Auto Loan Charge off?

Submitted by dcgames4sale on Thu, 04/29/2010 - 06:49
Forums

I have an auto loan for 350.00 per month with HSBC Auto finance who was just sold to another company Santander.

I had payment arrangements for 500.00 per month with HSBC auto to pay for being 1.5 months late.

I made payments in Nov-Dec-Jan-Feb, (missed March) and now April is due. I was contacted by new loan holder (Santander) that the agreement is not valid and they charged off my loan?!!!! I confused can they legally do this? Isnt a 6 month missed payments a cause for a auto loan charge off?

Can anyone give me some advice?

I do not believe they have to follow the previous companies arrangement.

Sat, 05/01/2010 - 01:33 Permalink

I agree with fireyone. They can decide to charge off the account if it is delinquent (30 days). they usually don't but that isn't a policy

Sun, 05/02/2010 - 00:10 Permalink