the original creditor will still be there on your credit report for 7 years. These will fall off after 7 years.
i bought a car in 2006 form a finance company...the car broke down in 5/2008 and i sitting in a auto shop for repairs lost my job so had to make payments til 2/2009...however the company with the lien considered it a charge off in september 2008...well because the car set so long on the auto repair shops lot they had the bmv contact the finance company for title certified mail serveral times without response the bmv gave title to auto company...about 2 months later i was able to pay off the auto repair shop and still had to buy my car back from the auto repair shop cause the owned it so i did...its a year later and the other finance company picked my car up for repossession because i stopped paying them...but i have the title and there wasnt any lien showing at the time title was requested ...are they allowed to do that i mean take my car back even though the lost the title a year ago
I am in Texas, (not sure if it matters) and I bought a truck in 2007 that I got behind on and is now charged off. My question is what happens if I file chapter 13 now? Will I lose the truck or what? Also, can the debt collectors contact anyone they wish or are there certain family members that they can contact?
Can you tell what is the status of this account on your credit report?
Tmat:
Under chapter 13 bankruptcy, the debtor is allowed to keep his property. However, this is possible only if you can pay off all, or some part of the debt. You can do this through a repayment plan approved by the court.
As for your second question, according to Fair Debt Collections Practices Act (FDCPA), the debt collectors cannot call, or harass other people for a debt incurred by another person. If they do call, then it can be considered a FDCPA violation, and they can be sued for this.
Thanks for the reply. The reason for the second question is that the creditor on my truck are calling people that are not even related to me. How they ever linked us I have no idea, I have only mets this person a handful of times.
The debt collectors are not supposed to call other people and harass them for a debt owed by another person. The people who are getting the calls can file complaint with the Fair Debt Collections Practices Act. (FDCPA).
If your auto loan has been charged off, and if you aren't making the payments, the collection agency can still repose your car after one and a half year. If will have to pay off the loan in order to stop the repossession of your car.
I paid (or thought I paid) my vehicle off in 2005, I paid it off a year early with the creditor, Key Bank, with a payment of $5000.00 the balance they aggreed I owed. I was never late on any payment. Now it's 2010 and I go to buy a car. I see a charge off for the amount of $5000.00 from Capital One Auto on my credit report after being denied the loan. I did some research and found that 2 days before I paid Key Bank off, they sold the note in a package deal with many other notes to Capital One. I never recieved a lien release from Key Bank. Capital One is not being cooperative at all and Key Bank says they gave all records on the note to Capital One and can't help me. I don't have the payment records anymore, but on my credit report you can see the dates, payment record and accounts ect. that bear out my story. Any Ideas?
My husbands finance company did a charge off on his truck loan. It has been 2 years since we heard from them. We are trying to work a deal with the collection agency that now has the pink slip. Can the collection agency repo the truck? and also what rights if any do we have? Also what is the best way to handle this situation? Thank you for your help.
My ex was primary signatory and I was co-signer on car I drove until I lost my job and could not make payments. We were in the middle of a divorce and my ex asked for the car back. Since his name was on the loan as the primary I gave him the car. He let one of our sons use the car and drive it from TN to FL. While he was in FL our son got in an accident and abandoned the vehicle. My ex called the finance company and told them to just pick it up. He refused to make any further payments and I could not. He got a judgment. It's been 6 years since the last activity on the account so it's still on my credit listed as a charge-off. Meanwhile, my ex passed away. I don't have the money to pay this off if the collection agencies come after me. I'm on social security now. What do you suggest?
Yes, the collection agency can repossess the truck. To avoid this, you are required to set up a repayment plan with the collection agency.
bobbysue:
As you were a co-signer you will be held responsible for the payments. It is better to settle the outstanding debt amount, and pay off the debt. Debt settlement will lower the outstanding debt amount by 40-60%. However, it can hurt your score. As for your social security, it is non-garnishable.
Aaron,
Can you post a reply to JimD's post? My situation is very similar to his. I paid off my van to HSBC just over 3 years ago. I sent almost $21k to pay off the loan according to a payoff quote we were given over the phone. Roughly two months ago, I started receiving letters from Santander saying I was late for my payment. After trying to communicate with them and getting no where, I end up having a repo guy knocking at my door. Anyhow, long story short, for the past 2 months I have been going in circles and have been hung up on numerous times by Santander. I simply want to work something out with them and they are making it very difficult. I'm going through a divorce and just simply need for them to work with me and I'm getting now where. Any advice?
It would be convenient for me if you can provide the link to JimD's post. Well, as per the information in your post, it seems that Young have already made the payments on the van.
I sent almost $21k to pay off the loan according to a payoff quote we were given over the phone.
That means you do not have any proof of the outstanding balance that you were required to pay. However, you can check your credit report first for all kind of details on this account (the principal amount borrowed, the interest rate on the loan, and the outstanding balance that you were required to pay). Also check out the original contract with the lender. Then calculate accordingly the amount you were required to pay. If you think that you have paid off the amount you were required to pay, and if you have payment proof, then you should send Santander a letter stating that you have made the payments already, and that they should stop calling you.
If they do not comply to your request, you can send them a debt validation letter. If they fail to validate the debt, report this to the Federal Trade Commission, and State Attorney General. Also, if Santander is reporting on your credit report, dispute the item with the credit bureaus.
Remember to send all kinds of letters through certified mail, requesting a return receipt.
I have been playing games with myt lender wells fargo, I made 13 payments on time and then stopped making paymnets May 2009. However, I do a lot of travelling around the country, sometimes living in my car or cheap hotels. My lender has not found my car :-) Anyway,
I reviwed my credit report last week (Jul 2010) and see a $25,554 charge off (unpaid)...Does this mean I have gotton away scott free and they do not plan on locating the car and taking it? Just curious
I reviwed my credit report last week (Jul 2010) and see a $25,554 charge off (unpaid)...Does this mean I have gotton away scott free and they do not plan on locating the car and taking it?
No, this does not mean that you are free of any obligations from this debt. You are still liable to pay for this debt. Moreover, the Statute of Limitations on this debt has not yet expired. Thus, you can get sued for this debt.
Charge-off if when the original creditor or collection agency writes off the debt as a loss, and hands over the collection power to a collection agency after 180 days of delinquency. You are now supposed to deal with the collection agency. Moreover, even if you pay off the debt to the collection agency, the charge-off will not get removed. It has been entered by the original creditor. Thus, it can be removed only by the him.
For that you will have to pay the original creditor, and request him to remove the negative. However, this can be done only if the creditor agrees to pull back the account from the collection agency (the pull back will also depend on whether or not the account has been sold off).
I have had my car since 2006 and my last payment was made on march 2006. My car is an 05 and has 41,000 miles on it and in excellent condition. I have moved twice and now live 700 miles away. I dont apply for credit as I dont need it and im renting and the homeowner pays for all the utilities bills. my credit say charge off and written off since dec 2006. I register my car every year and have insurance on it. I check my credit to see if the inquiry about me and they have not. I called the bank several times with no return call.
I guess im free and clear but can never sell my car. Which is ok with me. I disputed the account with the 3 credit buerals and since the bank did not respond to them they deleted the charge off from my credit reports.
I guess the bank does not want ther car back. It a 2005 BMW 530i with 41,000 miles and its in mint condition.
I have a auto loan that is weighing heavy on my funds and i need to know what the best option would be. I have had my truck repoed twice and they explained that if its taken a third time i will have to apply for the auto loan again I honestly do not want the truck any more and i dont want to put money into it anymore i wanted to know if i allowed them to take it and i applied and was denied would i still have to pay for a truck i was denied for and no longer possess? Or would it be better if i asked for a write off? What would be best
I was in the hospital for a year due to medical condition. Havent paid my car loan for a year. I looked at my credit score recently and saw the bank "charged off" my loan and now im responsible for the remaining balance on my credit and i still have possession of the vehicle. Can i have the vehicle registered and still use it since i am unable to get another car loan and its on my credit?
Well my husband was deployed, his payments went up, which they shouldn't have and he kept paying the regular amount, not knowing they went up and the account was handed to the collectors. We then sent the company and lienholder the orders and a copy of the soldiers and sailors act and have not heard from neither since then and this was the end of 2008. the account has been charged off. Can we register it again and what do we need to register it?
Car Repo
I have a question. I was in a chapter 13, 5 year repayment plan. I made it all the way up to a little over 4 years, before I got laid off. Then, it was dismissed with about 4-6 payments remaining. Well, none of the creditors contacted me, but I started contacting everyone to find out my balances. My car finance company had a balance of $5000, which was interest that they were entitled to, since my BK wasn't completed. Well, I started paying because I wanted to repair my credit. Well, since then, I was laid off again, and now they're calling. The rude lady just asked me when I would pay, I told her I couldn't because I'm not working. She then asked me, "Where is the car?" My question is can they still take my car?
Since you have lost your job and you are unable to make payments under Chapter 13, you can convert your bankruptcy from Chapter 13 to Chapter 7. For conversion from Chapter 13 to Chapter 7, to need to go through a new Means Test form and should not have previously converted the same case from Chapter 7 to Chapter 13. You should consult a bankruptcy lawyer for more details.
my ex-boyfriends car got repossed after 2 years of not payin
ok, I'm a little frusturated because my ex-boyfriends car just recently got repossed. He swears that because it got charged off on his credit by the buy here pay here company he no longer owed them any thing. we live in Ohio and he he never paid the car off because he lost his job. I don't understand what happened? Can you help please?
auto loan charge off
the most i can do is tell you my current situation. i know the laws differ state to state. i have not been able to make payments for 6 months on my cars. i have a 2005 lexus ls 430 and a 2007 lexus is250. i finally have enough money to pay all past due payments to get current again. i called up lexus financial and they basically said, "hell no. you pay us it all now or forget it. you are way too delinquent." in some states, if the car gets repo'd then the owner has a right to pay all past due obligations to have their contract reinstated. it doesn't work that way in southc carolina so i'm screwed. i owe 25k on my is250 and 45k on my ls430. you think that would be reasonable and let me make right what has gone wrong. they have tried to repo my cars but can't find me. they are still in my possesion. they are allowing me to settle on the is250 for $20,400. i have to make 2 payments of$10,200. one today, one 30 days from now. yes, they are still trying to repo my cars though it is in "chargeoff" status. they can get their money back by repo'ing my cars and sending them to auction. then, i would have to pay the difference of what is left over...including fees for repo, attorneys, etc.
charge off
also... i asked for a written agreement regarding the lexus is250 and the settlement terms. SHE SAID NO!!!!! how unprofessional is that? i could send the money in and still get screwed! when i asked for a supervisor, she got nasty and said he was out to lunch. then i asked when he would be back.. she said she didn't know.
Hi reallystuckhere
I understand what you are going though. Have a little patience and don't touch the money you have saved to pay off your dues. Set it aside and try and be more patient with your creditor. Pursue them again and try and explain to them why you were delinquent and that you are eager to pay off the loan but cannot pay it off in full at once. Let them know how much you can pay now.
You may also tell them that you need a written agreement in order to pay and would not make a payment if they did not provide a written agreement. Be firm yet polite.
Chargeoff/Paid up Account/ Repossession
I had a car that was charged off by the finance company. I got an attorney and worked payments out and paid it up to date. Three months later with the vehicle still paid to date, the finance company repoed the vehicle.
Repeated asked them to return the vehicle and they never did. Over three months went by and the car was sold on March 7, 2007.
I was never notified of the sale of the vehicle. I got a bill stating I owed 14,000 for the vehicle after they sold it.
I recently pulled my credit and found that a collection agency had purchased the account and now says I owe them 19,000.
Charge off a vehicle and have a customer to catchup payments and a few months down the road you repo. This has to be against the law! Can anyone give me advice in which direction to take! Thanks.
Sunshiney Florida
Charge off over 7 years old
I have a charge off on my credit report over 7 years old. Secondly I went to court about the car and the Judge basically called it a wash. Saying I owed the finance company nothing and they owed me nothing being that i was sold a lemon. How can I get this removed from credit being that it all the way ack in 2002 and shouldn't have appeared as a charge off anyway
Auto Charge-Off/Repo
So my vehicle was repo'd. When I called to find out how I could get it back I was told it had been charged off & they were not willing to negotiate anything other than full payment. Someone advised me to file Chapter 13 (along with other financial debts). They said that I could have my car returned by doing this with an automatic stay of bankruptcy. BUT my question is since the finance company has it listed as a charge off, will the Chapter 13 still work?
Hi James,
If a company would want to repossess the vehicle why would it "charge-off" the account? Anyways, I think the first thing you need to do is, send a debt validation letter to the new collection agency claiming to owe the debt. You must send it via certified mail so that you get the return receipt. As far as taking a legal step against the previous creditor is concerned, you can file a complaint with the State Attorney General. They have broken the FDCPA and hence can be sued.
To Mister E,
Any negative item stays in your credit report for 7 years before it gets dropped off. But I would like to know one thing. If the court had told you that you did not owe anything to them, why didn’t you let the credit bureau know about that? I think you should have disputed the item long back by sending a dispute letter to the CRA asking them to remove it, along with the documents from the court stating that you did not owe anything to the finance company. Anyways, I think you should dispute now if the item continues to be in your credit report.
filing chapter 13 bankruptcy to get back repoed car
Whoever has advised you regarding filing a chapter 13 bankruptcy, has told you the right thing. Chapter 13 bankruptcy states that the court gives you time between 3-5 years depending on your income to to pay off your debt through prepare a repayment plan . When you file a chapter 13 bankruptcy, mention all your debts along with the car debt. Remember to inform your car creditor about that. Now that you have the car included in your repayment plan, they have to give it back to you.
Filing bankruptcy should do the trick for you.
I would be calling as soon as possible to get the vehicle back, as mentioned above you have the repayment plan in place so the car should be in your possession.
Vehicle charge off
Hi,
I filed bankruptcy in 2001 and my vehicle loan was shown as a charge off on my credit report all though I had only put 2 past due payments in the bankruptcy. The charge off no longer shows on my credit report and I was wondering if I would ever be able to get the title.
Auto mobile charge-off
My car was just charged off in august and I was not notified. i only found out in september. i have continued to make payments on time and i ahve not treceived any phone calls or letters. according to the finance company they said they charged the debt off 3 days prior to reciept of a partial payment that was owed via quick collect and 18 day before the full payment to bring the account current was made. They did not send registered mail nor regular mail to infrom me. last i spoke to the lender i was told to continue to try to catch up and they could not promise me that there would not be an attempt to reposess. When i called to provide them with the mtn# of the final catch up payment, i was informed that the debt was charged off.
like i said they accepted the money and i have no problem continuing to pay. what can i do?
In my case, my job requires that i maintain my credit and right now if i can not recind this charge off order, i am endager of losing my job. please advise. Thanks
Do you still have the car? Did they come and reposses it? Seems odd that they would charge it off, accept your payments and still let you keep the vehicle.
I would say to file a dispute on the charge off, call them back and tell them that you plan to get the attorney generals office involved because they have accepted payment but have still went through with a charge off. Maybe then they will be more cooperative.
Charge off Auto Loan
I consign for my ex a auto loan and they made me the primary because my income. She stop making payment and i think i repo and sold it. I never recieved anything but it a charge off on my credit for 10k now I trying to figure out my best option for this.
If my truck is showing charged off on my credit report can the dealer still repo it ?
I believe that they will probably sell the debt to another collector so they can get some of their money back, the collector will then come after you for the debt.
Usually in a charge off situation that is what happens.
charged off
my truck was charged off last nov.2009 after i havent made any payments in about two years..i havent drove it since because i was worried about repo..should i feel comfortable driving know
Hi Decarlos,
I don't think it should be a problem to drive it. Anyways are you aware of the SOL in your state? It is the time period that the creditors have to sue a debtor. If the SOL passes then they cannot sue you anymore. If it does not then you can try to settle the debt with the collection agency and ask them to remove the negative listing by sending a pay for delete letter.
you probaly could drive it but if you want to keep the vehicle with outh the worries of having it taken from you I would try to get the debt settled. Ican not imagine why the original lender never tried to repo and get some of their money but this is probaly to your advantage since you can still run it. Do you know what you owed on it when you stopped making payments? Try pulling your credit record and see what the listing has on it for amount owed. You should be able to settle it for up to half of what is listed.
Repo
A finance company can continue to try to repo their vehicle for as long as you have not paid. They can try to repo it if it has been charged off.
The finance company does not have to notify you of the charge off. In some states they do not have to send you a notice of intent to repo before trying to repo the vehicle.
auto charge of
I filed a chapter 13 bankruptcy and included my car and when I got a copy of my credit report it show charged off so where are payments going.
dealer is trying to reposses even though they have released
i bought a van a couple of months ago at a buy here pay here dealership. in two payments i paid the van, i was 2 weeks late but paid in full. since they released the pink slip we did not insist on a recipt, now 2 months latter they are trying to repo the van.. stating we have not paid for the van in full and letting go of the pink slip was a mistake. can they really repo it even if im the registered owner nowz/
reply
Hi Angie:
You can inquire about this with the company. If you have the proof of your payments you may be bale to solve the problem.
Erica:
You can contact the Department of Motor Vehicles Professional Licensing Division. Talk to them about your problem and carry along the pink slip. Another thing is, if you have paid through checks and drafts other than cash, you can take copy of those as your proof too.
Hope this helps.
Regards,
Aaron
CAR CHARGE
I HAVE A CAR AND IT WAS CHARGED OFF ON MY CREDIT REPORT. SO WHAT DOES THIS MEAN AS FAR AS ME KEEPING THE CAR.
car loan charge off
Hi,
Charge-off means that the lender has written off the debt as a loss and handed over the account to a collection agency. The collection agency now will try to collect the debt from you. So, you need to pay off the due amount, else your car may get repossessed.
Thus, you can first check your credit report for the details of this charged-off account. From there you will get the name of the company to whom the account has been charged off.
Hope this helps.
Regards,
Aaron
charged off auto
we bought a kia and its been a bad car. the first month we had it, major issues that they could not duplicate. we tried hard to get them to buy it back and then finally gave up on it. the car has been sitting for 2 years, my husband lost his job ( truck driver ) right after we bought it and could not longer pay for it so this is another reason they used to not buy it back. anyway we have only made 3 payments on the car and have had it almost 2 years. they have tried to repo, but we refused to give it up ( my husband used to do repos ). now it is showing as a charge off????? they have not looked for it in over 8 months. whats next??? the car has not been registered in over a year..can we register it and drive it??? have they reported it stolen or can they??
I really don't see how they can report the car stolen, that would be a false report and they would be in trouble for filing a false report.
Was the car new when you got it?
You can probably register it and drive it, the state is not going to play repo man for the company, they have better things to do.
Debtors.
Can debtors legally sell your debt and then keep themselves on your credit report as well as have the company they sold it to be on there as well? If not, is there a way I can sue them once they do this? Isn't it illegal to do so?
Isaac
credit report
Hi Isaac Hunt,
When your debt was with the original creditor, they must have reported it with the bureaus. These listings will be there on your report. However, your original creditor cannot go on reporting after the debt has been sold off to a colection agency. Now, the collection agency is supposed to report to the credit bureaus.
However, the previous negatives with the original creditor will still be there on your credit report for 7 years. These will fall off after 7 years.
Thanks,
Aaron
car title
i bought a car in 2006 form a finance company...the car broke down in 5/2008 and i sitting in a auto shop for repairs lost my job so had to make payments til 2/2009...however the company with the lien considered it a charge off in september 2008...well because the car set so long on the auto repair shops lot they had the bmv contact the finance company for title certified mail serveral times without response the bmv gave title to auto company...about 2 months later i was able to pay off the auto repair shop and still had to buy my car back from the auto repair shop cause the owned it so i did...its a year later and the other finance company picked my car up for repossession because i stopped paying them...but i have the title and there wasnt any lien showing at the time title was requested ...are they allowed to do that i mean take my car back even though the lost the title a year ago
Bankrupt
I am in Texas, (not sure if it matters) and I bought a truck in 2007 that I got behind on and is now charged off. My question is what happens if I file chapter 13 now? Will I lose the truck or what? Also, can the debt collectors contact anyone they wish or are there certain family members that they can contact?
reply
Hi Brandy:
Can you tell what is the status of this account on your credit report?
Tmat:
Under chapter 13 bankruptcy, the debtor is allowed to keep his property. However, this is possible only if you can pay off all, or some part of the debt. You can do this through a repayment plan approved by the court.
As for your second question, according to Fair Debt Collections Practices Act (FDCPA), the debt collectors cannot call, or harass other people for a debt incurred by another person. If they do call, then it can be considered a FDCPA violation, and they can be sued for this.
Thanks,
Aaron
Thanks
Thanks for the reply. The reason for the second question is that the creditor on my truck are calling people that are not even related to me. How they ever linked us I have no idea, I have only mets this person a handful of times.
reply
Hi,
The debt collectors are not supposed to call other people and harass them for a debt owed by another person. The people who are getting the calls can file complaint with the Fair Debt Collections Practices Act. (FDCPA).
Thanks,
Aaron
CHARGED OFF
I STILL HAVE THE CAR FOR A YEAR AND AND A HALF AFTER THE CHARGE OFF. DO I HAVE TO GIVE THE CAR BACK........
reply
Hi BERNARD,
If your auto loan has been charged off, and if you aren't making the payments, the collection agency can still repose your car after one and a half year. If will have to pay off the loan in order to stop the repossession of your car.
Thanks,
Aaron
Charge off
I paid (or thought I paid) my vehicle off in 2005, I paid it off a year early with the creditor, Key Bank, with a payment of $5000.00 the balance they aggreed I owed. I was never late on any payment. Now it's 2010 and I go to buy a car. I see a charge off for the amount of $5000.00 from Capital One Auto on my credit report after being denied the loan. I did some research and found that 2 days before I paid Key Bank off, they sold the note in a package deal with many other notes to Capital One. I never recieved a lien release from Key Bank. Capital One is not being cooperative at all and Key Bank says they gave all records on the note to Capital One and can't help me. I don't have the payment records anymore, but on my credit report you can see the dates, payment record and accounts ect. that bear out my story. Any Ideas?
charge off
My husbands finance company did a charge off on his truck loan. It has been 2 years since we heard from them. We are trying to work a deal with the collection agency that now has the pink slip. Can the collection agency repo the truck? and also what rights if any do we have? Also what is the best way to handle this situation? Thank you for your help.
co signed w/ex on car/repo/judgement
My ex was primary signatory and I was co-signer on car I drove until I lost my job and could not make payments. We were in the middle of a divorce and my ex asked for the car back. Since his name was on the loan as the primary I gave him the car. He let one of our sons use the car and drive it from TN to FL. While he was in FL our son got in an accident and abandoned the vehicle. My ex called the finance company and told them to just pick it up. He refused to make any further payments and I could not. He got a judgment. It's been 6 years since the last activity on the account so it's still on my credit listed as a charge-off. Meanwhile, my ex passed away. I don't have the money to pay this off if the collection agencies come after me. I'm on social security now. What do you suggest?
charge off
Hi marietta:
Can the collection agency repo the truck?
Yes, the collection agency can repossess the truck. To avoid this, you are required to set up a repayment plan with the collection agency.
bobbysue:
As you were a co-signer you will be held responsible for the payments. It is better to settle the outstanding debt amount, and pay off the debt. Debt settlement will lower the outstanding debt amount by 40-60%. However, it can hurt your score. As for your social security, it is non-garnishable.
Thanks,
Aaron
Aaron,
Can you post a reply to JimD's post? My situation is very similar to his. I paid off my van to HSBC just over 3 years ago. I sent almost $21k to pay off the loan according to a payoff quote we were given over the phone. Roughly two months ago, I started receiving letters from Santander saying I was late for my payment. After trying to communicate with them and getting no where, I end up having a repo guy knocking at my door. Anyhow, long story short, for the past 2 months I have been going in circles and have been hung up on numerous times by Santander. I simply want to work something out with them and they are making it very difficult. I'm going through a divorce and just simply need for them to work with me and I'm getting now where. Any advice?
loan
Hi Mr. Eyes,
It would be convenient for me if you can provide the link to JimD's post. Well, as per the information in your post, it seems that Young have already made the payments on the van.
I sent almost $21k to pay off the loan according to a payoff quote we were given over the phone.
That means you do not have any proof of the outstanding balance that you were required to pay. However, you can check your credit report first for all kind of details on this account (the principal amount borrowed, the interest rate on the loan, and the outstanding balance that you were required to pay). Also check out the original contract with the lender. Then calculate accordingly the amount you were required to pay. If you think that you have paid off the amount you were required to pay, and if you have payment proof, then you should send Santander a letter stating that you have made the payments already, and that they should stop calling you.
If they do not comply to your request, you can send them a debt validation letter. If they fail to validate the debt, report this to the Federal Trade Commission, and State Attorney General. Also, if Santander is reporting on your credit report, dispute the item with the credit bureaus.
Remember to send all kinds of letters through certified mail, requesting a return receipt.
Thanks,
Aaron
Wells Fargo No Repo Wont be either
I have been playing games with myt lender wells fargo, I made 13 payments on time and then stopped making paymnets May 2009. However, I do a lot of travelling around the country, sometimes living in my car or cheap hotels. My lender has not found my car :-) Anyway,
I reviwed my credit report last week (Jul 2010) and see a $25,554 charge off (unpaid)...Does this mean I have gotton away scott free and they do not plan on locating the car and taking it? Just curious
charge off
Hi Steven,
I reviwed my credit report last week (Jul 2010) and see a $25,554 charge off (unpaid)...Does this mean I have gotton away scott free and they do not plan on locating the car and taking it?
No, this does not mean that you are free of any obligations from this debt. You are still liable to pay for this debt. Moreover, the Statute of Limitations on this debt has not yet expired. Thus, you can get sued for this debt.
Charge-off if when the original creditor or collection agency writes off the debt as a loss, and hands over the collection power to a collection agency after 180 days of delinquency. You are now supposed to deal with the collection agency. Moreover, even if you pay off the debt to the collection agency, the charge-off will not get removed. It has been entered by the original creditor. Thus, it can be removed only by the him.
For that you will have to pay the original creditor, and request him to remove the negative. However, this can be done only if the creditor agrees to pull back the account from the collection agency (the pull back will also depend on whether or not the account has been sold off).
Thanks,
Aaron
Car
I have had my car since 2006 and my last payment was made on march 2006. My car is an 05 and has 41,000 miles on it and in excellent condition. I have moved twice and now live 700 miles away. I dont apply for credit as I dont need it and im renting and the homeowner pays for all the utilities bills. my credit say charge off and written off since dec 2006. I register my car every year and have insurance on it. I check my credit to see if the inquiry about me and they have not. I called the bank several times with no return call.
I guess im free and clear but can never sell my car. Which is ok with me. I disputed the account with the 3 credit buerals and since the bank did not respond to them they deleted the charge off from my credit reports.
I guess the bank does not want ther car back. It a 2005 BMW 530i with 41,000 miles and its in mint condition.
What is the best option for walking away froma auto loan
I have a auto loan that is weighing heavy on my funds and i need to know what the best option would be. I have had my truck repoed twice and they explained that if its taken a third time i will have to apply for the auto loan again I honestly do not want the truck any more and i dont want to put money into it anymore i wanted to know if i allowed them to take it and i applied and was denied would i still have to pay for a truck i was denied for and no longer possess? Or would it be better if i asked for a write off? What would be best
Car charge off on credit but still have car in possession
I was in the hospital for a year due to medical condition. Havent paid my car loan for a year. I looked at my credit score recently and saw the bank "charged off" my loan and now im responsible for the remaining balance on my credit and i still have possession of the vehicle. Can i have the vehicle registered and still use it since i am unable to get another car loan and its on my credit?
heard nothing from collectors
Well my husband was deployed, his payments went up, which they shouldn't have and he kept paying the regular amount, not knowing they went up and the account was handed to the collectors. We then sent the company and lienholder the orders and a copy of the soldiers and sailors act and have not heard from neither since then and this was the end of 2008. the account has been charged off. Can we register it again and what do we need to register it?