Charged off and Written Off auto loans
Date: Wed, 10/31/2012 - 12:42
I had a truck that I got owed $12,580 on. It was repo'd. The bank sold it at auction for $9,500. On my credit report it says that it was charged off and they written off $11,617. What does that mean? Can they turn around and ask for more money from me?
Generally the write-off amount should reflect the amount you owe
Generally the write-off amount should reflect the amount you owed minus the amount the truck fetched at the auction plus accrued interest and auction/repo costs. If you think the amount reflected is wrong, dispute it with the credit bureau in writing.
