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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.

Sub: #1 posted on Sun, 08/18/2013 - 22:44


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.

Sub: #2 posted on Thu, 09/12/2013 - 08:45

DebtCruncher DebtCruncher
(Posts: 2296 | Credits: )

debtcruncher?where ya been!

Sub: #3 posted on Thu, 09/12/2013 - 08:47

paulmergel paulmergel
Moderators Cum Industry Expert
(Posts: 15514 | 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.....

Sub: #4 posted on Sat, 09/14/2013 - 16:49

DebtCruncher DebtCruncher
(Posts: 2296 | Credits: )

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