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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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โˆ™ 2015-07-16 19:25:08
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Q: 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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Related questions

What happens if you no longer have the car and the finance company trying to repossess?

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

What happens if car dealer lies to finance company?

who the hell noes that?

What happens when car dealer is misleading customer and finance company?

usually called FRAUD

What happens if you have a clean title and loan is secured can finance company still repossess?


What happens if you part out a financed car?

You still owe the finance company the balance owed.

What happens if the car gets stolen and its still on finance?

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.

If a car on finance is stolen and insurance pays out but then the car is recoverd what happens to the car?

It belongs to the insurance company

What happens if you contact a finance company about your car loan they will be financing and tell them know you don't want them to finance it?

As long as you haven't signed the contract, you will just have to find other financing.

What happens to a vehicle if the financial company says they don't want it and they sue the owner for remaining balance after repossession and sale?

If the finance company has sold it, you have you answer. How can you be so stupid?

What happens if your car gets stolen and you have no insurance and the car is on finance?

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.

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its getting charged!!

What happens when a vehicle is totaled and you owe a finance company more than what the insurance company offers?

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.

What happens when towing company auctions your car and you have a car loan?

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.

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They become positively charged.

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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.

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

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negatively charged

What happens when your return a car to finance company?

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.

What happens if your lender is bought by another company?

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?

What happens when your title to your car is help up because the auto finance company has gone out of business and left the loans to no one?

you still need to pay companies or firms that takes over control from the previous company

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They neutralize.

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Electrons are always charged. Please be more specific?

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

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they will get attached\

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Becomes positively charged.