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Auto loan being charged off

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Joined: 27 Nov 2015
wlmjles3's page
Posts: 1

15 Magic Points

Subject: Auto loan being charged off
Posted on Fri Nov 27, 2015 8:45 pm  

I have an auto loan that is being charged off. The principal balance of the loan has been paid off for about a year. I have been paying insurance money that the bank purchased about 2 years into the loan because I failed to show proof of full coverage. I have fallen on difficult times due to my wife losing her job, and have been unable to make the payments. The accout is about 6 months past due. My question is can the repossess the vehicle even though the principal balance has been paid, and what happens when an account is charged off.

Posted on Mon Nov 30, 2015 6:35 am  

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