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Joe, lets say you owe me $1000.00. I have a legal contract stating that you owe me 1K. That contract can be sold to anyone who will buy it. If I decide to sell it to Sam for $500.00, I can do that and show a charge off of $500.00 that I "lost" on the sale. Sam however, intends to collect $1000.00 from you because he has a contract you signed agreeing to pay $1000.00 to whoever holds the contract. If you pay Sam the 1K then the contract will be worthless because its paid in full and you have reciepts showing you paid it. If you don't pay Sam, then Sam will get a judgment for however much you didnt pay plus any fees he can add on. Then the fun begins. Good Luck

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โˆ™ 2011-09-13 02:21:17
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Q: Do you owe the balance if your car was repossessed but the credit report says it was charged-off?
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Related questions

If you're married and your husband's car is soley in his name and was repossessed will it show on your credit as repossessed?

No, because you have your own separate credit report.


Can you be sued over the balance of a vehicle that has been voluntarily repossessed over three years ago when the repossession is on your credit report?

yes it has a 10 year limit


How can a car repossession be on your credit report when your car was not repossessed?

By mistake. Waste no time contacting the credit reporting companies, and demand that this entry be removed from your credit report.


If a car is repossessed and you pay the balance after they sell the car do they remove the Repo in your credit report?

Do they? NOT usually. CAN they?? yes, if you convince them to. reporting a repo is reporting a fact. The repo DID happen. They report the payoff. That is a fact also.


If your van was repossessed then you paid off the balance a year later can your creditor refuse to report the current status of your account to the credit bureau?

Yes, however you can easily take care of this and have your credit reports corrected.


Is it correct for the loan amount of a foreclosed property to appear on a credit report?

what ever the balance was at the time of foreclosure will report on your credit report


If you pay your entire balance after your car is repossessed and the car is returned to you why will the lender report negative on your credit report?

Paying the car off was good but having to repo it to get it paid off was BAD or negative. the lender did report that it was PIF,HUH?? So they reported the good and the bad.


What amount will show up on your credit report when a vehicle is repossessed the original cost of car or the balancing remaining?

the BALANCE DUE at time of repo PLUS repo fees and fees to come later.


What are the adverse side affects on your credit report for having a car repossessed?

It will cause the credit score to decline and will remain on the credit report for seven years, perhaps creating problems for the person to obtain future credit/loans.


How does car repossesion affect credit score?

A repossession can drastically hurt your credit score. The repossessed account may report late payments (30, 60, 90 days late), a pad due balance, and a charge-off. A repossession can lower your credit score anywhere from 30 to 200 points depending on the other accounts reporting on your credit report.


Do you have to pay the balance of your car loan after it is repossessed?

yes you do so the bank or dealer wont report it to creditors. When a vehicle is repossessed it must be legally sold for the fair market value, or as near as possible to that price. The amount obtained by the sale is applied to the remaining balance of the loan. The borrower is responsible for any deficit amount plus applicable fees. A repossession is almost always entered on a credit report.


How long does a shortsale show on your credit report?

A shortsale will report as Settled for Less than the Full Balance and will stay on your credit report for 7 years.

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