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If you owe the finance company 9000 dollars for a car and it is charged off on your credit report what happens at this point?

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2015-07-16 19:25:08
2015-07-16 19:25:08

You're NOT forgotten or forgiven. Someone will be collecting that $9000.00. Charge-off is an accounting term to cover the interst they lost on the loan. You will be contacted to pay.

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Someone has the car and the finance company has a lien on it. Any sale would have been fraudulent.

You still owe the finance company the balance owed.

You will still owe the finance company the balance of your finance note. Hopefully you have full coverage insurance. If you do have full coverage, the Comprehensive portion of your policy will generally pay off the finance company up to the insured limits (usually the remaining market value) of your insured auto.

The finance company will want to be paid in full if they find out it's stolen. The responsibility to satisfy the loan falls on you seeing that you failed to maintain insurance.

Then you're screwed. The tow company put a mechanic's lien on your car, then they auctioned it off to recoup their costs. You're still liable for the payments you owe to the finance company.

Auto dealers would normally offer you a Guaranteed Asset Protection plan attached to your amount of the auto. This GAP is technically insurance of your asset, the car for payment of the remaining amount owed the finance company after the regular insurance pays their amount.

If he is stealing from the company of which he is a director, he can be charged with EMBEZZLEMENT. Depdning upon the circumstances, there may well be other offenses that could also be levied against him.

Nothing , except if you try that, you may be charged with fraud if that's not true.

It is treated as a voluntary reposession and it still hurts your credit. They will auction the car and you will pay the difference of your loan and the amount they get from auction.

You have to pay the new company. It's still a debt and as such the debt was sold as an asset of the old company. It would be NICE if you didn't have to pay it, but you do. Yea, wouldn't it be nice if we didn't have to pay after the local finance company sold my note to GMAC?

Electrons are always charged. Please be more specific?

All electrons are charged with a negative charge, -1.

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If you had an infinite quantity of dollars, then dollars would be meaningless.

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There isn't anything you would need to do. You still owe the money and will need to continue paying. A bank or something similar may buy the rest of your loan from the dealership. If that happens it will be their job to notify you.-------------------------------------------------------------------------------------------------It is not usually the dealer which actually provides the finance, it is a finance company that is separate from the car dealer.When you purchase the car and take out finance, the finance company pays the dealer in full what he is owed and you then repay the finance company.If you look at your finance documents closely, they should tell you this.You should therefore continue to pay for your car as you were doing before the dealer went out of business. However, for your own protection make sure that you get a receipt (proof) that you have made each payment. If you are notified in writing to change your payments to a new company do this if the paperwork matches what you had before.If you are in doubt at all, go and see an attorney (lawyer).

Insufficient information disclosed to answer the question. The same thing that happens if you were charged with stealing an item from any location.


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