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car charged off

Date: Sun, 08/18/2013 - 14:18
Submitted by on Sun, 08/18/2013 - 14:18
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I tried making a payment on my car loan yesterday and the bank stated for me to keep my money as the loan had been charged off. I am still driving the car, can I keep the car. The balance on the loan is only $496.00 with $1023.00 in late charges?


Contact with the collection agency to whom your account has been assigned and try to make your payments. Otherwise they will file a lawsuit against you because of nonpayment. Once the court issues an order against you, they can garnish your wages or repossess the car.


Submitted by on Sun, 08/18/2013 - 22:44

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The balance may have been charged off and, while they are not actively collecting on the balance, they still have a lien on the vehicle. You can drive it as long as you want; apparently they don't want your money or the vehicle. The problem you will face in the future is when you want sell or trade-in the vehicle -- because their lien is still on the title.

At some point you will probably have to settle with them so they release their lien.


Submitted by DebtCruncher on Thu, 09/12/2013 - 08:45

DebtCruncher

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Hey Paul, yes it has been a while. Good to see ya! I'm gonna make another post in the members forum so as not to hijack this thread.....


Submitted by DebtCruncher on Sat, 09/14/2013 - 16:49

DebtCruncher

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