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car charged off

Date: Sun, 08/18/2013 - 14:18

Submitted by anonymous
on Sun, 08/18/2013 - 14:18

Posts: 202330 Credits: [Donate]

Total Replies: 4


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.


lrhall41

Submitted by anonymous 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.


lrhall41

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

( Posts: 2293 | Credits: )


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.....


lrhall41

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

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