Your car loan is charged off when you have been delinquent on your account for 180 days. The lender writes off this debt as a loss, as they realize that the debt won't be paid. An auto loan charge-off is a negative mark on your credit report and it hurts your credit score. A loan charge-off does not mean that the loan has been forgiven, and you are still obligated to pay the debt. The interest and late payments will continue to accrue. Generally a charged off debt is handed over to a collection agency.
Can you keep the car after charge-off?
You can keep your car after the charge-off only if you pay off the debt. The lender won't release the lien on the car until the loan is repaid. The car can be repossessed if you do not pay off the debt. Even if the lender does not seize the car, you won't be able to sell it or refinance it. Moreover, you are still liable to pay off the debt even though you have lost your car.
However, repossession laws differ according to the state you live in. Thus, you need to know your state law regarding car repossession. Some states allow the lender to seize your car without notice at any time after you fail to make the payments on your car loan. But, most of the states have a breach of peace regulations on car repossession. If the individuals repossessing your car commit a breach of the peace while seizing your car, your lender may have to pay a penalty and the repossession may be temporarily halted.
How to handle an auto loan charge-off
If you want to keep your car and remove the charge-off from your credit report, you will have to negotiate a payment plan with your lender. Make sure you get the payment agreement in writing. Once you pay off the debt, you may get the car back. As for the charge-off, you will have to negotiate a Pay for delete Agreement (PFD) with your lender to remove the charge-off from your credit report. A charge-off will be considered a negative listing on your credit report, which will cause creditors and lenders to deny you credit. Therefore, it is better to try and remove the charge-off with a PFD if the lender will agree.
The best way to prevent your car from being repossessed is to repay the loan. There are several options, like a loan modification agreement, available to consumers who wish to keep their vehicles.
Free and clear title
My car was charged off in January. We have agreed to terms to pay off the principal debt. They say my title will be released, but have not put in writing. Do I need to get that in writing. Should they release the title if principal paid?
bad debt
I'm in the military and I had a car loan and a credit card at 18 year of age before I joined. my car loan and credit card was charge off while in basic camp and training. can this affect my security clearance with army or what can I do? i'm now 22 years of age
car loan charge off
Hi my question to you is I have a car loan charge off and I'm really scared to call them I can't afford to make the payments do you think I can ask for a low payment plan or if I have someone who wants the car and is willing to take over the payments is that possible?
loan modifation agreement
what if your lender charged my car off and dose not want me to do a loan repayment plan ,ive tried to call them and make payments to them but loan guy said they want payment in feel what should i do i don t have that pay off money but i can make payments what should i do i want to keep my car should i contract a lawyer and what kind
Collection/Charge-Off
the bank issued this on my credit report (Collection/Charge-Off ) can they still repossess my car?
Car charge off
My car loan was charged off in May 2016. I am still making payments but was unable to in June and July not looking great. My question is can they repo my car if I still make lesser payments, and if I can't pay at all how lo g before they try to repo. I live in Ohio and Capital One is my lender. I only owe 1800 on it.
charge off
The company that I got my car from went out of business. A new company took over my car loan. Can that company still collect if they don't have my signature on file with there company?
Auto charge off
Long story short, ex wife did notpay for my vehicle while I was on deployment even tjough i was sending the money directky home via direct deposit. Vehicle wasPut it in the garage. After I returned to the states, we divorced and she handed over the vehicle. I contacted the bank to make payment arrangements they told me it was charged off. Nothing appears on my credit report but I have the registration... The bank wants to hive me a loan for another vehicle but I want to figure out what to do with this one and where the title is. So no charge off on credit report, no history of the loan on my credit report... Now what? Do I keep it? The bank doesn't want it...
Charged off Situation
HI,
I was trying to update my payment for my car loan to South Land Credit Union, and when they asked me where the car is, i told them it is with my son. Suddenly they said they are calling off the loan and charging it off nbecause I was viloation of the agreement: My son driving the car as he is not part of the loan. Is this legal?
Charge off on a car I still have
I have a car that was charged off , I moved to a different state and know they looking for the car , I lost my job a while ago and thus is the reason why I haven't paid on it or tried to give it back , I'm in a slightly better position to pay , but don't know if this will be accepted on the collection company who owns my charge off , my question is can I make payments on the car now without being repossessed?
Car loan charged off. Car not moving due to accident
Insurance company has done nothing. Responsible party had 10k in insurance and damaged several cars. My lender charged off my loan. I paid for 4 years and had 1 1/2 left and now I have no car, made no income in 6 months. What can I do?
Close account
I have tried for the past five years negotiating with the bank on my auto loan collection but they continue to ignore me by not putting anything in writing. I have sent them letters to negotiate a payment plan as well. On my Equifax report remarks says charged off as bad debt profit and loss write off. The car is disable and I don't drive it because I bought as a lemon. What can I do establish the lien.
Thank You
charge off on my loan
my finance company car champs disapeared a year ago and now this company equity base loan is charging me 6200 for my car . no monthly payments available . they want the full amont
Charged Off Vehicle
What about in the event of a death and the bank has the title? Can they charge it off if someone pays off the loan, although another person has been paying on the debt?
Car charge off then car is a total loss in accident
My friends car was charged off two years ago and she continued to drive the car until it was totaled in an accident. How will this work if insurance pays total cash value but lien is still on the title?
Sold to a new company..
My car was written off as a lost. A new company now wants to collect the money for the car. But if the new company doesn't have a original signed contract. I'm I still liable for the debt?
I still have the car
I'm in Texas and not certain how the law works in my stAte, I still have the car and willing to keep it do I'm gonna have to contact the bank which is my only option. Please shed more light on the issue fur me so I can make a full decision
I still have the car
I'm in Texas and not certain how the law works in my stAte, I still have the car and willing to keep it do I'm gonna have to contact the bank which is my only option. Please shed more light on the issue fur me so I can know where I stand. Would the bank reject my interest to keep the car or I could try working something out with the bank?
charge off
please tell me how I can keep my car due to a charge off, my car has a recall on it and Toyota said they don't know when or if they are going to get the parts..WHAT TO DO MY CREDIT IS ALREADY DEAD
charge off on car loan
My car loan was recently charged off july 31 i was un aware of it until i.made a call on wednesday trying to see if i could possibly get some payment arragements to get my loan caught up.the vehicle is still in my possession. Really dont wont to lose my car wht steps do i need to follow in keeping it.
charge off auto loan
In 2012, I was the victim of a consumer fraud by an Autobody shop who kept my vehicle, after repair and payment, attempting to collect bogus storage fees. I tried to get my finance and Insurance companies to help me recover the vehicle but neither were successful and gave up. I had to use all my income for transportation and fighting to get the vehicle back. My account was charged-off since I didn't pay. After, two years, I subsequently recovered the vehicle. Can I work something out with the finance company regarding the charge-off
loan modification agreement
How does one go about acquiring a loan modification agreement?
Charge off
I've been told that my vehicle has been charged off and I must pay the total balance owed to keep the vehicle but if my state law permisses I'm which I'm in Florida, I may be able to pay the past due amount owed and repossession fees etc and regain possession of the vehicle, is this so
Charge off
BMW did a charge of on Sept 19.thru said I was 160 past due. Bit I was still making payments. What right do I have
Charge off and debt settlement
Hi! In need of some advice. I am trying to settle my debt through a settlement agency. At the same time I have been trying to keep up with this cr loan. The car broke down , had to make the repairs, altogether about $3500. So I felt behind on my car payments. After I was once able to pay the car loan I started paying. I at the same time let go of insurance and so the loan company bought insurance for the car and added that amount to the payment. So my payments are now higher. I've been making payments but not enough to meet the skipped payments. They told me they would charge off the loan if payment wasn't done early this week. I was unable to come up with the money. I'm afraid to loose the car because I need it for work. But I'm wondering if the settlement company could pick up the charge off and I can keep driving the car and settle the debt in that manner. Please help. I've been trying to figure this out. I belive I'll b unable to catch up to the past pyments but I don't want the charge off in my credit report., although I know gonna have to fix my credit when I'm done with the settlement program
auto loan charge-off
I have an auto loan with Santander and it has been charged off, the vehicle is out for repossession. The payoff for the vehicle is 15K, and they've offered me a settlement for 5.5K that is good for 10 days. I don't have the 5.5k and don't want to lose my vehicle. I live in the state of florida. What are my options?
Im desperate
Hello im in need of help my husband worked in the oilfield and r lost his job was unemployed for several mths and has been hard to get cought up with truck payments we were four mths behind we tried to make a payment and the acct was charged of we really want to keep our truck and want to pay the past due but we no longer can do that, what other options do I have to keep our truck can we get another loan, refinance try and get a cosigner... please help me I really appreciate your help
Im desperate
Hello im in need of help my husband worked in the oilfield and r lost his job was unemployed for several mths and has been hard to get cought up with truck payments we were four mths behind we tried to make a payment and the acct was charged of we really want to keep our truck and want to pay the past due but we no longer can do that, what other options do I have to keep our truck can we get another loan, refinance try and get a cosigner... please help me I really appreciate your help
Charge off auto/incl in bankruptcy
So what if you filed and got a discharge and the auto creditor didn't show up at creditor meeting? You are the owner and have a co owner that didn't file BK but no one has requested the car back in 15 months?
car repossssed
I want to keep my car but they said the legal department of the lender said that its better for me to return the car. How can I fight them to keep my car?
Car Charge off
Is there a way to get the title to the car if it has been charged off
Car charge off
If the act is being charged off and it will go on my credit regardless why wouldn't they just let you keep the vehicle. And can it still be registered
old student loan past due incorrect
i had 5 -6 years of college student loans that I owed but were in forbearance or deferment up until recently. In 1999 I had consolidated them into one loan prior to applying for a home loan. I have been unemployed for a while now and I know my student loans defaulted. When I researched what I owed on the US Financial site I was told to log into, it had listed all of my individual student loans AND the one big consolidated loan and said I owed the total of all of them, rather than just the one consolidation loan. Is this common?
Auto loan charged off - Still in possession of care
I Fell behind on my auto loan by a few months. I went on to the Santander Website to make a payment when I could... Only to find that the account access was shut off. I recently received a call from a collection agency stating that the account was charged off.
I am still in possession of the vehicle and would like to bring the account current. Is there an option to restore the original loan at this point with the bank and remove the charge off status?
wells fargo dealership.charge off
What collection agency would i likely contact to save my car?
Charge off
Hello. I got a loan for a car earlier this year and purchased a vehicle. I made the first two payments then fell sick, lost my job, and became homeless. I was unable to make the payments for 6 months but when I went to pay the past due amount and resume payments, I found that the account had been charged off and sent to collections. I am able to continue making payments now as well as pay the past due amount in 2-3 installments. Who would I contact to do so? How do I remove the charge of from my credit report as I am looking to rent an apt. and will be negatively effect by the credit check? Being in a charge off state, will the account be brought up to a better status if I make arrangements to pay the past due balance and resume payments as scheduled?
car charged off no repossesion
company came to reprosses car but decided it was to damaged to be pick up.then put it as a charge off on my credit report.Does that mean they dont want it?
auto loan charge off
Once you get to the point of charge off on an auto loan, can the car be saved?
Hi
Hello if I had my car redeem and its a charge off on my credit and I took a loan out to get the car and the loan was 17000$ and the car was sold for 6,500 but the loan people say my account was paid in full what do that mean
Charge off
Dose the irs have anything to do with a charge off on your credit
My vehicle in repossession status
What qualifies a person for a loan modification agreement? My car us in repossession status noelw and I'm 4mos behind. They said they'll do a charge off this month......??
Charged off car
I have the car and make payments but because of the charge off it doesn't show on my credit report. What are some ways for it to show on my credit report?
Car repossession
If my car has been charged off and I am still paying in the car because I have the car, how can I get the negative remarks off my credit report?
How can I keep my car
My car loan is charged off. What can I do to keep my car and try to pay remaining of my loan
Charged off title
My car was charged off a long time ago. The truck no longer is in running order. Can I dispose of vehicle at junk yard
insurance
If my car is a charge off do i still need to have insurance on it if it is not working
Car loan, charge off- profit and loss write off
I live in Connecticut. My car loan was charged off and written off, is the lien still in affect?
Charge Off
Can a car loan be charged off before 180 days in the state of california?
Charged off
My CAr was charged off but was never taken from me. I understand the consequences and my question is, Is there a possibility of renegotiation as I was informed my account was sold to collection agency. but I have never been contacted yet by anyone for almost six months now. What should I do.
car title
I got my title in the mail for my car. The only name that shows on it is mine. I haven't paid on it for about 18 months. they tried to repo it. but couldn't get it. I still have the car and title in hand. Whats the deal on it????