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.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.
Yes.
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.
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.
Absolutely, and in most cases it will be!
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.
yes a charge off loan is a collectible.
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.
Yes. You signed the loan agreement, so you are liable.
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.
The fact it was charged off means nothing to you...it is simply an accounting entry by the lender so his financial reports record the loss on the loan. You still owe it and they have the right to collect it.
Paying off a car loan early may be difficult, but it has financial benefits: Interest Savings- If you pay off your car loan early, you'll save money by having a shorter time for interest to be charged on the loan, plus a smaller balance while you're working on paying off your loan. Fewer Payments- Although it'll take some planning to be able to pay more towards the loan now, you'll soon not have to worry about making any payments at all once your loan is paid off.