The last payment on my car loan was in the Fall of 2008. I was dealing with my now ex-husband's unemployment for 5 months, and two evictions that I didn't know was happening (he hid them from me - landlord showed up on the day of the eviction and I had no clue). If the OC attempted to locate me for repossession, they didn't find me since I moved 5 times in the last 3 years. My credit report shows a balance of $960, and the account is closed and listed as a charge off. It looks like the OC hasn't referred it to a collection agency. I now have a decent job and a decent place to live (and am now divorced). I would like to pay off my loan so I can get the title. I need to buy a new car. How should I proceed at this point? Any advice would be greatly appreciated!
Auto Charge Off; Still in Possession of Vehicle
You can contact with the OC and explain him what is your expectation. You can make a written request to the OC for a pay for delete agreement via certified mail with a return receipt request. Usually negative items will remain on your credit report at least for 7-10 years. If the OC accept your proposal, then he may update your account status as “Paid-in-full†and remove the negative listings from your credit report after repaying the debt.