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yes - I am suprised they didn't force place insurance coverage on the car when they found out you had no insurance. I am also suprised they didn't report it as a reposession in the first place rather than a charge off. Are you sure this is the case? More input from FAQ Farmers: * Whats the difference? Neither make your credit report look like a SMILEY face. The best part is yet to come.

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โˆ™ 2006-10-19 23:43:54
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Q: Can a charge off become a repossession?
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Related questions

Are the Lender of a repossession allowed to charge a storage fee and a repossession fee in the state of California?

In the state of California, the lender of a repossession may only charge fees that it incurs and that are in the contract. If the lender pays for the storage or houses the repossession, then yes, the lender is allowed to charge both a repossession and a storage fee.


Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?

No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.


Can your car be under repossession after it has been charged off by the finance company?

Yes, a charge off does not mean that the debt is not owed nor collectible. The creditor/lender will generally use whatever means necessary to recover property and/or money owed, including repossession and litigation.


Is a repossession company in Michigan responsible for returning belongings?

The repossession company is not responsible for returning belongings. The repossession company is responsible for notifying you where you can pick up your belongings and at what times. Some companies charge you a storage fee or only give you a few weeks to pick up your belongings before they become theirs.


Are the repossession agent allowed to charge a storage fee and and a repossession fee in the state of Missouri?

Yes. The repossession fee is like a tow bill. They did pick up the vehicle. The storage fee is the time it takes to get the vehicle off of their lot. Each day adds another day of storage fees.


Can a bank do a repossession and charge off on your car and also demand payment of balance after selling the repossessed car?

YES, its an accounting thing. READ your contract.


Can the bank or the repossession company charge a fee if the car was never recovered by them and the loan was paid off?

Yes, if the lending agreement was in default and the lender found it necessary to implement collection or repossession action at their expense. The majority of financial contracts contain clauses allowing the lender to charge the borrower additional fees and penalties for, late or missed payments, collection or repossession costs, and so forth.


How do you become a repossession agent in Minnesota?

To become a repossession agent in Minnesota a license from the state is required. A tow truck and license to operate it are also needed.


How can you stop a vehicle repossession?

Pay off the loan.


What is needed to become a repossession agent in Oklahoma?

my answer is to just go to oklahoma and just you becomes a repossession agent..........this is not real DONT DO IT.


Can a repo man proceed with repo after being ordered off property if he does not have a court order?

They can if they have an order for repossession. You can ask to see the order, and if they do NOT have the order, then they can not take the car. The repossession would become invalid without the order to take the car.


How does a willing reposession effect your credit?

A repossession hurts your credit score whether it is voluntary or not. The creditor will report late payments, a charge off status, and a balance if one is owed. A repossession may hurt your credit score anywhere from 60 to 120 points.

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