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

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โˆ™ 2004-10-14 10:44:07
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Q: What does charged off mean on a auto repossession?
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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 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.


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.


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


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 a pay 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


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.


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 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.


How can you stop a vehicle repossession?

Pay off the loan.

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