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.
Charge off car
I only owe 2,500 on my 2009 Honda and it has been charged off. I have until end of this month to pay the debt. Can they repossess my car if I can pay the entire balance.
thank you!
Make sure you get the payment agreement in writing.
why is this needed,ids it possible for lender to just take payments and not put towards the debt
Make sure you get the payment agreement in writing.
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Car repossessed after bankruptcy 7
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Auto. Charge off
How can I keep my car do I have to refinance
Auto. Charge off
How can I keep my car do I have to refinance
Loan modification
Bow do I trwuedt a loan modification and my cat has been charged off
Charge off Question
My car has been charged off and placed with a collection agency but I still have my car , is there a way that I can start over by making payments to keep my car ? I am back in a better place financially.
Still have car
So my car was up for repossession before it was charged off and written as a loss. I still have my car, my question is can my car still get repossessed
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Credit Repair
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Vehicle charge off
Will my vehicle be repossessed if loan is charged off
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Car has been charged off.
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The car is charged off, over seven years ago!
How can I get the car's bank to give me the title? They are charging me more than the Kelly Blue Book, to pay off the 18 year old car. I just need the title so that I can register the car.
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Auto charged off as bad debt
This truck was charged off , in dec 2015 and they still have not repossessed the truck it’s still sitting in my drive way ! It’s now feb 2019 what do I do with the truck?
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Charge off car
Received letter of charge off, but car has not been reposted. Will it be? And I want to make payments
CAR CHARGED OFF NOT TOWED YET
MY CAR LOAN HAS BEEN CHARGED OFF BY CHASE BANK. I LIVE IN MICHIGAN AS WELL. SO CHASE CHARGED OFF THE LOAN BUT I AM STILL IN POSSESION OF THE VEHICLE. I AM NOT ABLE TO MAKE PAYMENTS ONLINE ANYMORE BUT I WANT TO PAY TO KEEP THE CAR. IS THERE A WAY AROUND ME HAVING TO GIVE THE CAR BACK. THE OPTIONS THEY GAVE ME IS TO EITHER PAY THE REMAINING BALANCE ON THE CAR WHICH IS 37,000 OR GIVE THE CAR BACK BUT I STILL MAY HAVE TO PAY THE 37,000. IS THERE A KNOWN WAY THAT I AN KEEP THE CAR AND MAKE THE PAYMENTS I MISSED INSTEAD OF GIVING THE CAR BACK.
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Filling for Chapter 7
Greetings,
I have a question, I have this loan that has my car title as collateral if I filled for bankruptcy under chapter 7 and I include that loan in it can they in return keep the title of my car? I live in the state of North Carolina
thank you so much
Filling for Chapter 7
Greetings,
I have a question, I have this loan that has my car title as collateral if I filled for bankruptcy under chapter 7 and I include that loan in it can they in return keep the title of my car? I live in the state of North Carolina
thank you so much
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Wells Fargo Auto: charge Off
caol,
I have a car that was financed thru Wellsfargo Auto, The car is in myname and daughters name, ctually being her car, I am retired, so, I do not have the means to pay this car or make payments, She, being a single mom, struggled to make payments, got so far behind that she could not catch up. eventually the bank wrote it off as a chargeoff, I still have possestion of car, even told bank where it was for them to pick it up, but they have not.Can she legally drive this car, aslong as we insure it , untill maybe they pick it up? Not sure what to do!!need your expert opinion.
Thanks,
Lupe Hernandez
loophernandez56@yahoo.com
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how i increased my CREDIT
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my car entering a charge off
Im just reaching out for someone who knows about this kind of situation who can help me, i fell behind on payments due to being in the hospital and when i got out I was behind on everything, I got almost everything caught up and then went back into the hospital which placed me behind on my car payments. I have the money to fix this and pay all past due amounts off but they said its already a charge off and i have to refinance it which they do not refinance at this particular institution? Why will they not take there money and try to let a person fix this? Is this bc they can re sell the car and still make more money that way? And is this not illegal and shady that they get to do this when someone is trying to pay the payments up to date?
Titleloanoncar
Got into a high percentage loan paid to much already!! The loan tcompany wants to do 3 yrs pay off 4000 dollars!! I already paid them12.000 for a 2,500 loan!!!
Charged off
Hello, I would like to speak with you. I’m going through charged off issue but the lender does not want to work with me to do a payment plan. I have the money to pay what I’m behind and I’m willing to do what I have to do to keep my car, but they are being very rude and not giving me options. Please help! What should I do?
I just found out my vehicle has been charge-off. I've been off work cause of medical issues. But I'm just now returning to work. Is there anything or a way I can do to get a loan or refinance my vehicle before its repossessed.
Charged off Auto loan
Hi, so I looked at my credit report today and realized that my auto loan has been charged off after no being able to continue to pay on my loan but I still have the car in my possession what happens now? Is the vehicle still out for repossession? What should I do?
Re: Closed Car Loan Account
My Car Finance Company has reported my account closed w/ an amount of $24,000 in total owed. The car itself was $24,000 new in 2014 & from then (until 3 yrs. later) I had paid $613 a month. How can they say I owe what it was worth at the time of sale w/o any consideration of payments? They came to take it at just over 30 days behind & was stopped by the Jag due to a Law that protected me. But, they refused to work w/ me after that & reported this on my credit. What options do I have of keeping my vehicle w/o being sued, since they are willing to work with me on payments?
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Charged off and reppossed car today
If charge off with lender,can I negotiate payoff amount to get car back?I purchased it in 2012 till last 3 month didn't miss payments, now it's reppossed and charged off.Is filing bankruptcy will help to get car back?
Purchasing a car with other debt and average or bad credit.
I purchased a vehicle and am concerned about not being able to make the payments. I can't have it refinanced because of my credit score and the debt I am in.
Financed car that is totaled
Carol,
I am in St. Louis MO was on a auto loan with my son who has passed. The car is total the finance company doesn't want to repossess but this debt is showing on my credit report. Is there anyway for me to get the title to this vehicle?
Trading in a charge-off vehicle
Will a dealership take a charge off vehicle for trade
Car loan charge off
I'm thinking about trading my car in but my car loan is charged off. How will the charged off loan affect my chances of trading the car in or what options do I have?