help
Date: Thu, 03/18/2010 - 13:14
I have a car loan with hsbc auto. got behind and the loan was out for repo. I still have the car and have made payments on the car since october above the monthly payment. but they just said the car was charged off and I have to pay it in full or give up the car.
I believe you are aware that a charge off takes place only when
I believe you are aware that a charge off takes place only when you have defaulted on the payment for a period of 180 days or more. HSBC may turn over the account to a collection agency or can pursue a legal course.
Moreover if you allow the creditor to repossess the car, they will auction it and deduct the auction price from the balance that you owe and if the auction price is lower than the loan balance, then you will be accountable to pay the deficiency balance. So I would suggest you to chalk out an affordable payment plan and start a negotiation.
