ok so i bought a new car (americredit loan) was on time for about 2 years and got about 3 months behind. i am now starting to pay on the loan again only to find on my credit report that the loan has been charged off. the car has not been repo'ed and i am almost caught up on the payments. i have not got a hold of americredit in fear thay will tell me to turn the car in. so i have just been sending every dollar i have to them. the thing is the loan is charged off. do you think they will let me keep the car?
2007-09-10 19:43:45 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
Auto finance is what I do for a living and repossessions are a pain in the rear for lenders.
As long as you are still making your payments and they are cashing your checks, they are not going to repo the car, but you do need to call them A.S.A.P. and get this settled so there is not a mix up in the future.
2007-09-11 02:46:39 · answer #1 · answered by ? 7 · 2⤊ 0⤋
This is a tough one. If they are willing to refinance, they should be willing to remove the negative statement from your credit report. The more proof you send, the more chance of them working with you. Normally, they would and should have sent you notices, not to mention phone calls from collections. Also, if they wrote it off, they may come for the car if they have a lean on it. A charge off (write off) will normally give you an I9 reporting. The good thing is that if your FICO score is not low, you should be able to get financing. Be persistent, but be polite. You need them more than they need you at this time. If one person says no, talk to someone else. DO NOT GO FROM COMPANY TO COMPANY requesting credit as this will only hurt your credit. Hope this helps a bit. Good luck.
2016-05-17 04:44:58 · answer #2 · answered by sallie 3 · 0⤊ 0⤋
Most likely they will let you keep it, BUT thats really something you should ask them because if youre still making payments, and they come and take your car, you wouldve made those payments for nothing!. When you call you dont even have to say your name, just ask like a general question and they will tell you.
2007-09-10 19:48:01 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Wow, I think I would consult with a Consumer Law Lawyer,
on this one. You are sending payments but yet there is no
communication (and it should all be in writing) and yet it is
a charge off, You feel that they shouldn't take your car
because you are catching up, so I would be very careful
and consult with a lawyer.
2007-09-11 06:44:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The status of "charged off" has to do with their accounting. It has nothing to do with whether you owe the money or whether they can repo the car. Hint: repo is really expensive and they don't want to do it unless they think that's the only way to protect themselves. Call them and talk to them and make sure that they know you really want to catch up.
2007-09-11 02:04:05 · answer #5 · answered by Ted 7 · 0⤊ 0⤋
I agree with everything Spifiman posted.
2007-09-11 05:57:19 · answer #6 · answered by echo 7 · 0⤊ 0⤋
Yep, ditto on Spifiman and Echo. CALL and get it clarified ASAP.
2007-09-11 13:14:35 · answer #7 · answered by Anonymous · 0⤊ 0⤋
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2007-09-10 20:06:26 · answer #8 · answered by kevin n 1 · 0⤊ 0⤋