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yes
Whether a debt is "charged off" or even discharged by a bankruptcy court, the debtor has the option of repaying the debt anyway. This is how many business reorganize their finances. The file for bankruptcy, have debt discharged but negotiate with the creditors after the bankruptcy to pay down the amount(s). That way the company can stay in business and also keep it's credit rating up.
What else can I help you with?
Can you settle a charge-off with the finance company?
YES, if they want to settle it. Make them a CASH offer.
Will a finance company settle a charged off auto loan since they didn't repo it?
A finance company could settle the auto loan. You simply need to get in touch with the company and make an offer. Be sure to get any agreement in writing.
Can a finance company charge off on an auto loan if a payment was recently made?
"charge off" is an accounting term that has nothing to do with collection or amount owed or anything like that. They can repo a car if a payment was recently made as long as you are behind.
If you owe the finance company 9000 dollars for a car and it is charged off on your credit report what happens at this point?
You're NOT forgotten or forgiven. Someone will be collecting that $9000.00. Charge-off is an accounting term to cover the interst they lost on the loan. You will be contacted to pay.
When a creditor reports account information to a finance company and they report it as late does this imply that you were 30 days late?
Your credit report will show if an account was 30/60/90 days late. After 90 days, the account could show as a 'charge-off' or 'collection'.
Can you settle a charge-off with the finance company?
YES, if they want to settle it. Make them a CASH offer.
Will a finance company settle a charged off auto loan since they didn't repo it?
A finance company could settle the auto loan. You simply need to get in touch with the company and make an offer. Be sure to get any agreement in writing.
Can you sell the car after it is charge off?
If you have a clear title, then you can sell it. I don't know why a finance company would charge the car off and give you the title, but if through some miracle that did happen, then you could sell it.
Why would a finance company charge off on a mortgage loan when they have the deed why and not foreclose on it instead?
There is a process called a Deed in Lieu, which is different than a foreclosure.
Can a finance company charge off on an auto loan if a payment was recently made?
"charge off" is an accounting term that has nothing to do with collection or amount owed or anything like that. They can repo a car if a payment was recently made as long as you are behind.
Can you cash a check written to you by your insurance company for a car that was totaled but still has remaining payments on it to a finance company?
Sure you can, but you're still responsible for paying off the loan to the finance company. If the check will cover the pay-off, give it to the finance company. If it doesn't, give it to them, anyway. It'll reduce your debt by that much.
What are examples of voluntary car repo?
If you call the Bank; Finance Company and let them know that you are going to return the vehicle to them. They tell you where you can drop the vehicle off and you deliver it to that place. That is a voluntary repossession. The only other thing would be if the Bank; Finance Company agrees to pick the vehicle up at your residence at no charge.
Does the finance company own your car if the dealership is out of business?
If you financed your car then it is always owned by the finance company, regardless of if the dealership is in business or not, until you finish paying it off.
Had an accident and the van is a total loss Insurance gave you a check with your your husband's and the finance company's name will the bank cash this with just my and my husband's signatures?
They shouldn't. The finance company has a lien on the insurance money to pay off the loan. The Finance Company will cash the check, pay off the balance and if there is any balance left, send the money to you.
How can I sell a vehicle before I have paid off the finance company?
buy selling it for more than you owe on it .or pay the finance company the difference if sold for lees than the balance owed.
If you owe the finance company 9000 dollars for a car and it is charged off on your credit report what happens at this point?
You're NOT forgotten or forgiven. Someone will be collecting that $9000.00. Charge-off is an accounting term to cover the interst they lost on the loan. You will be contacted to pay.
How long does the finance company have to hold the vehicle before they can auction it off?
20 days.
