It means the lender wrote off the interest they DIDNT get from the debtor. Its just an accounting term.
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Related Questions
Can your car be under repossession after it has been charged off by the finance company?
Yes, a charge off does not mean that the debt is not owed nor collectible. The creditor/lender will generally use whatever means necessary to recover property and/or money owed, including repossession and litigation.
Can you remove a repossession off your credit report if your cosigner has a judgment on the repossession?
No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.
Can a debt buyer collect on a two-year-old car repossession that has been charged off?
Yes. The term "charge off" does not mean the debt is not valid and subject to collection procedures, including the possibility of a lawsuit.
In California what happens if a vehicle has been charged off and it has been over a year and you still have it but there has been no contact or correspondence from the bank regarding a repossession?
It might get repossessed.
Can you get the title to an auto whose last two payments were charged off and put on your credit?
I would guess, No.
What is a pay off loan?
I'm not sure I know what a pay off loan is....... but I do know what it is to pay off a loan.Could mean pay your loan off.orPay the principle balance in full. They will usually deduct some of the finance charge if the loan is paid off early.Commonly found in:*charged off accounts*repossession accounts*complete loss accounts paid off by insurances
If your bank account says EFT Charged Off does this mean that the account is closed?
If an account is charged off it is automatically closed. It is listed as uncollectable debt.
How can a primary buyer on an auto loan have it charged off then come after the the co-signer?
After the charge off how can some one come back and recharge you?
What is the difference in a charge-off showing on your credit verses a repossession?
In terms of credit score, about 10 points worse. You might pay off a repo so its slightly better than one that you never did anything about and the lender charged it off.
How will you know what you still owe the creditor after a repossession?
The amount you will owe the creditor will be the amount of your auto loan (including repossession fees, interest, and collection charges) minus the amount the vehicle sold for at auction. The creditor will notify you of the amount due in writing after they auction off the vehicle.
Is it likely that the original lender will accept a settlement offer on a charged off repossession if repo and charge off happened one year ago and you have been making payments?
They wont if you dont ASK or make the offer. Call 'em...
What is an auto loan charge off?
When a customer is unable to pay of the auto loan the lender will repo the car, sell it, and charge off the remaining amount due to the customer. The exact amount charged off may vary depending on the lender. In the case of a repossession, unless it is a Bankruptcy, the remaining balance is DUE BY THE CUSTOMER. It is important to note, in the case of a bankruptcy, any money that is discharged through the bankruptcy can, at anytime, actually be paid back to the creditor and that negative report will be taken off of your credit report. If someone finally gets into the position that they can actually pay a debt off, it is better to do so.
How can you stop a vehicle repossession?
Pay off the loan.
Can you get a repossession off your credit if you pay the past due amount immediatley?
Actually, it doesn't just come off your record. It will show as a repossession, but it will show as no balance due.
What are the laws in Illinois when your car has been charged off and you still have the auto?
IT'S BEING CHARGED OFF SO THE CAN GET A COURT ORDER, THEN COMES THE SHERIFF... I WOULD SUGGEST TURNING IT IN IMMEDIATELY BEFORE THEY GET THE COURT ORDER, IT'LL COST YOU A FORTUNE!
How does a vehicle repossession affect your credit if everything else in your credit report is good?
Absolutely. Repossession, whether voluntary or involuntary, show on your credit report as a charged off account. This designation is similar to a collection account and shows that you did not repay the vehicle loan. Such a listing in your credit report would have a significant negative impact.
Need to get a reepo off my credit report?
i need to get a repossession off my credit report
What does the term charged off mean?
The lender no longer considers the loan an asset. It does NOT mean that it has been forgotten or forgiven.
Can the dealer repossession your car off private property?
yes
Is the gas given off by a battery being charged nonflammable?
Answer 1 - Out-gassing of Auto BatteriesNO, the out-gassing from auto batteries while being charged, AND while being DISCHARGED is HYDROGEN [H2] which is HIGHLY FLAMMABLE, AND when mixed in the proper proportion [ratio] with air that Hydrogen gas is EXPLOSIVE.
Where does gas particles become electrically charged?
By gas particles I suppose you mean gas molecules? These become charged when ionized, when an electron is stripped off.
Do I need to pay off a repossession?
Unless you want to be sued, you bet you do.
Does the air conditioner in a vehicle have to be charged to cycle on and off?
yes if the compreser is cycling on and off it could mean that you don't have enough freon
If your car is repossessed but you get current within say two weeks of repossession does the repossession appear on your credit report?
If your power gets shut off and you go in and pay the bill current, did your power get shut off?
Does ford work with their customers on reposession?
Yes, but it depends on what stage of repossession your in; this includes past due payments, current balance, days last paid, bankruptcy, charged off or defaults, and also many other factors. The easiest way to find out is to ask them. Beware, they may say that you are safe for repossession but still send your account into collections.
