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Writing off debt is an accounting entry to acknowlege that the asset they have (the loan) is not performing and that investors/readers of the financials, should not consider it valuable. Again, it is a required accounting entry - it does not effect your debt to them, discharge it or reduce it in any way. You still owe. And they will...in fact must (to satisfy those same investors and regulators that read those financials), try and collect it or get some value for it.
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∙ 15y ago
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Still owe finance on car that has been written off do you still have to pay?
Yes, that is what should be done with the insurance money, pay off the car loan.
How do you get out of a used car loan?
To get out of a used car loan, pay off the loan or find someone else who will do that.
If your car that you took a bank loan out for was in an accident and written off and your insurance company sends you a check for the car's value do you then have to pay off the bank loan in full?
Yes, you are still responsible for whatever amount remains unpaid on your loan.
How do you get out of a car loan that you don't want anymore?
Pay it off, voluntary repossession, sell the car and pay it off.
If a car loan has been written off but no one has picked up the car and you are a year behind can you make a payment to keep the car?
It has been 4 years on a can loan . Can the co-signer have to pay the bank? I was told that this was wriiten off.
Can you pay off a car loan without paying interest-?
If the total interest expense is included in the loan balance, they you'can't pay off the car without paying interest.
Do you have to pay off the car loan if you have totaled the car?
Yes, if your insurance company will not pay it all.
Can you trade in a loan car?
Yes. You must pay off the loan with the proceeds, and pay the difference if the proceeds are less than the loan.
What happens if you financed a car and you stopped paying on the loan the loan has been charged off and you still have the car?
I don;t know what you mean by "Charged Off". Unless somehow they have written you off as a deadbeat and forgotten the car, which I doubt, they will come and get the car. They will then sell the car and you will pay the difference in what the car sold for and the balance on the loan. Your credit will be ruined for 7 years.
What happens if you don't pay off your car title loan?
they take your car
How long does it take to pay off a car loan at average interest rate?
The time it takes to pay off a car loan with an average interest rate depends on many factors such as the type, cost, and mileage of the car. The average to pay off a car loan for a new car is generally about 5 years, give or take the model of the vehicle.
How can I take my name off a straw purchase on a car loan?
If you co-signed a car loan you can't take your name off the loan. If you co-sign for someone with no credit or poor credit you are promising to pay off the loan if they don't. The only way to get your name off the loan is to pay it off or have the borrower refinance the loan in their own name.
