I recently ran into some financial trouble and am using the money I am getting from my latest realestate deal to pay the note on my home i own. i was informed by my creditor for my vehicle which is 130 days late on payments that my car has been "charged off" i will have the money to off the default money on the loan in a few weeks but the creditor keeps leaving messages talking about legal action.. can they report the car stolen or can i keep it until I get the money in a couple weeks and pay them what they are owed??
2006-11-27 15:48:19 · 2 answers · asked by Get Money 3 in Business & Finance ➔ Personal Finance
Even if the loan is charged off the creditor can still reposses the car, because it was offered as collateral. Basically a charge-off is saying the loan is in the worst state possible for your credit reporting.
2006-12-01 04:29:02 · answer #1 · answered by VATreasures 6 · 0⤊ 0⤋
no they cant report it stolen, they mean to take you to court to either get the car back or the money, , which even taking youto court is a long shot.they ae just trying to scare you
2006-12-01 22:16:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋