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No. The term "charge off" simply indicates that the creditor has decided to pursue other methods of collecting the debt owed. That could mean the debt will be sold to another party, the creditor could file a civil suit to collect the debt or other actions. Debts that are "charged off" remain valid and subject to collection unless they have been rendered invalid by the statute of limitations as determined under the laws of the debtor's state.
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∙ 16y ago
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If the car is charged off will it be repossessed?
Definately
If you have a car that was charged off in 2004 and they didn't inform you of the charge off and now the car has been paid off did they have the right to do that without telling you?
Who payed the car off?Was the car repoed?
If your car has been charged off can it still be reregistered?
If the loan on your car was charged off then the lender has written it off as a loss. You can still renew your registration. It surprises me though that a lender would charge off a secured loan.
What do you do with a charged off car loan?
There is dialouge that indicates how you should contact the creditor that has charged off the account, and indicate that you wish to settle the debt, though charged off, in exchange for a written promise to correct your credit report. There is even a form letter you can modify for your own use.AnswerYou can contact a debt consolidation agency that would deal with your creditors on your behalf.
Can you sell your car if it has been charged off?
A charged-off loan is one where the lender of the money no longer believes the loan is profitable, due to the loss of value of the car. This is an accounting term and has no bearing on the amount of money a car will go for.
How can you get a title to a car that was charged off?
You contact the lender who has a lien on it and purchase it from them.
Car was charged off and repoed will you still have to pay the loan?
Yes.
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.
How do you get a title for a car that has been charged off for non payment?
Pay it off. It will still likely be repossessed.
Can car be repo after balance is charged off at end of loan?
Absolutely, and in most cases it will be!
Chase bank sent you a letter stating your car was charged off and creditirs notfied. If you claim the charge off in bankruptcy can you keep the car?
You can keep 1 car and your primary residence.
What could you get charged with if you kill a passenger in your own car while driving drunk?
You'd probably be charged with DUI and Vehicular Homicide, though there are other crimes that could also be charged, such as Manslaughter.
