Forums
Just posted this, but have a car that I financed with Chase. I got sick and was in the hospital for 2 yrs. They have charged it off. and credit report shows I owe 0. I called Chase they said the same. I owe them nothing. WHAT do I do with the car? the title still has a lean on it.
charge off
Hi niahart,
Welcome to this community :)
Your car loan with Chase has been charged off. That is, Chase has written off this account as a loss and has handed over the collection power to a collection agency. When this happens the original creditor/lender is supposed to report zero balance on the account. You owe nothing to them. Now you are supposed to forward your payments to the collection agency.
To remove the lien, and retain the car you will have to pay off the loan. However, even if you make the payments the charge-off will remain there on your credit report for 7 years. This entry can be removed only by the original creditor. For that you will have to pay the original creditor.
To pay Chase you will have to request them to pull back the account from the collections. However, this will depend on whether or not the account has been sold off. Talk to Chase about this.
Thanks,
Aaron
charge off
Hi niahart,
If you don't pay off the debt you won't be able to retain the car. Thus, it is better to talk to the collection agency and set up a payment plan along with them. Get the payment agreement in writing. After the payment agreement you can also request the collection agency to agree to a "Pay for delete" (PFD) agreement. If the collection agency agrees to PFD the negatives will be removed from your credit report.
However, the charge-off can't be removed. To remove the charge-off you will have to follow what Aaron has said.
Thanks.