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What does charged off mean on a auto repossession?


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Wiki User
2004-10-14 10:44:07
2004-10-14 10:44:07

It means the lender wrote off the interest they DIDNT get from the debtor. Its just an accounting term.


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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.

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No you cannot remove a repossession off your credit report if your cosigner has a judgement on the repossession.

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Yes. The term "charge off" does not mean the debt is not valid and subject to collection procedures, including the possibility of a lawsuit.

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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

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