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auto loan charge off

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Aaron

Aaron

Joined: 08 Feb 2010
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48565 Magic Points

Subject: reply
 
Posted on Mon Mar 15, 2010 11:57 am  

Hi Angie:

You can inquire about this with the company. If you have the proof of your payments you may be bale to solve the problem.

Erica:

You can contact the Department of Motor Vehicles Professional Licensing Division. Talk to them about your problem and carry along the pink slip. Another thing is, if you have paid through checks and drafts other than cash, you can take copy of those as your proof too.

Hope this helps.

Regards,

Aaron
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HELLO
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Subject: CAR CHARGE
 
Posted on Thu Mar 18, 2010 3:00 pm  

I HAVE A CAR AND IT WAS CHARGED OFF ON MY CREDIT REPORT. SO WHAT DOES THIS MEAN AS FAR AS ME KEEPING THE CAR.
Aaron

Aaron

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Subject: car loan charge off
 
Posted on Fri Mar 19, 2010 9:27 am  

Hi,

Charge-off means that the lender has written off the debt as a loss and handed over the account to a collection agency. The collection agency now will try to collect the debt from you. So, you need to pay off the due amount, else your car may get repossessed.

Thus, you can first check your credit report for the details of this charged-off account. From there you will get the name of the company to whom the account has been charged off.

Hope this helps.

Regards,

Aaron
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hunkof junk
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Subject: charged off auto
 
Posted on Sat Mar 27, 2010 7:06 pm  

we bought a kia and its been a bad car. the first month we had it, major issues that they could not duplicate. we tried hard to get them to buy it back and then finally gave up on it. the car has been sitting for 2 years, my husband lost his job ( truck driver ) right after we bought it and could not longer pay for it so this is another reason they used to not buy it back. anyway we have only made 3 payments on the car and have had it almost 2 years. they have tried to repo, but we refused to give it up ( my husband used to do repos ). now it is showing as a charge off????? they have not looked for it in over 8 months. whats next??? the car has not been registered in over a year..can we register it and drive it??? have they reported it stolen or can they??
goodnatured



Joined: 03 Nov 2007
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489 Magic Points

 
Posted on Sun Mar 28, 2010 12:04 am  

I really don't see how they can report the car stolen, that would be a false report and they would be in trouble for filing a false report.

Was the car new when you got it?

You can probably register it and drive it, the state is not going to play repo man for the company, they have better things to do.
Isaac Hunt
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Subject: Debtors.
 
Posted on Mon May 24, 2010 8:39 pm  

Can debtors legally sell your debt and then keep themselves on your credit report as well as have the company they sold it to be on there as well? If not, is there a way I can sue them once they do this? Isn't it illegal to do so?

Isaac
Aaron

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Subject: credit report
 
Posted on Tue May 25, 2010 10:09 am  

Hi Isaac Hunt,

When your debt was with the original creditor, they must have reported it with the bureaus. These listings will be there on your report. However, your original creditor cannot go on reporting after the debt has been sold off to a colection agency. Now, the collection agency is supposed to report to the credit bureaus.

However, the previous negatives with the original creditor will still be there on your credit report for 7 years. These will fall off after 7 years.

Thanks,

Aaron
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brandy
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Subject: car title
 
Posted on Tue May 25, 2010 2:03 pm  

i bought a car in 2006 form a finance company...the car broke down in 5/2008 and i sitting in a auto shop for repairs lost my job so had to make payments til 2/2009...however the company with the lien considered it a charge off in september 2008...well because the car set so long on the auto repair shops lot they had the bmv contact the finance company for title certified mail serveral times without response the bmv gave title to auto company...about 2 months later i was able to pay off the auto repair shop and still had to buy my car back from the auto repair shop cause the owned it so i did...its a year later and the other finance company picked my car up for repossession because i stopped paying them...but i have the title and there wasnt any lien showing at the time title was requested ...are they allowed to do that i mean take my car back even though the lost the title a year ago
Tmat
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Subject: Bankrupt
 
Posted on Wed Jun 02, 2010 10:41 pm  

I am in Texas, (not sure if it matters) and I bought a truck in 2007 that I got behind on and is now charged off. My question is what happens if I file chapter 13 now? Will I lose the truck or what? Also, can the debt collectors contact anyone they wish or are there certain family members that they can contact?
Aaron

Aaron

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Subject: reply
 
Posted on Thu Jun 03, 2010 10:05 am  

Hi Brandy:

Can you tell what is the status of this account on your credit report?

Tmat:

Under chapter 13 bankruptcy, the debtor is allowed to keep his property. However, this is possible only if you can pay off all, or some part of the debt. You can do this through a repayment plan approved by the court.

As for your second question, according to Fair Debt Collections Practices Act (FDCPA), the debt collectors cannot call, or harass other people for a debt incurred by another person. If they do call, then it can be considered a FDCPA violation, and they can be sued for this.

Thanks,

Aaron
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Tmat
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Subject: Thanks
 
Posted on Thu Jun 03, 2010 1:53 pm  

Thanks for the reply. The reason for the second question is that the creditor on my truck are calling people that are not even related to me. How they ever linked us I have no idea, I have only mets this person a handful of times.
Aaron

Aaron

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48565 Magic Points

Subject: reply
 
Posted on Fri Jun 04, 2010 10:40 am  

Hi,

The debt collectors are not supposed to call other people and harass them for a debt owed by another person. The people who are getting the calls can file complaint with the Fair Debt Collections Practices Act. (FDCPA).

Thanks,

Aaron
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BERNARD
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Subject: CHARGED OFF
 
Posted on Wed Jun 16, 2010 4:31 am  

I STILL HAVE THE CAR FOR A YEAR AND AND A HALF AFTER THE CHARGE OFF. DO I HAVE TO GIVE THE CAR BACK........
Aaron

Aaron

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48565 Magic Points

Subject: reply
 
Posted on Wed Jun 16, 2010 11:06 am  

Hi BERNARD,

If your auto loan has been charged off, and if you aren't making the payments, the collection agency can still repose your car after one and a half year. If will have to pay off the loan in order to stop the repossession of your car.

Thanks,

Aaron
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JimD
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Subject: Charge off
 
Posted on Sun Jul 18, 2010 12:21 am  

I paid (or thought I paid) my vehicle off in 2005, I paid it off a year early with the creditor, Key Bank, with a payment of $5000.00 the balance they aggreed I owed. I was never late on any payment. Now it's 2010 and I go to buy a car. I see a charge off for the amount of $5000.00 from Capital One Auto on my credit report after being denied the loan. I did some research and found that 2 days before I paid Key Bank off, they sold the note in a package deal with many other notes to Capital One. I never recieved a lien release from Key Bank. Capital One is not being cooperative at all and Key Bank says they gave all records on the note to Capital One and can't help me. I don't have the payment records anymore, but on my credit report you can see the dates, payment record and accounts ect. that bear out my story. Any Ideas?

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