Best Answer

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.
User Avatar

Wiki User

โˆ™ 2010-12-18 14:34:13
This answer is:
User Avatar
Study guides


26 cards

What is forfeiture

Which of these is the best description of delinquency

Which term is defined as property that is pledged as security on a loan

This is Paula's monthly budget What percent of her expenses is spent on insurance

See all cards
1 Review

Add your answer:

Earn +20 pts
Q: What do you do with a charged off car loan?
Write your answer...
Still have questions?
magnify glass
Related questions

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.

Car was charged off and repoed will you still have to pay the loan?


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.

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.

Can car be repo after balance is charged off at end of loan?

Absolutely, and in most cases it will be!

Is a charged off loan collectible?

yes a charge off loan is a collectible.

What happens to the title after a car loan is charged off?

After you pay off a loan, the title is usually sent to you, and leins are dropped. This will vary from instance to instance though. Ask your loaner.

If you gave a charged off car back to the cosigner would I be responsible for what they do with it?

Yes. You signed the loan agreement, so you are liable.

You bought a car for 17366 your loan is for 72 months you owe 12561 Can you pay it off sooner an will you get charged for paying it off before the 72 months?

Most car loan terms allow the loans to be paid off early without penalty. This is what would happen if you sold the car before the end of the loan, for example. It is possible that the loan was written to include a penalty, however.

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.

Is a charged off home equity loan collectible?


How do you clear a lien on a car when the loan was charged off so that you can register the vehicle and retrieve it from the impound?

Other than Paying off the loan, you DONT. Charge-off is an accounting term to explain why the lender didnt make any profit on the loan. As long as the vehicle is collateral for a loan, you dont get clear title.

People also asked