How to keep the car when an auto loan is charged off

Guest · 0 Magic Points

My truck is almost paid off. I lost my job and fell behind on the payments. It was reposessed once, I paid fee's and all late payments and got it back. I now only have about 3 payments left and I'm falling behind again. I called them to make arrangements and they told me my account has been charged off. I am only 2 1/2 months late, can they still charge off my account? (because from everything that I have come accross so far, states that they charge off after 180 days) I live in Az but bought truck in Ca. Please help???

Joined: 10 Oct 2009 Posts: 594 99 Magic Points

I am assuming when they repossessed your truck is when they listed it as a charge off account not sure about how many days you have to be late in order for them to list it as a charge off though. Have you talked to them about this? Maybe you could try a pay for delete letter and since you only have 3 months left ask and see if they could reduce your payments which will take longer to pay off of course. But if they know you are facing some sort of hardship they may work with you.

pittsburgh · Guest 0 Magic Points

i fell behind in my car payments and they tried to repo it. however they cant find it. i recently received a letter from the bank stating they would like to settle and gave me 2 payment options the first one is a lump sum offer and the second is a payment matrix. i contacted the bank and they assured me as long as i follow the payments, they will aloow me to maintain poccession of the car, but i dont trust them i think they want me to let my gaurd down so they can find the car? car they still take the car even though i agreed and have started the payment settlement offer?

Joined: 08 Feb 2010 Posts: 2675 48566 Magic Points

Hi Pittsburgh,

You can go in for the settlement, but remember to get the settlement in writing. If the company tries to repossess your car after the settlement, you can produce the written settlement offer in court. Thus, first ask for the written settlement offer.

Hope this helps.

repittsburgh · Guest 0 Magic Points

I did get the settlement offer in writing they sent it to my house, and i then called to accept the offer. i spoke with someone from there asset recovery dept. the gentleman that i spoke with said they had no interest in the car the asset to them is the loan. however i felt that they are trying to get me to expose the car so they can take it!

mrshoustonian · Guest 0 Magic Points

I got my car back in 2006, and only paid for it like about 8 months only, after the 6 months I did not made any payments at all, they put my account in charge off and they have tried to repo my car a lot of times but they can't find my car and I drive my car every where even to mexico, and I have even gone to get the registration sticker for the car at the court house and nothing has happen, and the car lot where I got my car has not call me anymore since 3 yrs has passed, what can happen at this time after so long I had my car and still driven it???????

Joined: 26 Feb 2008 Posts: 4285 127 Magic Points

Pittsburg, They would be held liable if they used those deceptive ways to get the vehicle back. they already have your home address and have not taken the car so why not just make the arrangement. The ar would not have to appear in person at the bank so as long as you do not drive it there you would not have no worries. the only other option you would have would to be do nothing and really risk being sued and definately losing your ride.
mrs houstonian, Pretty soon the car should be of little value to them. Sooner or later though they may just take yout to court and recoup their losses. you may want to get this settled if not you could end up with a judgment.

pittsburgh · Guest 0 Magic Points

Thanks for all the help! Ive started making the payments and all seems well for now!!! thanks again for your help..

Joined: 08 Feb 2010 Posts: 2675 48566 Magic Points

Hi Pittsburgh,

It is good to hear that your problems have already started to lessen Smile

. Hope that you will be able to come out of this problem very soon.

All the best.

DON · Guest 0 Magic Points

Hello all im just trying to find out what to do my was up for repo but the car lot didnt pick it up they just send it to collection agency when i pay it off do i get to keep the car and can i get the title. O and this is in AZ

dee1104 · Guest 0 Magic Points

I filed chptr 7 and has since been discharged. I bought a new car and all is well except that i still have the old car that was included in the bankruptcy. The finance company has no record of it even with the acct number. IThey said it has been paid off and it says the same on my credit report. So how can i obtain a title so i can sell it? I did continue paying on the car even after the bankruptcy but itwasn't going toward my credit so i bought a new car. Now I have someone who wants the car but don't know what to do.

Joined: 08 Feb 2010 Posts: 2675 48566 Magic Points

Hi Don:

If you make the payments, you will get to keep the car and get the title of car too. However, you can request the original creditor to pull back the account from the collection agency. If they comply to your request, you can try to negotiate a payment plan with the creditor and then start making the payments.

Dee:

Can you tell me who is the one wanting the car? Also which car is that person wanting?

Thanks,

Aaron

Joined: 13 Aug 2007 Posts: 1889 1356 Magic Points

AARON...how can he get the Title, of the car, if the Fianance Company has no record of it? Usually,..whoever you have the car financed through, THEY keep the Title until the car is paid off. (If I'm incorrect, someone please tell me).

Debra · Guest 0 Magic Points

I fell behind on my car payments last year, and the finance co sent me a demand letter for the balance of my loan ($5k). I didn't have the money (why would I be behind if I did?!), so I did nothing. I still have my car, it has not been repossessed. I now have the money to pay it off, but when I contacted the fin co, they said they didn't have my loan anymore & referred me to a collection agency who I've never received anything from. I attempted to work with them, but they seem VERY shady & for some reason when I requested something from them by mail, it never came. They want my bank acct info, and when I demanded that they at least fax me something, the vague letter was dated a day PREVIOUS to their null & void date for the payment agreement! I fear that they will pull something shifty after I give them my money & I'll never see my title. What should I do??

Joined: 08 Feb 2010 Posts: 2675 48566 Magic Points

Hi Debra,

You need to send the collection agency a debt validation letter through certified mail, requesting a return receipt (CMRRR). With CMRRR you will be able to retain the proof of the letter sent by you. CMRRR also provides you with the proof that the agency has received the letter. Moreover, they are not supposed to continue with the collection process.

You can also request your lender to pull back the account from the collection agency. Then if the lender agrees to your request, you can try and settle the outstanding debt amount with him.

However, remember to get the agreement in writing before you can start paying your lender or collection agency.

Hope this helps.

Regards,

Aaron

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