My car loan was charged off but no repossession (as of yet). Is that normal?
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The last payment was made in April or May. I have since moved, forwarded my mail, but that has expired. I have not received any letters from Car Loan Company. I haven’t hid the car, in fact I still drive it. I realize this has RUINED my credit but with bankruptcy already looming in the distance, I am not so worried. is it safe to say they have given up on the car and are only interested in the money?
I owe 000
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Kikki said:
No , they haven’t given up on you.
Now The actual "Repo" end of things depends on who you are dealing with – meaning where you purchased the vehicle.
If you purchased from a Reputable Dealership they have the means to locate you even though you have relocated.
It’s just a matter of time.On the more serious end of things: (Not that the previous is not serious)
If you purchased from a Tote-A-Note type dealership…. you need know that "They will find that car"!
They take all measures to recover the property you have not kept up payment.
Hope that helps…..Like or Dislike:
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0March 4th, 2010 at 5:12 am -
? said:
You don’t say how much you owe. Maybe it’s not enough for them to pursue it.
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0 0March 4th, 2010 at 5:12 am -
bdancer222 said:
How old is your car? It might not be worth it to go thru the expense of repo. Or the repo man could be looking for you and just hasn’t found you yet.
The charge off just means the company wrote the loan off their books. They may still come after the car, or maybe they will just sell the debt to a collection agency, or maybe they will just sue you. In any case, the lender always prefers the money to the asset.
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0 0March 4th, 2010 at 5:12 am -
melville248 said:
Depending on the value of your car, they may repossess it or not at this point. They will want the money for sure. It is only a matter of time before they find you and either repo the car or sue you for the balance. You should get in touch with your lender and work out a repayment plan for the balance of your loan, so you can keep your car.Good Luck.
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0 0March 4th, 2010 at 5:12 am -
Pengy said:
You will wake up one morning to find your car gone, they will find you
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0 0March 4th, 2010 at 5:12 am
